Author name: Elizabeth Stroup

Can My Business Deduct Unpaid Customer Invoices? 

Bookkeeping & Accounting Systems, Tax Strategy for Small Business /

Business owners often ask if they can write off amounts owed by customers on unpaid invoices as deductions. The answer depends on whether the taxpayer is using the cash basis or the accrual basis of accounting. For cash-basis taxpayers, however, the short answer is no. You generally can’t take a deduction for unpaid amounts because your taxable income already shows only the cash you actually received.  Cash Basis vs. Accrual Basis Accounting  Why Cash-Basis Taxpayers Don’t Deduct […]

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The Hidden Costs and Risks of Writing Checks: Why Small Businesses Should Rethink This Habit 

Bookkeeping & Accounting Systems /

For many business owners, paper checks feel familiar, straightforward, and tangible.  But in today’s business environment, this method creates hidden risks, inefficiencies, and expenses that you didn’t see coming.  As bookkeeping systems, banks, and vendor processes have evolved, checks haven’t kept pace. What once felt simple is now one of the most cumbersome, expensive, and fraud-prone ways to move money.  Here’s what every business

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Reasons to Start a New LLC 

Business Growth and Strategy, Tax Strategy for Small Business /

When to Create a Second Legal Entity Separate from Your Main LLC  Most small businesses begin with a single LLC, and that is usually the right approach. One entity is usually simpler, cheaper, and easier to manage. But as a business accumulates assets, expands activities, or engages in more complex transactions, sometimes a second LLC is not only reasonable, but strategically

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Debt Is a Tool—Here is the Safety Manual 

Business Growth and Strategy /

Having a healthy fear of debt is good thing—it can ruin lives if it’s used recklessly. But debt can also create positive results when it is used responsibly.  Debt is a tool. Just like a chainsaw. Use it the right way, and you can clear a path. Use it wrong, and you can lose a leg.  Here’s what too many people miss: debt magnifies everything. It

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How to Transition from Weekly to Bi-Weekly Payroll Without Losing Your Team 

Business Growth and Strategy /

If you run a small business with a handful of employees, switching from weekly to bi-weekly payroll might sound like asking for trouble. Guys count on that Friday check. It’s part of the rhythm. Mess with it, and you risk complaints, confusion, or worse—losing good people.  But here’s the truth: if you do it right,

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Small Business Success is Built On Strong Employee Relationships 

Leadership for Small Business Owners /

Strong relationships within your team are the backbone of a business that actually runs well—especially when you’re not in the room. If you want a crew that shows up, takes ownership, and sticks around, you have to invest in how you lead them. Here’s how to build better connections with your team and become the

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Delegation for Small Business Owners 

Leadership for Small Business Owners /

Your Time Is Your Most Valuable Asset  As a business owner, your most valuable asset isn’t your product, your service, or even your team—it’s your time. Every minute you spend on a task is a minute not spent on something potentially more impactful for your business. Unlike money, you can’t make more time.  So why do so many business owners find

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