Small businesses must contend with various challenges to success. First, entrepreneurs face economic, supply chain, and regulatory compliance issues. Additionally, you must determine where and how to focus on required tasks, such as HR management, payroll, and tax services. What do these tasks entail, how much time do they require, and does it make sense […]

What happens when the IRS finds an inaccuracy on your return? Mistakes are a fact of life – even mistakes on taxes – and the IRS recognizes this. After all, taxes are complicated and leave room for error and misunderstanding. Nevertheless, mistakes can be costly or, even worse, lead to tax fraud charges. In this […]

GAAP stands for generally accepted accounting principles. GAAP is the basis for accounting rules, policies, and procedures. While GAAP rules apply to many things, one area includes accounting procedures. In other words, businesses can choose from three main types of methods to run the business. In this post, Bayou Bookkeeping & Tax Services explains each […]

Small businesses face many challenges. As it so happens, most challenges seem to be financial in nature. Or, at least the challenges faced present financial risks and repercussions. Bayou Bookkeeping & Tax Services supports small businesses daily with professional bookkeeping and financial services. Consequently, we keep a finger on the pulse of what keeps business […]

Small business ownership is part of the American Dream. Starting a business in the U.S. contains fewer barriers to entry than in any other county. Still, nuanced requirements, laws, and regulations exist. Even seemingly simple processes include various elements. For example, one area that provides multiple aspects is payroll and taxes. Keep reading to learn […]

As a nonprofit, your time and resources are limited. As a result, you need to focus on your mission and serving your community, not on administrative tasks. Did you know that farming out some of your financial processes can help you free up time and energy to focus on what you do best? In this […]

The older you get, the faster time flies. It seems like last tax season just ended, yet here you are again. This time of year brings pressure to make numbers, close the books, produce financial reporting, and limit tax liability for business owners. With the first quarter of 2022 complete, now is the time to […]

It’s that time of year again! Tax return season is upon us. The Bayou Bookkeeping & Tax Services team wants to help you make this process easier and more efficient, so we compiled some tips. This post covers how to properly finalize your financial statements in preparation for your tax returns.

As we near the end of the first quarter, it’s time to close the books on 2021. This process can be daunting for business owners, but it doesn’t have to be. Here at Bayou Bookkeeping & Tax Services, we want to help you finalize your previous year’s transactions/journal entries, finalize your financial statements, and close […]

Each new year brings the opportunity to take a look back and reflect on the previous year. Then, you look ahead and consider what changes to make and how to improve. The act applies to business financial strategy as much as personal choices. If you haven’t already, now is the time to wrap up year-end […]