Steven J. Wick & Associates, P.C. https://sjwickcpa.com Your Ideal Business Partners Thu, 30 May 2019 18:39:31 +0000 en-US hourly 1 https://wordpress.org/?v=5.1.1 https://sjwickcpa.com/wp-content/uploads/2018/07/favi-logo-75x75.png Steven J. Wick & Associates, P.C. https://sjwickcpa.com 32 32 3 Reasons Why You Need Digital Records https://sjwickcpa.com/3-reasons-why-you-need-digital-records/ https://sjwickcpa.com/3-reasons-why-you-need-digital-records/#respond Thu, 30 May 2019 18:39:31 +0000 https://sjwickcpa.com/?p=2008 Even in our current era, with the incredible technology and digital resources at our fingertips, many businesses choose to stay analog. There are certainly advantages to working with paper copies of records and using paper checkbooks, and it’s a matter of comfort to a lot of people, especially older business owners. However, with modern demands, […]

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Even in our current era, with the incredible technology and digital resources at our fingertips, many businesses choose to stay analog. There are certainly advantages to working with paper copies of records and using paper checkbooks, and it’s a matter of comfort to a lot of people, especially older business owners. However, with modern demands, and risks of losses, it might be time to consider going digital with your company’s paperwork. This isn’t to say that you can’t also keep physical copies- it’s simply a matter of backup and peace of mind!

Here are three reasons why you may want to switch to online or digital bookkeeping:

1. Ease of location

With a well-organized digital record system, you can search records with just a few keystrokes. You can pull up paperwork by year, month, client, or any other keyword. This can save massive amounts of time and energy.

2. Loss protection

We can’t always predict what will happen to us or our business, but secure, online records can help us sleep at night. Fire or water damage does happen, as does theft, chemical spills, and other types of loss. Don’t leave your valuable documents vulnerable to these kinds of everyday tragedies- make sure you have online copies and backups.

3. Customer satisfaction

These days, most clients and customers are used to businesses with online records, and they tend to be more comfortable with this system. Most people don’t want their personal or financial information sitting out in an office somewhere, but would rather have it securely stored online. Noting that you use industry-compliant, digital record keeping may be a selling point for your company.


Contact us today if you have questions about bookkeeping for small business!

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Tax Tips for Summer Jobs https://sjwickcpa.com/tax-tips-for-summer-jobs/ https://sjwickcpa.com/tax-tips-for-summer-jobs/#respond Wed, 15 May 2019 18:38:33 +0000 https://sjwickcpa.com/?p=2006 The warm weather has finally arrived, and school is letting out. Businesses across the region are hiring seasonal workers, and many people are picking up extra gigs to get them through the summer. A large percentage of the workforce is seasonal or temporary, and many companies rely on revenue from only one part of the […]

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The warm weather has finally arrived, and school is letting out. Businesses across the region are hiring seasonal workers, and many people are picking up extra gigs to get them through the summer. A large percentage of the workforce is seasonal or temporary, and many companies rely on revenue from only one part of the calendar year. So, what happens when you need to pick up extra work, including freelancing, during the summer months? It can be tricky to know what to do, when it comes to taxes and financial withholdings.

No matter how you slice it, you must report any and all income that you have, no matter the source. Even in the case of bartering, you should still report the fair market value of the goods or services bartered. For example, if you bartered your freelance photography services for free meals at a friend’s restaurant, you will need to report the value of those meals as income on your taxes. If this sounds confusing, don’t worry- a qualified tax professional will be able to help you!

Summer gigs span a huge range of things, from mowing lawns and babysitting, to landscaping and construction projects. It’s important that you keep record of every job that you do, that you earn income for. Even if you aren’t categorized as an employee, or you don’t receive tax paperwork, it’s up to you to stay on top of your records. Don’t assume you’ll remember what you earned over the summer, come tax time next year, or that your clients/bosses/managers will remember either.


Write down your earned income (bartering income included) for your summer gigs, and remember to set aside some of that income to pay taxes. If you’re struggling to calculate your summer odd jobs, reach out to a seasoned accountant for help today.

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Bookkeeping: The Red Flags Your Business Should Watch For https://sjwickcpa.com/bookkeeping-the-red-flags-your-business-should-watch-for/ https://sjwickcpa.com/bookkeeping-the-red-flags-your-business-should-watch-for/#respond Tue, 30 Apr 2019 16:12:04 +0000 https://sjwickcpa.com/?p=2002 When it comes to running any business, ‘doing the books’ or keeping your accounting records up-to-date is an essential part in making the best decisions for your company. So how does one tell if it might be time to evaluate your books? Steven J. Wick, a Fort Collins CPA, financial advisor, and accountant breaks down […]

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When it comes to running any business, ‘doing the books’ or keeping your accounting records up-to-date is an essential part in making the best decisions for your company. So how does one tell if it might be time to evaluate your books? Steven J. Wick, a Fort Collins CPA, financial advisor, and accountant breaks down the red flags you should be watching when managing your bookkeeping.

Deadlines are Being Missed

It’s no secret that deadlines sometimes sneak up on us. If your business is missing various deadlines for important forms and documents, it might be a telltale sign that you need to get your books in order. It becomes difficult to generate reports on a timely basis or locate data when the books are disorganized.

The Business has Overdue Fees

When missing deadlines, fees become inevitable as they are tacked onto your original statement. What is worse is fees can continually be stacked onto existing late payments, making it even more difficult for a business to recover. Having overdue payments and fees devalues the credibility of a business and should be taken as a red flag of poor bookkeeping.

There is No Bookkeeping System in Place

Sometimes the best red flag of poor bookkeeping is not having a system in place at all. For some, a casual system is all that is needed to track cash and bill flow. However, if you are having accounting errors, consider exploring the processes you have in place and know that solutions are available for better management. The staff at Steven J. Wick & Associates services the Fort Collins area and can make sure that your business is not at risk.   

If you are interested in getting help with your bookkeeping, consider the support of Steven J. Wick & Associates. Your certified CPA, financial advisor, and accountant in the Fort Collins area.

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Until Next Year, Tax Season https://sjwickcpa.com/until-next-year-tax-season/ https://sjwickcpa.com/until-next-year-tax-season/#respond Tue, 16 Apr 2019 16:05:57 +0000 https://sjwickcpa.com/?p=2000 They say April showers bring May flowers- and in this case April showers sprung us right out of tax season. For many, the thought of not having to file taxes for another 12 months is reason enough to push the thought out of mind. However, Steven J. Wick, a Fort Collins CPA, financial advisor, and […]

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They say April showers bring May flowers- and in this case April showers sprung us right out of tax season. For many, the thought of not having to file taxes for another 12 months is reason enough to push the thought out of mind. However, Steven J. Wick, a Fort Collins CPA, financial advisor, and accountant is here to help you take a proactive approach so that next year’s looming deadlines, seem much more like achievable tasks.

Organization Makes All the Difference

It’s always much easier said than done. Much of the stress from tax season comes from gathering up necessary documents. Keeping everything in once place can save you some time in the long run. Consider creating a folder for all your important tax documents and receipts. On top of that, labeling your receipts will limit playing the guessing game with your expenses later.

Stay Current with Tax Law Changes

Taxes are always changing on the local, state, and federal level. Do your best to keep up-to-date as tax law changes can directly affect your return, estimates, and even future finances. When in doubt, communication is key. Consult a CPA, financial advisor, and accountant like Steven J. Wick for all your tax inquiries in Fort Collins.

Look Internally at Your Own Practices

Have you ever taken the time to evaluate your own work and practice? There is always room in your day-to-day to improve upon your system and have better efficiencies. Dive into your financial decisions and prioritize what matters most.

By being organized early on, keeping up-to-date with tax law changes, and monitoring your own financial decisions, you are sure to be prepared for the next tax season. Contact Steven J. Wick, a Fort Collins CPA, financial advisor, and accountant for all your accounting needs.

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Beginners Guide to Tax Deductions for Small Businesses https://sjwickcpa.com/beginners-guide-to-tax-deductions-for-small-businesses/ https://sjwickcpa.com/beginners-guide-to-tax-deductions-for-small-businesses/#respond Thu, 28 Mar 2019 18:55:23 +0000 https://sjwickcpa.com/?p=1994 While tax season is rarely anyone’s favorite time of the year, there are some things you can look forward to as a small business owner. When you own a business, you get to take quite a few tax deductions. The list is long, but Steven J. Wick, a Fort Collins CPA, financial advisor, and accountant, […]

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While tax season is rarely anyone’s favorite time of the year, there are some things you can look forward to as a small business owner. When you own a business, you get to take quite a few tax deductions. The list is long, but Steven J. Wick, a Fort Collins CPA, financial advisor, and accountant, can help you navigate the options and find what applies to your business. As with all taxes, it’s very important to document the expense and the reason for it, even if you just write it down on the back of your receipt.

Several of the tax deductions available for small businesses include:

  • Banking fees
  • Car expenses
  • Computers/ tech supplies
  • Eating out while traveling for business
  • Internet hosting/ services
  • Materials
  • Postage
  • And many others!

It is always in your best interest to consult a CPA, financial advisor, or accountant in Fort Collins to make sure you understand all the specifications that come with each small business tax deduction. Not every single deduction will apply to you and your business, and you don’t want to end up getting back less than you were expecting or having to owe money.

When you are interested in seeing just how you can benefit from small business tax deductions, contact Steven J. Wick – a Fort Collins CPA, financial advisor, and accountant.

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Tips to Handle Fluctuations in Your Business https://sjwickcpa.com/tips-to-handle-fluctuations-in-your-business/ https://sjwickcpa.com/tips-to-handle-fluctuations-in-your-business/#respond Sat, 16 Mar 2019 19:12:49 +0000 https://sjwickcpa.com/?p=1997 It is very common to experience seasonality as a business owner when you are outside of your budget. While it is never fun to deal with these types of changes, there are things you can do, with help from a CPA, financial advisor, and accountant in Fort Collins, to plan for slumps and grow when […]

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It is very common to experience seasonality as a business owner when you are outside of your budget. While it is never fun to deal with these types of changes, there are things you can do, with help from a CPA, financial advisor, and accountant in Fort Collins, to plan for slumps and grow when business is thriving.

  1. Stick to your budget: When you are making more than you anticipated, it can be easy to stray from your plan. Keep your spending in sync with your budget to ensure extra cushion when its slow.
  2. Track everything: When you are aware of your spending, it is easier to create a realistic budget. Using tools like QuickBooks or Excel can make it easy to keep track of spending, and hiring a Fort Collins CPA, financial advisor, or accountant can make the process even simpler.
  3. Manage your cash: By establishing a line of credit with your bank, you can pay bills when you’re dealing with a slow season.
  4. Flexibility: With a flexible budget, you can easily prepare for seasonality when it occurs. Planning ahead never hurt anyone, and you’d rather be safe than sorry.

When it comes to your business, having a realistic budget is important. Having a Fort Collins CPA, financial advisor, and accountant perform a financial evaluation of your business would be a wise investment. Set realistic expectations and build a plan to survive seasonality. Contact our team today to learn more.

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Top 4 Payroll Mistakes To Avoid https://sjwickcpa.com/top-4-payroll-mistakes-to-avoid/ https://sjwickcpa.com/top-4-payroll-mistakes-to-avoid/#respond Thu, 28 Feb 2019 16:50:08 +0000 https://sjwickcpa.com/?p=1949 One of the key ways to grow your business comes down to personnel. When you can expand your staff, you’ll be capable of accomplishing so much more, whether you are in retail, skilled trades, or another industry. However, managing employees and thus, a longer payroll, can be complicated, and many growing companies run into mistakes […]

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One of the key ways to grow your business comes down to personnel. When you can expand your staff, you’ll be capable of accomplishing so much more, whether you are in retail, skilled trades, or another industry. However, managing employees and thus, a longer payroll, can be complicated, and many growing companies run into mistakes along the way.

If you want to enjoy continued success, have a happy staff, and keep your books in order, here are a few of those payroll-related mistakes to watch out for:

1. Relying too heavily on software

Nowadays, there are many amazing software programs that can manage your payroll for you. However, it’s important to remember that these are still computer programs, and rely on proper input, to do the right calculations. Make sure you set up your program perfectly, and go back to manually check now and then.

2. Misclassifying workers

Employee classification, especially in this age of temporary, part-time, and contract workers, is key for tax purposes. Take your time to properly categorize your workers, and double check that they are receiving the corresponding pay and benefits.

3. Mishandling garnishments and levies

You may have some workers who owe money through court orders, and it is your responsibility, as payroll manager, to withhold the proper amount each paycheck and remit to the right person or institution.

4. Improper data storage and backup

Payroll information should be handled with absolute confidentiality, and this information should never be shared with anyone outside the payroll department. Secondly, it’s critical that you have multiple backups and secure storage for your payroll and tax info, both digital and manual copies, if possible.

Need more tips on managing your small business payroll? Reach out to us at S.J. Wick & Associates today!

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Don’t Wait Until The Last Minute To Start On Your Taxes https://sjwickcpa.com/dont-wait-until-the-last-minute-to-start-on-your-taxes/ https://sjwickcpa.com/dont-wait-until-the-last-minute-to-start-on-your-taxes/#respond Thu, 14 Feb 2019 16:47:10 +0000 https://sjwickcpa.com/?p=1947 It’s nearly springtime here in Colorado, and that means that the tax return deadline is approaching fast. If you are a small business owner, it’s important to get a head start on your taxes, so that you don’t end up with questions and confusion as the clock ticks away. For entrepreneurs, sole proprietors, and small […]

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It’s nearly springtime here in Colorado, and that means that the tax return deadline is approaching fast. If you are a small business owner, it’s important to get a head start on your taxes, so that you don’t end up with questions and confusion as the clock ticks away. For entrepreneurs, sole proprietors, and small companies, getting everything in order for tax season can take a while. And that’s okay! There are a lot of aspects to cover, in filing your tax return, and you want to do it right, to avoid any penalties.

There are a few things that you should have in order, before you plan to file your annual small business taxes:

1. All of your financial paperwork

This is the meat of your filing- your income, debts, and expenses (both those you can write off and those you can’t). Gather up all of this information from bank statements, loan documents, and the like.

2. Your employee/payroll records

If you have employees, this data is important too. You should be able to show what you contribute to their healthcare, retirement, and other benefits, as well as their pay and tax withholdings.

3. The correct forms for your business

Depending on your business size and structure, you will need certain forms for both your federal and state tax filings. Make sure you know which ones these are, so you don’t have to start over when they refuse to accept them.

4. A great tax accountant

When you’re up against complicated paperwork, or you simply want the peace of mind that comes from knowing your taxes are done perfectly, a small business CPA is a great investment. Reach out to schedule your consultation with S.J. Wick & Associates today!

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Want To Grow Your Business This Year? Hire a Consultant https://sjwickcpa.com/want-to-grow-your-business-this-year-hire-a-consultant/ https://sjwickcpa.com/want-to-grow-your-business-this-year-hire-a-consultant/#respond Thu, 31 Jan 2019 19:43:43 +0000 https://sjwickcpa.com/?p=1944 Most people get into business for themselves because they’re passionate about something, and they wish to take control of their financial future. Whether you’re opening a brand new restaurant, starting a construction or design firm, or something else, you want your dream to become a success. However, many new businesses struggle to grow, especially in […]

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Most people get into business for themselves because they’re passionate about something, and they wish to take control of their financial future. Whether you’re opening a brand new restaurant, starting a construction or design firm, or something else, you want your dream to become a success. However, many new businesses struggle to grow, especially in the first couple of years in operation, and many have to shut their doors.

If you want to give your company the best shot at being viable for many years to come, it’s important that you know who and when to ask for help. Because the truth is, nobody can make it all on their own, and we’re not designed to! When you can delegate effectively, and you have a handful of qualified professionals on your team, you can go so much further than you would if you attempted to handle everything on your own.

One of the most valuable resources that you have available to you is that of a business consultant. Don’t think you need one of those? Think again! Having this kind of savvy, highly-trained individual on board can offer many wonderful benefits, and business consulting services can span across many vital aspects of your Fort Collins company. More than just an accountant, a financial consultant can provide an impartial set of eyes to look at your income, expenses, payroll, taxes, and your overall growth plan.

Not only is it valuable to have a trusted CPA to oversee your bookkeeping, but it can be incredibly beneficial to have their expert guidance and advice too. Consultants that specialize in small business know the ins and outs of the industry, they’re always up to date on the latest laws and regulations, and they understand the market and can give you targeted advice on how to position yourself favorably depending on the conditions. There is a lot of free business know how out there on the internet these days, but there is absolutely nothing that can replace a real person, who knows you and knows your company.

Entrepreneurs that are serious about growing their enterprise know that they need to make smart investments up front, and take strategic steps to set themselves up for long-term viability. Hiring a qualified business consultant can be one of the best investments you can make. They can help you limit expenses, maximize tax benefits, boost your revenue, and identify costly errors. And most of all, they can be a valued ally in creating a plan for your financial future.

Want to learn more? Get in touch with us today for your free consultation.

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5 Tips for Small Business Bookkeeping https://sjwickcpa.com/5-tips-for-small-business-bookkeeping/ https://sjwickcpa.com/5-tips-for-small-business-bookkeeping/#respond Tue, 15 Jan 2019 19:42:07 +0000 https://sjwickcpa.com/?p=1942 If you’re a small business owner, whether you’ve only been in operation for 6 months, or you’ve been around for many years, good bookkeeping is foundational to your success. Staying clear and organized can free up your energy to invest in your growth, it can prevent mistakes, and it can give tremendous peace of mind. […]

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If you’re a small business owner, whether you’ve only been in operation for 6 months, or you’ve been around for many years, good bookkeeping is foundational to your success. Staying clear and organized can free up your energy to invest in your growth, it can prevent mistakes, and it can give tremendous peace of mind. Too many entrepreneurs lose track of paperwork and finances, leaving them scrambling, especially come tax time.

Good bookkeeping is essential to maintaining a thriving Fort Collins business. Here are five tips to shore up your accounting practices:

1. Keep business and personal separate

This can be easier said than done, especially for sole proprietors, but it is critical that you keep your personal and business income and expenses separate. Open up a separate business bank account, linked with its own debit or credit cards, and resist the urge to move money around to cover costs!

2. Organize your records

It might sound obvious, but make files for all of your important documents. This includes paper copies if you still use them, but certainly digital as well. Make separate sections for things like licenses and regulatory paperwork, tax documents, employee files, financial records, and more. Clearly name/label your digital files for easy access.

3. Digitize your payroll

Bring your company into this century, and make things easier on yourself with a digital payroll service. You will be able to clearly see all of your employees, their pay rates, their benefits, their tax withholdings, and other vital information, along with knowing that they’re getting paid correctly and on time.

4. Plan for major expenses

In the world of small business and the self-employed, being able to plan ahead is key. Don’t scrape by each month, hoping to be ready to handle large expenses down the road. Plan ahead for major costs like taxes, inventory, repairs, and other business maintenance; work these things into your monthly budgets, so you’re always prepared.

5. Work with an accountant

Oftentimes, business owners find that a qualified accountant is worth their weight in gold, especially when tax season rolls around. If you’re struggling to maintain good bookkeeping, need help maximizing your investments, or need guidance on growing your company, find a local CPA to help you. They can end up saving you significant money, and headaches, in the long run.

Want to talk with a qualified financial consultant about your small business? Reach out to us at Steven J. Wick & Associates today.

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