One of the biggest mistakes small business owners make is mixing personal and business finances. It might seem easier to use one account for everything — especially when you're just starting out — but trust us, keeping things separate is one of the best moves you can make.

Here’s why opening a dedicated business bank account is so important (and how to do it the right way):

A lot of business owners start out handling their own books. And for some, it works — until it doesn’t. As your business grows, your time becomes more valuable, and bookkeeping mistakes can cost you more than the price of outsourcing.

Here are five smart reasons to consider outsourcing your bookkeeping — even if you’re pretty good at math.

One of the biggest mistakes business owners make is assuming that profit and cash flow are the same thing. While they’re both important, they tell two very different stories about your business.

Here’s why understanding the difference between the two is critical for making smart financial decisions:

When it comes to tax season, every deduction counts. But many small business owners leave money on the table simply because they aren’t aware of what they can write off.

Here are five commonly missed tax deductions that could help lower your taxable income and keep more money in your pocket:

The new year doesn’t just bring resolutions — it also brings tax filing deadlines! If you work with independent contractors, employees, or vendors, January is the time to get your tax forms in order.

Here’s a quick breakdown of what you need to know about 1099s, W-2s, and filing requirements:

Choosing the right business structure is one of the most important financial decisions you’ll make as a business owner. Two of the most common options for small businesses are the Limited Liability Company (LLC) and the S Corporation (S Corp) — but which one is right for you?

Let’s break down the key differences and help clear up the confusion.

Running a business without reviewing your numbers regularly is like driving with your eyes closed. Monthly financial reports aren’t just for your accountant — they’re a powerful tool that helps you make informed decisions, stay ahead of issues, and understand how your business is truly performing.

Here’s why monthly financial reports should be part of your business routine:

The end of the year sneaks up fast — and if your books aren’t ready, tax season can quickly turn into a stressful scramble. But with a little planning, you can close out your year smoothly, avoid costly mistakes, and walk into the new year with confidence.

Here’s a simple year-end bookkeeping checklist to help you stay organized and prepared:

When you're busy running your business, bookkeeping can feel like one more thing on the never-ending to-do list. But ignoring your books — or not setting things up properly — can lead to big headaches down the road. At Wrap Up Bookkeeping, we’ve seen firsthand how a few small mistakes can snowball into costly problems.

Being self-employed offers the freedom to be your own boss, set your own hours, and take control of your financial destiny. However, it also comes with responsibilities, particularly when it comes to taxes. Unlike traditional employees who have taxes withheld from their paychecks, self-employed individuals must manage their own tax obligations. One crucial aspect of this is filing and paying quarterly estimated taxes.

As a property management company, you're responsible for overseeing various aspects of rental properties, from maintenance to tenant relations. However, one of the most crucial responsibilities that often gets overlooked is the requirement to issue 1099 forms to contractors and service providers. Ensuring compliance with these IRS requirements is not just a best practice—it’s a legal obligation.

In today’s digital age, selling online has become easier than ever, opening up opportunities for businesses to reach customers nationwide. However, with this expanded reach comes the complex responsibility of managing sales tax, which can vary significantly from state to state.

As a small business owner, managing your taxes effectively is crucial for sustaining and growing your business. Understanding and implementing the right tax strategies can save you money, reduce your taxable income, and ensure compliance with tax laws. Here are some key tax strategies every small business owner should consider:

Accounting is a complex industry that offers many benefits to business owners and individuals. One misconception people have is that being an accountant automatically makes someone proficient in taxes. This article aims to breakdown the difference between a bookkeeper’s skillset and a tax professional.

In the realm of personal finance, every penny saved counts. One often overlooked but significant area where individuals can save on taxes is through mileage tracking. Whether you're self-employed, a freelancer, or an employee with business-related travel, keeping a meticulous record of your mileage can lead to substantial tax deductions. Let's delve into the benefits of mileage tracking and understand what constitutes business miles versus commuting or personal ones.

Deciding on the right business structure is a critical step for any entrepreneur or small business owner. Among the various options available, electing S-Corporation (S-Corp) status can offer distinct advantages but also comes with its own set of considerations. In this blog post, we'll delve into the pros and cons of choosing S-Corp status, compare it to Limited Liability Company (LLC) status, discuss when it's appropriate to elect S-Corp status, identify the optimal timing for making this decision, and explore how Wrap Up Bookkeeping can assist you in navigating this process.

In today's digital age, cybersecurity is paramount for businesses of all sizes. With cyber threats becoming increasingly sophisticated and prevalent, having strong cybersecurity protocols in place is essential to protect sensitive data, preserve customer trust, and safeguard the continuity of operations. In this blog post, we'll explore the importance of cybersecurity for businesses and discuss key strategies to establish robust cybersecurity protocols.