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Waterford Business Solutions
United States
เข้าร่วมเมื่อ 27 ม.ค. 2020
Welcome to Waterford Business Solutions, where we empower contractors and builders with clear financial insights and smart business strategies. Specializing in industries like HVAC, Electrical, Plumbing, House Washing, Cleaning, and Landscaping, we’re more than an accounting firm-we’re your partners in growth.
Our channel offers tutorials, expert guidance, and actionable insights beyond traditional bookkeeping. We help you understand your financials to make confident, strategic decisions to grow your business. We modernize essential processes like scheduling, invoicing, and customer management through tech-driven solutions. Join us & elevate your business.
For Collaboration and Business inquiries, please use the contact information:
📩 Email: info@waterfordbusiness.com
🔔 Hit Subscribe and transform your business with tech-driven solutions, financial clarity, expert tutorials, and tools to boost efficiency!
www.youtube.com/@waterfordbusinesssolutions3235/?sub_confirmation=1
Our channel offers tutorials, expert guidance, and actionable insights beyond traditional bookkeeping. We help you understand your financials to make confident, strategic decisions to grow your business. We modernize essential processes like scheduling, invoicing, and customer management through tech-driven solutions. Join us & elevate your business.
For Collaboration and Business inquiries, please use the contact information:
📩 Email: info@waterfordbusiness.com
🔔 Hit Subscribe and transform your business with tech-driven solutions, financial clarity, expert tutorials, and tools to boost efficiency!
www.youtube.com/@waterfordbusinesssolutions3235/?sub_confirmation=1
How Taking an Owner's Draw Effects Your Cash Flow
One of the most common questions that we always get with clients is you told me I made a profit but there is no money in my bank account, where did it go? Quite simply there is a difference between profit and cash flow, and while many things can affect cash flow owner's draws are a very common culprit for small businesses.
Unfortunately if you are pulling money out of your business or paying for personal things through your business this does not count as a business expense, and if you do count it as that it can lead to big tax audit issues. Instead we disburse that money to you as the owner through the equity on your balance sheet, but that does not affect your profit and loss and thus net profit.
Come with us as we run a crash course on what owner's draws are and how they can change your cash flow!
🔔 Level up your contracting game! Subscribe for the latest in tech-driven solutions, financial expertise, strategic insights, and modern tools to boost profits!
www.youtube.com/@waterfordbusinesssolutions3235/?sub_confirmation=1
🔗 Stay Connected With Us.
👉 Facebook: waterford.businessllc
👉 Instagram: waterford.businessllc
👉 Linkedin: www.linkedin.com/company/waterford-business-solutions
👉 Tiktok: www.tiktok.com/@waterf0rdbusiness
👉 Website: www.waterfordbusinesssolutions.com/taking-an-owner-draw-cash-flow-effect/
📩 For Business Inquiries: info@waterfordbusiness.com
☎️ Contact us directly at (864) 351-0852
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🎬 Recommended Playlists
👉 Starting with QuickBooks Online
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=============================
ADD HASHTAGS
© Waterford Business Solutions
Unfortunately if you are pulling money out of your business or paying for personal things through your business this does not count as a business expense, and if you do count it as that it can lead to big tax audit issues. Instead we disburse that money to you as the owner through the equity on your balance sheet, but that does not affect your profit and loss and thus net profit.
Come with us as we run a crash course on what owner's draws are and how they can change your cash flow!
🔔 Level up your contracting game! Subscribe for the latest in tech-driven solutions, financial expertise, strategic insights, and modern tools to boost profits!
www.youtube.com/@waterfordbusinesssolutions3235/?sub_confirmation=1
🔗 Stay Connected With Us.
👉 Facebook: waterford.businessllc
👉 Instagram: waterford.businessllc
👉 Linkedin: www.linkedin.com/company/waterford-business-solutions
👉 Tiktok: www.tiktok.com/@waterf0rdbusiness
👉 Website: www.waterfordbusinesssolutions.com/taking-an-owner-draw-cash-flow-effect/
📩 For Business Inquiries: info@waterfordbusiness.com
☎️ Contact us directly at (864) 351-0852
=============================
🎬 Recommended Playlists
👉 Starting with QuickBooks Online
th-cam.com/play/PL1a9uYcxnthpjAbASDmIq_bZS4NsafUQg.html
👉 Transfer from QuickBooks Desktop to QuickBooks Online
th-cam.com/play/PL1a9uYcxnthrP9kGysFX2gC8itRMP3s82.html
🎬 WATCH OUR OTHER VIDEOS:
👉 Top Sales Trends In 2024 For HVAC, Plumbing, And Trade Businesses!
th-cam.com/video/KhxYm7pTvwI/w-d-xo.html
👉 Top Labor Market Trends For 2024 In The Trades - Key Insights For Contractors!
th-cam.com/video/ZnbY2kjJgcI/w-d-xo.html
👉 Top Material Trends In 2024 For HVAC And Trade Businesses!
th-cam.com/video/Aqyjd0ZhWnM/w-d-xo.html
👉 How To Handle Cash Payments For Taxes - Stay Compliant With The IRS!
th-cam.com/video/SKXKdgqDZak/w-d-xo.html
👉 SEP IRA For Small Business Owners - Benefits, Tax Savings, And How It Works!
th-cam.com/video/-hV0Z0O8PQU/w-d-xo.html
=============================
ADD HASHTAGS
© Waterford Business Solutions
มุมมอง: 24
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Net profit and cash in your bank are two very different things. One of the things that effects your bank cash but not your companies profitability is loan payments. While they can provide a lot of cash flow when you first take them out over the course of the loan the monthly principle payments will reduce the cash you have on hand. Join us as we walk through and talk about examples of how this ...
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Traditional vs. Roth IRA - Which Offers the Best Tax Benefits? #taxbenefits Trying to decide between a Traditional and a Roth IRA for retirement? This video breaks down each option's tax benefits and implications, helping you choose the best fit for your financial goals. Please visit our website to get more information: www.waterfordbusinesssolutions.com/advantages-disad…tional-roth-iras/ Learn...
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Taxes are one of the last things anyone wants to think about. However, for self employed individuals, business owners, and those making income without taxes withheld they are necessary. Not paying in any estimated taxes will ultimately cost you more in taxes in the long run. Join us today as we discuss why this requirement exists and ways to avoid paying extra taxes and properly estimate your e...
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Understanding Meals and Entertainment Tax Deductions for Businesses #taxdeductions Confused about how meals and entertainment expenses impact your business taxes? This video breaks down what qualifies as a deductible expense, the difference between 50% and 100% deductions, and IRS rules on business meals and entertainment. Please visit our website to get more information: www.waterfordbusinesss...
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How Simple IRAs Work: A Guide For Small Business Owners
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How To Handle Cash Payments For Taxes - Stay Compliant With The IRS!
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On December 3rd, 2024, a Texas Appeals Court temporarily paused the BOI (Beneficial Ownership Information) reporting requirements and delayed the deadline. This means you don’t need to submit your BOI information for now. However, it’s also possible that the requirement could return. If you’ve already submitted your information, this ruling doesn’t affect you yet. If the court ultimately finds the law unconstitutional, the government would have to delete your submitted information.
I am a single member llc with an ein would i need to file or am i considered sole proprietary and not need to file?
If you are registered through your state, likely the Secretary of State, as an official business (most LLCs are like that) then yes you would need to.
What if you don't have a EIN for an LLC? Do I use my SS#?
When applying for an LLC most of the time an EIN is automatically issued by the IRS. I would advise that you would apply for an EIN from the IRS if you don't have one, this is a super quick process and can be done online. You could use your SSN but for many reasons outside of the BOI you should have an EIN if you have an LLC.
Hello, my 5 siblings and I own our LLC, opened in 2011 by our parents, now deceased. Since we each own only 16.666 % of the company, I am hoping only I need to fill out the BOI form rather than getting all 6 forms of ID sent to me. Is this correct? Thank you for the video.
FINCEN states that if you don't control at least 25% of the shares of a company that you do not need to be reported. As such I would say you would be correct there. Thank you for watching and your engagement, glad we could help.
Have you considered a Simple IRA for your employees? What questions or concerns do you have about this retirement option? Share your thoughts and experiences below!
Do you track amortization for business loans in QuickBooks? What challenges have you faced with vehicle or equipment loans? Share your experience and any tips below!
Which QuickBooks Online subscription level do you currently use? What features do you find most valuable? Share your experience or ask questions here!
How do you manage discounts in QuickBooks or Housecall Pro? What impact have you seen on your Profit and Loss statement? Share your experience or ask questions here!
How do you use project reports in QuickBooks Online? What insights have you found most helpful? Share your experience or ask questions below!
Are you considering upgrading to QuickBooks Online? What concerns do you have about transferring your data? Share your questions or experiences here!
Do you use job costing in QuickBooks? What challenges have you faced with tracking project costs? Share your experience and any tips below!
Have you applied for PPP loan forgiveness with the 3508EZ form? What challenges did you face, or what tips helped you most? Share your experience and any questions below!
Have you faced duplicate document errors with Housecall Pro and QuickBooks? What solutions worked best for you? Share your experience and any questions below!
How do you manage Cost of Goods Sold for your business? What challenges do you face with COGS tracking? Share your experience and questions below!
Do you use projects in QuickBooks Online for your service business? What challenges or benefits have you found? Share your thoughts and questions below!
Have you set up your Chart of Accounts in QuickBooks? What challenges did you face or what tips helped you the most? Share your experience below!
Have you had issues from missing bank deposits in QuickBooks? What tips have helped you keep your accounts accurate? Share your experience and any questions below!
Have you had issues with the bank feed in QuickBooks? What’s been your biggest challenge or lesson learned? Share your experience below and join the conversation!
Have you started recording tips from Housecall Pro in QuickBooks? What method works best for you, or what challenges have you faced? Let’s discuss in the comments!
Have you noticed changes in class tracking with QuickBooks and Housecall Pro? What other QuickBooks features would you like help with? Share below!
Have you tried recording bad debt in QuickBooks without an accountant? What other QuickBooks challenges have you faced? Share your experiences or ask questions below!
Have you struggled with credit card refunds in Housecall Pro or QuickBooks? What other refund issues do you encounter? Share your experience or ask questions here!
Have you experienced validation errors with Housecall Pro or QuickBooks? What’s been your biggest challenge with syncing data? Share your experience below!
Have you ever had trouble tracking refunds in Housecall Pro or QuickBooks? What other refund-related questions do you have? Let’s discuss in the comments!
Have you encountered issues with credit card deposits in QuickBooks Online? What other payment-related challenges do you face? Share your experiences or ask questions below!
Are you using Housecall Pro with QuickBooks for the first time, or have you encountered challenges managing non-credit deposits? Let us know your thoughts or any tips you’d like to share with others!
Have you experienced the duplicate customer error in Housecall Pro? What other issues have you run into while managing customer data? Let’s chat in the comments!
Have you encountered negative bank deposits from refunds in Housecall Pro? What questions do you have about managing these? Let’s discuss solutions and best practices!
Which QuickBooks version do you prefer - Desktop or Online? What features are most important to your business? Let’s discuss!
Have you encountered sales tax issues between Housecall Pro and QuickBooks? What other tax challenges do you face? Let’s discuss solutions!
Do you have issues syncing invoices between Housecall Pro and QuickBooks Online? What other questions do you have about integration? Let’s discuss!
How do you track project income in QuickBooks Online? Have any tips or questions? Let’s discuss ways to simplify project income management!
i received a grant and it has been deposited , how do add this income to a project
@@davidcross9508 you would need to make sure that you issue an invoice. Invoices and sales receipts are the only way to add income to projects
Are you filing for PPP Loan Forgiveness? What questions do you have about completing Form 3508? Let’s discuss and help each other out!
Are you hiring contractors on Indeed? What challenges do you face with job postings? Let’s share tips for attracting top talent!
Are you planning to migrate from QuickBooks Enterprise to Online? What challenges do you anticipate? Let’s share our experiences and tips!
How do you track project expenses in QuickBooks Online? What challenges do you face with project expense management? Let’s share our tips!
I use Quickbooks Online and it does not have the Customer/Project box. How am I supposed to put expenses against a job if there's no way to do it? Very frustrated.
@@khrisramella5766 You need to make sure that you are using QBO Plus lower versions do not allow for this. Also make sure through your settings and the expense area in settings that you have the feature turned on. This is not always turned on for all customers.
Do you track project time in QuickBooks Online? What challenges have you faced? Let’s discuss ways to make project tracking easier!
Have you set up product mapping in QuickBooks Online? What challenges did you face? Let’s discuss!
Have you encountered duplicate customers in QuickBooks Online? What other QBO tips would you like to see? Let’s discuss!
Have you integrated Housecall Pro with QuickBooks Online? What benefits or challenges have you experienced? Let’s share our insights!
Are you filing Form 1120S this year? What questions do you have about S corp tax filing? Let’s discuss!
Are you thinking about filing Form 2553 for S-Corp election? What questions do you have about the process or benefits? Let’s discuss!
I have been taxed as an LLC for 2 years and now I would like to become an S corp. My question is when would be the right time to send the form 2553 to the IRS? Can I send it now before this month ends or should I wait until the beginning of January? Thank you for your informative video!
@@OP-ik7qb You can file it whenever, however, if it is filed after 3/15 of any year without good reason to request a back date it will not take effect until the following tax year.
@@waterfordbusinesssolutions3235 thank you for taking the time to answer. I’ll be filing this form and send it out to the IRS at the end of November. Thank you again!
Have you filed Form 1120 before? What questions do you have about C corporation tax filing? Let’s discuss!
Have you filed a 1065 K-1 for your partnership? What questions do you have about the process? Let’s discuss!
Have you ever filed an 1120S K-1 form? What questions do you have about the process? Let’s discuss!
Have you connected Housecall Pro with QuickBooks Online yet? What challenges or benefits have you experienced? Let’s discuss!
Are you considering payroll integration for your business? What benefits or challenges are you expecting? Let’s discuss!
Are you considering a Traditional or Roth IRA? Which tax benefits are most important for you? Let’s talk about it!
Have you considered a SEP IRA for your business? What questions do you have about its benefits or setup? Let’s discuss!
Have you ever wondered how to report cash payments? What challenges do you face in handling cash for your business? Let’s discuss below!