This past Wednesday (April 26, 2023), Perfect Balance Accounting owner Laura DeGroot gave an informative presentation to an Intro to Business course at Carthage College. The presentation focused largely on tax laws and business classifications, such as LLCs, partnerships, and S-corps. Nearly 20 students in the Business Economics department attended the presentation and gained valuable… Read More

Every year, scams steal millions of dollars from unsuspecting people, as well as stealing their personal information. The scams are getting harder and harder to detect. Here are some of the things to watch for. 1. Social Security Numbers: Getting access to your social security number is the holy grail for scammers. Once they have… Read More

Banks reconciliations can be a great way to keep your finances in order and maximize your cash flow. In this guide, we’ll show you step-by-step how to perform bank reconciliations and why it’s important to do so. Collect Necessary Documentation. The first step to completing a bank reconciliation is to learn what documents you need.… Read More

Non-profit organizations are unique entities that require special attention when it comes to financial management. A trusted accountant is a key component to ensuring the financial health of a non-profit organization. Accountants provide non-profit organizations with the necessary expertise to ensure that the organization is compliant with all applicable laws and regulations. This includes filing… Read More

Embrace Growth, Navigate Complexities Business growth is exhilarating, signifying success through increased revenue, a growing team, or enhanced customer satisfaction. However, rapid expansion brings complexities, particularly in tax management. Recognizing these challenges early and partnering with a skilled tax accountant is vital. Tackle New Challenges with Expert Tax Services As your business scales, you’ll encounter… Read More

Tax season is when accounting firms earn their weight in gold. For the average taxpayer, paying taxes is an afterthought until the yearly tax filing deadline rears its ugly head. All of a sudden, people find themselves in a panic as they try getting all their ducks in a row to make sure taxes are… Read More

Time is the most valuable resource we are given. For many, it can also be our most limited resource. We constantly hear friends and colleagues complain about the restraint their schedules have on them. Time is something we are all bound by. Everyone is trying to figure out how they can get the most from… Read More

Navigating the complexities of payroll is seldom described as simple or easy. Its significance for both employers and employees cannot be overstated—it stands as the most substantial outlay for businesses, immediately followed by health insurance costs. Accuracy in payroll processing is non-negotiable; employees depend on their employers to flawlessly manage it. Yet, those experienced in… Read More

Every year, millions of Americans check the box by ‘paying their taxes.’ Some file individually, others hire a tax office to do their taxes for them. What often happens is someone files their taxes and then forgets about it until their tax return shows up. But doing your taxes shouldn’t be something you casually check… Read More

There is a real misunderstanding with some people who go into business thinking it is a lone wolf journey. They believe the lie that conjuring up enough determination and effort will get them where they want to be. Unfortunately, there are challenges every business owner will encounter that goes beyond their skill set or experience… Read More