As a small business owner, it’s easy to focus on sales, customer service, and daily operations. But one foundational decision can shape how you understand your business’s finances: your accounting method. The two most common approaches — cash accounting and accrual accounting — each have their strengths, and in some cases, the IRS may even require you to use one over the other.

As the calendar year draws to a close, most business owners are focused on finishing strong—closing deals, finalizing budgets, and preparing for the new year. But there’s one critical area that often gets overlooked: year-end tax preparation.

Financial statements might seem like a foreign language if you're just stepping into the world of business or personal finance. Pages filled with numbers, unfamiliar terms, and structured tables can quickly feel overwhelming. But here’s the truth: financial statements are just stories about a business—told in numbers.

If you’ve ever thought about selling your business, you’ve probably heard the term “seller financing” tossed around—and maybe you immediately thought, “Yeah, that’s not for me.” Totally understandable. On the surface, it sounds risky. Like… you sell your business, but don’t get all the money upfront? Why would anyone do that?

When it comes to evaluating a company’s financial well-being, numbers tell the story. But with mountains of data in financial statements, where should you begin? The answer lies in accounting ratios—simple calculations that distill complex financial information into actionable insights.

When you first launched your business, you probably chose a legal structure that seemed simple and fast—maybe a sole proprietorship or an LLC. But as your business has grown, that early decision might now be costing you thousands in unnecessary taxes.

Running a small business comes with unique challenges—tight budgets, limited staff, and the need to wear many hats. In the midst of all this, maintaining transparency can sometimes take a back seat. But if there’s one thing that can build trust, improve decision-making, and set a small business up for long-term success, it’s financial accounting.

Let’s talk about something that sounds like a smart move but can quietly bite you in the butt later: accelerated depreciation. On paper, it feels like a no-brainer. You buy a piece of equipment or a vehicle for your business, and the IRS says, “Hey, you can write off a big chunk of this cost right now instead of spreading it out over several years.”

As a business owner, you're constantly faced with big decisions—expanding into new markets, investing in equipment, hiring key personnel, or even selling your business. These moments are exciting, but they’re also complex. And while it’s natural to loop in your lawyer or financial advisor, one crucial voice is often left out of the conversation: your Tax Advisor.

As a business owner, you wear a lot of hats—leader, marketer, problem-solver, and often, decision-maker of last resort. But one role you can’t afford to ignore is financial steward. Whether you're running a startup, a growing small business, or an established enterprise, your financial statements are not just accounting documents—they're the health report of your business.

Let’s talk about something that most business owners don’t think about until it’s crunch time: leaving the business. Whether you’re dreaming of early retirement, ready to try something new, or just tired of wearing 47 hats every day, having a solid exit plan is crucial.

Behind every tax return lies a world of opportunity: insights that can guide smarter decisions, strategic plans that can improve cash flow, and proactive steps that can lead to significant long-term growth. That’s the difference between basic tax compliance and tax advisory.

Starting a business can feel like a wild ride—exciting, stressful, unpredictable, and hopefully a little profitable. And sometimes, it feels like way too much to do on your own. That’s where the idea of bringing in a business partner starts sounding real good. But before you go halfsies on the dream, let’s break down the pros and cons of having a business partner.

At TBS, we work with businesses not just to file returns, but to proactively structure their finances in a way that supports long-term growth. Here’s how you can do the same.

For so many entrepreneurs, the balance sheet is either a complete mystery… or something they didn’t even know existed.