Training Courses

Your chart of accounts is the foundation of your financial reporting, but when it’s disorganized or outdated, it can quietly hurt your business. This blog breaks down the most common chart of accounts issues, such as duplicate accounts, unclear categories, mixed personal and business expenses, and poor account structure and explains how they impact reporting, taxes, and profitability. You’ll also learn practical, actionable steps to clean up and rebuild your chart of accounts so your financial reports are accurate, easy to understand, and aligned with your business goals.

This blog explains the key difference between tax planning and tax preparation and why small business owners need both in 2025. Tax preparation focuses on compliance and filing after the year is over, while tax planning is a proactive year-round strategy to reduce taxes, stay compliant, and improve cash flow. With the IRS using advanced AI tools, new time-sensitive tax credits, shifting state tax rules, and the importance of accurate quarterly estimates, planning has become essential. The blog shows how Genovations Accounting helps businesses project taxes, implement savings strategies, optimize entity structure, and adjust plans as laws or business conditions change. The message: Don’t just file taxes use strategic planning to save money and grow smarter.

Payroll tax compliance in 2025 is no longer just a routine task, it’s essential protection for your business. With rising IRS audits, multi-state employee regulations, and stricter digital reporting rules, even small mistakes can lead to costly penalties. Common challenges include worker misclassification, multi-state filings, benefit-related tax errors, and missed credits.

Genovations Accounting helps businesses stay proactive by setting up compliant payroll systems, conducting quarterly reviews, aligning benefits and tax tables, and identifying tax-saving opportunities. The goal: reduce risk, stay compliant, and support smarter business growth.

The IRS’s 2025 mileage rates are 70¢ per mile for business, 21¢ for medical and military moving, and 14¢ for charitable travel. Business owners using personal vehicles for work can claim deductions—but only with accurate, detailed mileage logs. The IRS disallows estimates or rounded numbers and flags inconsistent or excessive claims. Genovations Accounting helps businesses track mileage correctly, choose the right deduction method, and stay compliant—turning everyday driving into real tax savings.

Hiring your first employee is a key milestone that signals business growth and can unlock significant tax benefits. Employers can take advantage of federal credits like the Work Opportunity Tax Credit, deduct wages and payroll taxes, claim Section 179 for equipment, and access state-level incentives. Strategic hiring may also open opportunities for S-Corp status and R&D credits, while freeing your time to focus on growth. With proper planning, your first hire can boost productivity and provide immediate financial advantages, and firms like Genovations Accounting can guide you through the process to maximize savings and compliance.

In late 2025, digital payment trends are reshaping how small businesses serve customers and manage cash flow. Contactless payments, real-time syncing, stronger fraud protection, mobile invoicing, and flexible payment options are now essential for staying competitive. Outdated systems can cost sales and increase risks, while modern tools improve efficiency and customer satisfaction. Genovations Accounting helps businesses integrate smarter payment solutions, protect against fraud, and optimize systems for growth. With tap-to-pay projected to dominate U.S. in-person payments this year, now is the time for small businesses to modernize their payment strategies.

Many business owners discover by mid-year that their QuickBooks files have become disorganized due to the rush of the first two quarters. A mid-year cleanup prevents errors, missed deductions, and year-end stress. This blog highlights why August is the ideal checkpoint and provides practical QuickBooks cleanup tips—such as re-categorizing expenses, reconciling accounts, archiving old vendors, and updating the chart of accounts—so businesses can close the year with accurate records and better financial clarity.