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Eddy Hood

My name is Eddy Hood. I've coached over 500 businesses on how to become more profitable. I'm the Founder & CEO of Ignite Spot, and I have mad parallel parking skills.
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Recent Posts

Small Business Tax Preparation for Home-Based Businesses

BY Eddy Hood IN small business tax preparation ON Nov 17, 2017 WITH Be the First to Leave a Comment!

 

 

Many small business owners run their operation from home because it’s easy to set up and maintain. However, when it comes to keeping track of expenses for tax purposes, things can get a little complicated.

The IRS doesn't always make it simple to figure out personal vs. business expenses. And this makes the whole process of small business tax preparation challenging for home-based businesses.

With these considerations in mind, we’ve put together the following guide to walk you through the key home business tax deductions and best practices to help you survive tax season.

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Small Business Accounting Apps That Integrate With QuickBooks

BY Eddy Hood IN Small Business Accounting ON Nov 07, 2017 WITH Be the First to Leave a Comment!

 

 

Today’s business leaders must embrace the rapid advances in technology if they want to remain relevant in their industry. That said, it can be overwhelming to know where to start. And when it comes to taking care of your small business accounting needs, there are literally thousands of options available for making your life easier to manage.

 

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A Guide To Small Business Tax Preparation

BY Eddy Hood IN small business tax preparation ON Oct 31, 2017 WITH 1 Comment



 

When it comes to your small business tax preparation strategy, you may be asking yourself questions such as, “What additional savings am I missing out on?” Or, “How can I reduce my chances of being audited by the IRS?” And, “Should I hire a professional or do my taxes or prepare them myself?”

 

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WHICH QUICKBOOKS VERSION IS RIGHT FOR YOUR SMALL BUSINESS ACCOUNTING?

BY Eddy Hood IN Small Business Accounting ON Oct 24, 2017 WITH 1 Comment

  

 

Whether you are a new entrepreneur or a seasoned business owner, having an accounting system that you can trust is a must. Your bookkeeping software should be one that’s user-friendly, able to handle all your business transactions and provide the most up-to-date technology all without breaking the bank.

 

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Small Business Tax Preparation for Independent Contractors

BY Eddy Hood IN Small Business Accounting ON Oct 17, 2017 WITH Be the First to Leave a Comment!

 


Today there are more freelancers or independent contractors working in the U.S. than ever before. The advent of this “freelance economy” offers many benefits such as flexibility and cost savings, allowing business leaders to focus on growing their operations. At the same time, choosing to hire freelancers can present unique challenges such as compliance concerns, potential legal issues and of course tax implications.

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Small Business Accounting: How to Calculate Key Financial Ratios

BY Eddy Hood IN Small Business Accounting ON Oct 09, 2017 WITH Be the First to Leave a Comment!

When it comes to small business accounting, there’s a lot you need to know in order to make the most informed financial decisions. One of the best places to start is to understand the calculation of key financial ratios and their interpretation. Before we dive into the key ratios, let’s do a quick refresher on three key financial statements: the balance sheet, income statement and statement of cash flow.

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Tutorial: Automated Business Tools like Online Bookkeeping

BY Eddy Hood IN Online Bookkeeping ON Oct 02, 2017 WITH 2Comments

Business usually starts with recognizing a gap in the market and a passion to help people by filling that gap. After creating prototype after prototype, pouring over the details of your business plan and haggling with vendors over the cost of the necessary materials, you definitely want to start seeing a profit.


The good news is 75% of new businesses make through their first year and 69% make it to the two year mark. While these statistics do offer some comfort, why not better your odds with automated systems to take care of all the heavy lifting.

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How to Create a Chart of Accounts for online bookkeeping

BY Eddy Hood IN Online Bookkeeping ON Sep 26, 2017 WITH 2Comments

If you are a small business owner, then you know there’s a lot to keep track of. And sometimes it can be hard to know where to begin. That’s where a Chart of Accounts comes in.

A Chart of Accounts (COA) is a complete listing of every account in a business’s accounting system. Accounts come in various types to reflect money spent or earned in addition to assets owned or amounts owed to a creditor. The Chart of Accounts is an excellent a way to record all of these transactions for income, expenses, or liabilities.

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FAQ About QuickBooks Online Bookkeeping

BY Eddy Hood IN Online Bookkeeping ON Sep 19, 2017 WITH 1 Comment

Online bookkeeping can seem like a daunting task especially to business owners who may not have an accounting background. This guide is designed to answer common questions that have been asked about using the QuickBooks SAAS platform.  

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Tutorial: How Online Bookkeeping Boosts Customer Payments

BY Eddy Hood IN Outsourced Accounting Services, Online Bookkeeping ON Sep 08, 2017 WITH Be the First to Leave a Comment!

 

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