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October 18, 2022

Why Process Automation is Crucial for Business Success

With digitization advancing in strides, businesses of all sizes have come to embrace automation. Through sheer convenience and its ample operational benefits, it’s becoming a necessary staple of business. Indeed, before launching your website, you may already be thinking about automating and streamlining its features and processes. Especially for larger-scale companies, that’s pretty much a necessity. That said, however, automation comes in many forms. A crucial one among them is process automation, an expansive type that can arguably, benefit the average business most. It’s no exaggeration that process automation is crucial for business success, as we’ll argue in this article.

What is process automation?

First, let’s briefly define process automation. It is often abbreviated as BPA, “business process automation,” and it’s a must-know acronym in this context.

Business process automation, then, can be defined as follows, according to TechTarget:

“Business process automation (BPA) is the use of advanced technology to complete business processes with minimal human intervention.”

While initially sufficient, this doesn’t yet clear what a “business process” being automated is. They continue:

“A business process is an activity or a set of activities, used to accomplish a specific organizational goal, such as producing a product, assimilating new employees or bringing on new customers.”

You might have already observed that this concise definition still has to account for a rather vast scope. Indeed, BPA often overlaps with other automation types – such as CRM automation, as moverstech.com asserts:

“The primary function of CRM software is to help organize the everyday operational capacity of a business[;] coordinating leads, managing customer data, and accounts, monitoring sales opportunities and ongoing processes, or tracking performance[.].”

Still, as we discuss below, such types of automation can be unique and come with outstanding benefits.

A black-and-white photo of a laptop and a notebook.

Across all its forms, process automation seeks to minimize error, improve efficiency, and maintain operational consistency.

Types of business automation

The following are the five most common and arguably most valuable types of automation.

  • Business process automation. The focus of this article, business process automation, is increasingly becoming a blanket term for different automation solutions. It typically focuses on automatic data input and processing, reporting, and other repetitive tasks, which is why process automation is crucial for business success.
  • Customer Relationship Management (CRM) automation. This type comes in the form of CRM solutions, often industry-specific. It primarily delves into lead management and customer relations but can expand to employee monitoring.
  • Marketing automation. An adjacent, expansive type can come in various forms depending on marketing channels of interest. It can address email marketing, social media marketing, PPC campaigns, and more, optimizing sales processes.
  • Accounting automation. A specialized type focuses on tasks such as payroll management, bank reconciliation, and more. It tends to offer more value to larger businesses, but it can be an asset to anyone who needs it.
  • HR automation. Finally, this type automates repetitive HR-related processes such as recruiting, onboarding and offboarding, and time management monitoring. This type also tends to see more use in larger, active HR departments.

As you can see, the lines among them can be less than fully clear. For example, household marketing platforms like HubSpot may offer BPA, CRM, and marketing automation features under the same roof. HR-minded CRM solutions often provide HR automation features and touch on BPA. This otherwise welcome abundance of features may make it harder to choose the right CRM for your business.

In brief, many automation types overlap, either by definition or due to market demand. It’s thus not uncommon to find yourself delving into more than one at once, exploring their common ground.

A software engineer coding on three computer screens.

Different types of business automation continue to overlap, blurring the lines but still serving the same ultimate goals.

Why process automation is crucial for business success

That said, process automation of all kinds has plenty of substantial benefits. Among others, consider the following key ones.

#1 It saves time

First, by definition, automation of all types saves time. Automating repetitive tasks that don’t require creative oversight can free teams to focus on more pressing matters.

To quantify the need for this, consider such statistics as the following:

  • Frevvo finds that over 50% of the HR department’s time is spent on manual processes.
  • Dext finds that “accountants and bookkeepers spent 4 hours and 46 minutes per week detecting financial data errors”.
  • SimplyFlows finds that “knowledge workers waste over 40% of their time on manual digital administrative processes”.

These are staggering numbers. Even modest automation can make a stark difference in these contexts, allowing departments to redirect their creative efforts meaningfully.

#2 It increases productivity

In turn, process automation can significantly increase productivity. It can do so in a few different ways, including:

  • Saving time for more fulfilling, creative tasks
  • Increasing employee productivity transparency
  • Streamlining reporting and HR-related tasks

In more complex business settings, its benefits can expand accordingly. For instance, complex workflows typically carry higher error risks due to multiple moving parts. Where human input can jeopardize these workflows, automation can streamline and secure them.

In addition, process automation is crucial for business success across different industries. For instance, SalesForce notes the following for the IT industry:

“74% of IT and engineering leaders say process automation has helped their workforce save at least 11-30% of the time previously spent on manual processes, and another 59% say costs on those teams have been reduced by 11-30%.”

People working on computers around a table as two shake hands.

Automation notably improves workplace productivity, internal collaboration, and operational efficiency.

#3 It reduces the room for error

Having mentioned human error, reducing it is yet another substantial benefit of process automation. No solution is entirely infallible, but automated data input is more consistent than manual input.

Human error may seem insignificant, but it’s anything but. FinancialExecutives note that 95% of business leaders “have seen poor quality data undermine their businesses’ performance.” Wrong data is also highly costly; in 2016, IBM estimated its business cost in the U.S. alone was about $3.1 trillion per year.

Since its inception, error reduction has been among automation’s most central merits. The idea that machines and software can handle data better than humans is timeless, becoming increasingly accurate and relevant as time goes on.

#4 It reduces operational and other costs

Finally, on the subject of costs, automation can also bring significant benefits in this regard. Lower staffing costs, less time waste, more streamlined reporting, and easier auditing are among the primary reasons for this benefit.

Naturally, the exact scale of this benefit will depend on a few factors. The precise type of BPA employed, the detailed automated processes, operational complexity, and more can influence the outcome.

Still, process automation is crucial for business success, as it does come with modest to significant operational cost reductions:

  • Citing Capgemini, Statista finds that retail stores using automation reported cost savings ranging from 8 to 10%. These went from cost savings from avoiding stockouts to faster deliveries.
  • McKinsey finds that BPA “can lead to average cost savings of up to 30 percent within five years for many payers”.
  • Windward Studios finds that automation in sales can “[bring] down marketing costs by 12.2%”. “84% of business leaders” who use cloud automation “have seen an increase in revenue and reduction in operation costs,” and advertising automation can significantly reduce advertising costs per year.

In combination with the other benefits outlined above, automation can significantly impact virtually any business.

A selective focus photo of silver coins stacked in front of a clock.

Immediately and over time, process automation can help reduce operational, marketing, and other costs.

Conclusion

To summarize, business process automation is a primary type of business automation. It seeks to automate repetitive business processes, ranging from data input to marketing and document management, saving time and money.

It is not the only particular type of automation; CRM, marketing, accounting, and HR are also prominent. However, they all continue to overlap to varying degrees, sharing the same principal goals and functions.

The benefits of business automation continue to show their value, as research like the above shows, in an increasingly competitive digital business landscape.

August 9, 2022

Oregon Form OR-40 Instructions Individual Income Tax Return Instructions for Full-year Residents

oregon state income tax

As mentioned above, these are pre-tax contributions, so not only do they help you save for the future, they also save you money on your taxes now. The standard deduction, which Oregon has, is a deduction that is available by default to all taxpayers who do not instead choose to file an itemized deduction. We last updated the Individual Income Tax Return Instructions for Full-year Residents in January 2024,so this is the latest version of Form OR-40 Instructions, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form OR-40 Instructions directly from TaxFormFinder.You can print other Oregon tax forms here. It is not only possible to imagine a better tax filing system in Oregon, but also to realize it.

oregon state income tax

Oregon: Federal Retirement Plan Thresholds in 2022

Using links from the department’s website ensures that both taxpayers’ federal and state return will be filed for free. ​2-D barcode filing is an alternative way to file an Oregon return on paper. Oregon-approved tax software packages are required to print a 2-D barcode on forms 40, 40N, and 40P. Several tax preparation software providers offer free online electronic tax filing.

Filing state taxes for free: Where to go for…

Instead, the state generates revenue with a statewide income tax of 4.75% to 9.9%, ranking among the highest in the nation. Local governments levy property taxes, and these come in right around U.S. averages. The typical Oregon homeowner pays $3,479 a year in property taxes. You can save time and money by electronically filing your Oregon income tax directly with the . Benefits of e-Filing your Oregon tax return include instant submission, error checking, and faster refund response times. Most tax preparers can electronically file your return for you, or you can do it yourself using free or paid income tax software, like the examples listed below.

oregon state income tax

Personal and real property taxes

  • Notably, though, the new 39.6% rate is only supposed to apply to taxpayers making $400,000 or more.
  • There is no property tax on household furnishings, personal belongings, automobiles, crops, orchards or business inventories.
  • It consists of four income tax brackets, with rates increasing from 4.75% to a top rate of 9.9%.
  • This influences which products we write about and where and how the product appears on a page.
  • Here’s the best tax software for 2024 if you have an extension.

Once your transaction is processed, you’ll receive a confirmation number. When paying estimated tax or extension payment, you aren’t required to file a couple or the Oregon-only extension form. E-filing is the fastest way to file your return and receive your refund. The speed and accuracy of computers allow electronic returns to be received and processed Navigating Financial Growth: Leveraging Bookkeeping and Accounting Services for Startups faster than paper returns, greatly reducing errors and delays. E-filing uses secure technology to ensure the safety of your personal information when it’s sent to the IRS and the Department of Revenue. ​We begin paying interest on your Oregon refund 45 days after the filing due date or 45 days after you file your return (whichever is later).

State Tax Rates on Long-Term Capital Gains, 2024

Complete an Oregon Business Registry Resale Certificate​ and give it to the out-of-state seller at the time of purchase. The seller may accept this certificate and exempt the transaction from their state’s sales/use/transaction tax, but they aren’t required to accept it. The IRS tools will show you one of three messages explaining your tax return status. To log in, you’ll need your Social Security number, filing status and the expected amount of your refund. The IRS updates the app overnight, so if you don’t see a status change, check back the following day.

oregon state income tax

Check with your state’s tax and revenue authority for further information. There are a few other deductions that can impact the size of your paychecks. If you pay for any benefits from your employer, such as health or life insurance, any premiums you pay will come out of your paycheck.

What if I need to change my return after I file electronically?

Plus plenty of credits and deductions are available to help filers save on their tax bills. It’s important to prepare and file your Oregon state tax return correctly and on time to avoid potential penalties and interest. As you fill out your forms, watch out for specific deductions and credits you may qualify for that can help reduce how much you owe or even increase your tax refund.

Why do the forms generated by my third-party software look different than the forms on the department’s website?

If passed, the billionaire tax would be a minimum of 25% for households with net worth exceeding $100 million. Our partners cannot pay us to guarantee favorable reviews of their products or services. While taxes are a part of life, you can play a role in how much comes out of your paycheck.

Individual Taxes

Keep in mind, though, you willl have to pay a late-payment or late-filing penalty if you don’t meet the state’s deadline. The late-payment penalty is 5% of your tax bill, which is charged even if you filed for an extension and didn’t pay by the due date. The late-filing https://stocktondaily.com/navigating-financial-growth-leveraging-bookkeeping-and-accounting-services-for-startups/ penalty, which kicks in if you file more than three months after your due date, is 20% of your balance. And if you don’t file a return for three consecutive years by the due date of the third year, including extensions, the state will charge a whopping 100% penalty.

​Yes.If you change your permanent residence to Oregon, your pension income, along with allother income regardless of source, is taxable in Oregon. Depending on your ageand income, you may be entitled to a retirement income credit on your Oregonreturn. If you receive a U.S. government pension for service before October 1991, you may be entitled tosubtract all or part of that pension https://wyomingdigest.com/navigating-financial-growth-leveraging-bookkeeping-and-accounting-services-for-startups/ on your Oregon return. Oregondoesn’t tax Social Security or Railroad Retirement Board benefits. Congress has since increased the agency’s funding, and the IRS said it has hired thousands of new telephone representatives. Still, the agency says you should call only if it’s been at least 21 days since you filed your taxes online or if the Where’s My Refund tool tells you to.

A screenshot of the Security page with all the settings to secure your WordPress website.
July 28, 2022

7 tips to secure your WordPress website

When it comes to running a website for your online business, one of the most critical topics is website security. First, your customers need to be safe. Their data must be protected at all costs, or they will lose trust in your company, which can even lead to a lawsuit. Second, you also need to protect your business from various hackers. Since WordPress is one of the most common CMS platforms today, and people mostly choose to build a WP website, we want to give you seven of the best tips to secure your WordPress website. Let’s start!

  1. Purchase a quality hosting plan

Many people fall into the trap of purchasing a cheap hosting plan, thinking it will not cause any issues. That is mistake number one you can make. Your hosting plan is one of the most important parts of the website because all the setups happen there. Website performance, loading speed, search rankings, and many other things depend on it.

  1. Enable HTTPS for your website

Another thing that should not be looked at as just another expense is the HTTPS certificate. This is how you protect customer data on your website. When there is a connection request between a website and a server, the communication happens through the HTTP protocol. By purchasing the SSL certificate, that protocol now becomes HTTPS. The added certificate encrypts data, so no one can read it until it gets to the server.

  1. Upgrade your login procedures

As an administrator, you will need a username and password to log into your admin panel on WordPress. Creating a strong password containing capital and small letters, numbers, and special characters is an excellent practice. Also, do not use any familiar words or words that make sense. A strong password should be a string of randomly generated characters.

Furthermore, you need to enable two-factor authentication. This extra level of security ensures no one logs in to the website except you.

It would be best if you also considered adding a security question and setting up a backup email for logging in to the admin panel.

  1. Regularly create backups of your website

If there is a hacker attack or hosting failure, there is a high chance you will lose data on your website. This can turn into a catastrophe. That’s why it is imperative to create regular backups of your website.

As a best security practice, you should create a backup of your website daily. If you are running a high-traffic website with a lot of activity, you need to create a backup of your website every hour. This is how you make sure your website is always protected.

Furthermore, this is a necessary step if you ever decide to migrate your WordPress website.

  1. Update WordPress and plugins regularly

Have you ever wondered why software owners release new versions of their software? Is it to add new features? Improve the design? Fix bugs?

The answer is yes to all of these questions. However, one of the main reasons why they release software updates is to prevent hacker attacks. Software is always developing, and auditors constantly discover a bug or a glitch in the code that a hacker could misuse. They fix those issues to prevent security threats.

As soon as you see a new update, do it immediately. That’s why you must constantly monitor your website and do security updates. While you can do this on your own, it is best to let experts handle it so you don’t have to stress yourself about it.

  1. Remove plugins you don’t use

One of the many advantages of WordPress is that it gives you access to a database of useful plugins. This way, you can add great functionalities to your website without writing a single line of code. And it is all configured in a matter of minutes.

However, you can easily fall into the trap of installing too many plugins or plugins that don’t contribute to your website. This will only hinder the performance of your website and worsen customer experience.

Furthermore, if you have many plugins, you need to manage all of them all the time. Remember what we spoke about doing regular updates? You will need to keep all of your plugins updated.

It is best to clean up your website and only focus on plugins that make a difference in improving customer experience.

  1. Be mindful when installing themes and plugins

While we are on the subject of installing wonderful free and paid plugins and themes that WordPress offers, there is a word of caution in this tale. All of those add-ons come from third-party contributors. You don’t know who they are, their coding quality, or how passionate they are about updating their product.

You could start using a theme or a plugin only to discover there is no tech support in case you need it. Or, the owner abandoned the project, and there is no one to continue working on it. You are now stuck with something that is a part of your website, but no one is maintaining it. The next step is to remove it and change to another add-on, so you don’t lose on website functionality.

Always check out contributors’ reviews and ensure their products are widely used and supported.

The conclusion – That’s how to secure your WordPress website!

Whether you are making an audit or launching a new website, this is an essential checklist you should always review:

  • get a secure hosting domain and an SSL certificate;
  • improve your login procedures;
  • backup your website regularly;
  • continually update WordPress and all additional software;
  • clean up your website and remove unused plugins;
  • be mindful of third-party plugin creators and the quality of their work.

Secure your WordPress website by following these best practices, and make sure that the level of security is always high. Your business depends on it!

 

Online marketing basics displayed on a mobile device.
July 11, 2022

10 Must-Know Digital Marketing Acronyms

Sometimes it seems that online trends are moving so fast that it’s almost impossible to keep up. Google keeps updating its algorithm, so businesses must adapt their marketing strategies to remain visible. You can’t treat digital marketing as a one-and-done affair. It is something that you constantly need to research if you want to stay relevant. If you divert your attention for just a second, you’ll be swamped by a bunch of new marketing buzzwords. It can sometimes feel like you aren’t even speaking the same language. To help get you up to speed, we will cover ten must-know digital marketing acronyms.

Before we dive in

Over the years, digital marketing has become incredibly complex. Modern technology can allow us to track vast amounts of data, making it easy to get confused. If you feel overwhelmed or lost by the sheer scope of data available for your marketing campaign, we suggest you take a step back. Perhaps you don’t need to worry about every metric, especially if you don’t know what they represent. Go back to the goals of your marketing campaign, and look at what you want to achieve. Different approaches and metrics may be more or less important, depending on your goals. For example, increasing your customer base will require a different strategy than building interest for a new product launch.

You should talk to the company you’ve hired if you outsource your marketing. Don’t settle for a one-size-fits-all marketing model, and feel free to ask them to explain the must-know digital marketing acronyms they use. Demand measurable results instead of confusing metrics you have a hard time understanding.

The list of 10 must-know digital marketing acronyms

1. SERP

We are starting our list with SERP – Search Engine Results Page, and it represents the rank your site can achieve when users search for your relevant keywords. Obviously, the higher the rank, the better, and you should try to aim for the first page. Unfortunately, users rarely venture past page one on Google, so obtaining a good position should be an important goal for any marketing campaign. Getting ranked highly on SERPs means you can expect to see a lot of organic traffic to your website. This traffic is typically considered free traffic since it doesn’t directly come from clicking on one of your ads. However, you may have put a lot of effort and money into website optimization to get a high rank.

SEO helps to get a good position on SERPs

SEO is a set of essential techniques for any digital marketing campaign.

 

2. SEO

This one stands for Search Engine Optimization, which is the sum of techniques and design principles used to tweak your website and its contents so that you can get a good position on SERPs. You shouldn’t overlook SEO guidelines even if you aren’t particularly interested in organic traffic. They are generally sound design principles, and if you adhere to them, you can end up with a polished website. Your site will greatly impact how your visitors perceive your company and the products you sell. Therefore, we recommend looking into the basics of SEO.

3. KPI

Every marketing campaign should start by clearly defining the goals you want to achieve. Key Performance Indicators (KPI) are the metrics you plan to measure to know if you are on track. They are the indicators of the success of your marketing, and you should keep a constant eye on the KPI you have chosen to track. If things aren’t working as expected, you can adjust and realign your current marketing campaign.

4. CRM

Modern marketing campaigns usually track multiple KPIs. However, you will also need to monitor how your customers progress on their sales journey. This can also be a good indicator if something isn’t functioning properly. Thankfully, you can use plenty of software tools, and Customer Relationship Management (CRM) represents a set of tools to get the job done. The CRM experts from moverstech.com suggest using CRM to monitor the progress of users through the sales funnel. However, you can also use CRM to follow up on users who haven’t completed a purchase. This can give you valuable insight into your marketing and sales departments.

Person using CRM software to enhance their digital marketing campaign.

CRM software can help you track how your customers are behaving.

5. PPC

Pay Per Click is an effective and popular form of advertising where you pay for your ads every time a user clicks on them. Most major social networks offer this form of advertising, as do popular search engines such as Google and Bing. This type of advertising is relatively affordable and scales well with the size of your campaign.

6. CTR

Your Click-Through Rate represents the number of users who clicked on your ads versus the number of times your ads were displayed. A low CTR means that engagement with your ads is low, and you might want to rework them. You can measure the CTR of your ads; however, it can also be applied to your CTA.

7. CTA

Your Call To Action (CTA) is the button on your website intended to encourage visitors to perform a specific action. The action you want your visitors to perform can include signing up for a newsletter, filling out a form, or purchasing a product. You can calculate the CTR of your CTA by tracking how many visitors who arrive on your landing page click on your CTA.

8. CRO

Conversions represent the users who performed the action you wanted them to. You can perform adjustments to your website and attempt Conversion Rate Optimization (CRO). These are changes intended to boost the effectiveness of your CTA and other marketing and to entice more users to convert.

Smartphone displaying Facebook app next to a computer.

Knowing how many mobile users scroll past your ads can be good.

9. CPC, CPL, CPA

When paying for advertising and measuring the effectiveness, you can easily calculate individual costs for various events. Therefore, we can discern the Cost Per Click (CPC) for each time someone clicks on one of your ads. Similarly, we can calculate the Cost Per Lead (CPL) and Cost Per Acquisition (CPA) when attempting to expand our customer base.

10. SEM

Most search engines will also have integrated forms of advertising on their own platforms. We call this Search Engine Marketing (SEM), and a prime example would be using Google Ads to promote your business. However, there are also ways to get promoted on Google without spending money, such as by optimizing your Business profile. This strategy is crucial for small businesses that primarily rely on local searches.

To summarize

Hopefully, after reading our list of 10 must-know digital marketing acronyms, you are familiar with the basic marketing alphabet. You can enhance the effectiveness of your marketing by better understanding these core advertising concepts in online spaces.

Marketing expert developing an effective PPC campaign.
May 12, 2022

7 Tips for Developing an Effective PPC Campaign

Pay Per Click advertising is one of the most cost-efficient forms of marketing, and it’s particularly well suited for generating leads. What’s best is that a carefully planned PPC campaign can positively impact your SEO and give you immediate results. Businesses can use these benefits to grow their customer base and improve their bottom line. However, while PPC may seem like the easiest form of advertising to put together, campaigns will still require planning and preparation. To help you out, we will present seven tips for developing an effective PPC campaign.

  1. Research your customers

PPC is a form of advertising that relies on presenting an enticing offer, which needs to interest your audience enough to click on one of your ads. You will first need to research your customers, their online behavior, and shopping habits for this to work. You can divide your audience into segments and then develop separate PPC ads for each market segment based on their interests. Accurately define the traits of your perfect customer, and once you know who you are marketing, constructing your campaign will be much easier.

You can also use PPC ads for retargeting users who have visited your website and looked at specific items. It’s often cheaper to go after an already existing prospect than to initiate a new lead into your sales process. Include listings for the items they viewed in your advertising. When developing an effective PPC campaign, you should carefully consider all of your targeting options and what you want to achieve with your marketing – which brings us to our next point.

Person clicking on PPC ads.

Create detailed customer profiles to know who you will be targeting.

  1. Define goals and set limitations for your budget

Before you launch any marketing campaign, including PPC, you should take a moment to think about what you want to achieve. Define your goals, how much you are willing to spend to accomplish them, and how you are going to monitor how the campaign is performing. The goals can vary and range from building awareness for your brand, generating interest for a new product launch, or simply providing your sales representatives with actionable leads.

Once you know your goals, you should set the benchmarks you are aiming for and devise methods of tracking your progress. The budget for PPC ads is another essential concern that is often neglected. Although PPC is a relatively cheap form of advertising, you should figure out how much you want to spend to generate a single lead.

  1. Know your keywords and negatives

Keyword research is an integral part of SEO and any marketing campaign. However, many business owners and marketers are still unaware of the importance of negative keywords. These are specific phrases that you want to exclude from your PPC campaign. If you don’t factor in negative keywords, you could end up spending resources targeting the wrong audience. PPC works best when you accurately define all of the parameters. Since keyword research can be complicated, you can rely on experts in the field of digital marketing to help you perform a PPC analysis. Remember that you will also need to include those keywords as part of your overall SEO strategy, not just your marketing, to get the best results.

Marketing materials for upcoming PPC campaign.

Know which keywords to include and which to omit from your PPC and SEO campaigns.

  1. Optimize your website

Now that your PPC campaign is slowly taking shape, you can use some of that research to optimize your website. Search Engine Optimization can increase your customer base and help you reach more users. Your website needs to work in tandem with your marketing. Developing an effective PPC campaign will only get you so far – it can bring users to your website, but you need to give those visitors a reason to stay. A functional and optimized website with informative content can be a valuable resource for online users. Satisfied visitors will keep coming back to your site, giving you more opportunities to sell your products.

  1. Have breathtaking landing pages

Although your entire website needs to be optimized appropriately, you should pay special attention to the landing pages. PPC ads will generally bring users to a specific page on your site, called the landing page. You can design different landing pages for the various versions of PPC ads you will be running. Remember that the first impression is the most important one, and create your landing pages to inspire users into immediate action.

Smartphone used for signing a document.

You can use PPC ads to inspire users to sign up for your services.

  1. Have a strong CTA

The Call To Action usually takes the form of a button placed on your landing page. It is intended to inspire users to perform a specific action on your site, such as subscribing to your newsletter or making a purchase. However, if you are developing an effective PPC campaign, you can also match the CTA on your landing page to your PPC ads. You shouldn’t confuse users about which action you want them to perform. Make that message clear in your marketing, and carry it over to your website. CTAs can be great for generating leads, but you will need to nurture those leads until they are ready to make a purchase. Thankfully, numerous software tools are available to help you keep track of how leads are progressing through your sales funnel.

  1. Test different copies of your PPC ads

Most marketing experts recommend that you test various forms of marketing to see which has the best ROI and the most significant impact on your SEO. You can perform simple A/B tests to see which version of your ads gives better results. This type of testing is particularly effective for PPC because you can directly measure which copy has a better click-through rate.

To summarize

You can achieve great results with a carefully planned PPC campaign. You can draw more attention to your business, generate leads or boost sales, and all you need to do is follow these seven tips for developing an effective PPC campaign.

Happy employees after sales process optimization.
February 25, 2022

Sales Process Optimization: 7 Steps to Higher ROI

The sales process is essential for any company, and it should be constantly reevaluated. Unfortunately, consumer behavior can change over time, which means that you will periodically need to examine and optimize your sales process. Today, we will walk you through sales process optimization: 7 steps to higher ROI.

1.     Document your current customer journey

Although there are many similarities in how sales are made across any industry, every company is free to deviate from the norm. Take a look at the customer journey for your company. What are the exact steps a user needs to take before becoming one of your customers?

Ask your sales team about all the techniques they use to turn someone into a customer and ask the sales reps to help you document the process. If you optimize for SEO, your website can do a lot of the heavy lifting by increasing your customer base through organic traffic. Keep in mind that it’s not the responsibility of the sales team to generate leads; however, they are the ones who follow up on potential customers.

The first step in optimizing any process is understanding what you are working with. Once you have a clear idea of the customer journey, you’ll be able to tell how many points of interaction you have with your customers and what your sales team does to establish trust with customers. Looking at the current system will tell you which areas need improvement.

A sales representative on the phone with a customer.

Identify the weaknesses in your sales process and turn them into opportunities for growth.

1.     What are the weaknesses of the current sales process

No system or process will be perfect, and knowing what your weaknesses are will tell you which areas of the sales process need immediate attention. See which obstacles are causing stalled sales and which actions are required to overcome them. If your leads are constantly getting stuck in the same place of your sales funnel, then you need to find a solution for that bottleneck, or your bottom line will suffer.

For example, users may present interest regarding your services, but you can still have trouble with your website conversions. The experts from Convert More suggest installing a widget to connect customers to your sales team instantly. Even if you don’t manage to close a sale on the spot, it’s important to nurture leads through your sales funnel.

2.     Define your target audience

You might already know who you are marketing your products to, but it’s helpful to know who your ideal customer is to make the most of your sales process optimization. The best way to do this is to create an ideal customer profile. Not all leads will be equal, and if you have done your due diligence and created distinct customer profiles, it will be a lot easier to separate your leads into categories.

This approach will let you focus more energy on pursuing higher-value leads. You should always prioritize leads closer to completing a purchase or have shown interest in upsells and high-value orders. Dedicating most of your efforts to high-value leads will give you a higher ROI from your sales representatives.

Sales and marketing teams working together on optimization for a higher ROI.

It is your job to get employees to agree on sales process optimization.

3.     Bridge the gap between sales and marketing

If you plan to do any sales process optimization, you will probably alter how leads are generated and followed up on and how your existing sales funnel functions. These changes will have the highest impact on your sales and marketing departments. To get a higher ROI from your sales process optimization, you should ask both departments for ideas and feedback for the changes you plan to implement. Representatives from these departments don’t always see eye to eye when it comes to the KPIs for their individual goals. Therefore, we recommend having a neutral third party oversee the optimization process. Keep in mind that you should also measure the effectiveness of your SEO, which can give you additional insight into how well the current system is performing.

4.     Automate whatever you can

A great way to streamline your sales process is to implement tools for software automation. Choosing the right CRM software for your business is far from easy, and many companies make the mistake of getting the wrong software for their needs. It’s important to remember that you should use tools that will help you effectively bring your ideal sales process to life. We often see companies make the mistake of adapting their sales process to the available tools. Realistically, there are many options to choose from, and you shouldn’t settle with sub-par solutions.

5.     Make sure all your employees are embracing the changes

People are naturally hardwired to resist change. This is especially true when it comes to learning new skills and using automation software. Some of your employees might fear that they will be out of work due to the automated tools you will be implementing. It is your responsibility to assure them that their jobs are safe.

Explain that the new tools will help by taking over mundane tasks and that your sales team will have more time to dedicate to leads. Be warned that, unless you get everyone to accept the sales process optimization, the new system you are implementing will run into a lot of roadblocks.

A laptop

Track the metrics and get ready for another round of optimization.

6.     Set goals and monitor results

You’ll need to come to terms with the fact that sales process optimization isn’t a one-and-done thing. To ensure you are achieving a higher ROI and that your system is operating optimally, you will need to monitor results. Set the Key Performance Indicators according to the feedback you have received from the teams involved in your sales process. You should also set a date when you will review the results and perform another round of optimization.

The bottom line

We’ve given you the rundown on how to achieve success with sales process optimization: 7 steps to higher ROI. There is always room for more improvement, so you should keep that in mind and try to think of ways to make things work even better.

Two iPads, one black and one white, displaying the WordPress logo.
February 1, 2022

The Best Way to Migrate a WordPress Site

In a fast-paced, increasingly competitive digital world, there are ample reasons why one might need to migrate a WordPress site. Typically, it’ll be due to hosting provider issues and objections, such as security, performance, or cost. Other times a site merger might suffice, if the intent is to reap SEO and ranking benefits. In all cases, however, it’s a lengthy process that can often go wrong without proper care. So, let us explore the best way to migrate a WordPress site, step by step.

Migrating a WordPress site: manually versus automatically

First, let us briefly note that there are, largely, two main ways to approach this process; manually and automatically. Each has its setbacks and perks, namely:

  • The manual approach requires technical expertise, while the automatic approach doesn’t.
  • Automatic migrations might produce issues for larger, more content-rich websites.
  • Tackling more complex migration needs might require a manual approach.

Tools to do so automatically include third-party tools and WordPress plugins like:

  • Duplicator
  • WP Migrate DB
  • All-In-One WP Migration

Still, this approach may not satisfy your needs. So here, we’ll primarily focus on the manual approach, noting useful tools along the way. This should ensure a safer process without requiring deep expertise in the field.

Merging WordPress sites

Finally, let us briefly note that site mergers will essentially follow a similar process. It won’t be quite identical, however, so please don’t use this tutorial for this purpose. Since mergers are usually more demanding SEO-wise, we’d suggest consulting professionals such as wpfullcare.com for your needs.

The best way to migrate a WordPress site, step by step

With those notes in mind, let us now walk through the migration process.

#1 Back up your website

First and foremost, as with all such practices, you’ll need to back up your site. Should anything go wrong, you should have a backup in hand to fall back to.

There are two ways to do so; with third-party tools or manually. For the former, you may use such WordPress backup plugins as:

  • BackupBuddy
  • VaultPress
  • WP Time Capsule
  • UpdraftPlus
  • ManageWP Backups

If you’d rather do so manually, you’ll need a File Transfer Protocol (FTP) tool. For PCs, FileZilla is an excellent option that WordPress endorses.

Using it, you may connect to your site’s server using your SFTP credentials and download your site’s files from its root folder. If you do so, remember to also get the .htaccess file, which is set to be hidden by default. Through its help menu, have your FTP tool display hidden files so that you don’t miss it.

For more information on this step, if you choose the latter route, you may consult WordPress’s article linked above.

#2 Export your WordPress database

Having done so, you will then need to export your WordPress database. This you will need to do manually, but the process is fairly easy:

  1. Log in to your web server’s cPanel
  2. There, open the phpMyAdmin application
  3. Choose the database you want, which includes your WordPress installation
  4. Select it, and click on the Export tab
  5. Select Quick under Export Method, and click Go

This process will export your database in a .sql format. Keep the output file in hand, and you’re ready for the next step.

#3 Create a new SQL database

Next, to migrate a WordPress site, you will need a new SQL database to migrate it to. For this step, we will assume your new host uses cPanel software and the MySQL Databases application. If they do not, you will need to contact their support team and have them guide you through this step.

If they do, the process here is fairly simple too:

  1. In cPanel, navigate to Databases>MySQL Databases
  2. There, create a new database
  3. Create a new MySQL user, add it to the database, and grant it All Privileges

As you do, note down the user’s credentials for later use.

#4 Edit your site’s wp-config.php file

Now, before importing your old database to the new one, you will need to make some more adjustments, specifically to your old site’s wp-config.php file. This too you must do manually, but this too shouldn’t present challenges.

First, locate this file among your site’s files you downloaded earlier, and make a backup of it to be safe. Then, you’ll need to use your text editor of choice to find the following lines within it:

  • define(‘DB_NAME, ‘db_name’);
  • define(‘DB_USER, ‘db_user’);
  • define(‘DB_PASSWORD, ‘db_pass’);

Each of these lines will now be pointing towards your old database’s name, user, and password, respectively. Replace the lowercase variables with the ones you created for your new database, save your changes, and close the file.

#5 Import your database

You’re now ready to migrate a WordPress site proper, by beginning to upload your old files to your new host. First, you must start with the database itself.

For this step, you will need to do the following:

  1. On your new server, log in to cPanel and launch phpMyAdmin
  2. Select your new database, and once it opens, select the Import tab
  3. Navigate to File to Import, click on Choose File, and select the .sql file you exported in step #2

Before you click Go, make sure that the format is set to SQL. If the Partial Import checkbox is ticked by default, un-tick it.

If both are covered, you may now click Go and have the import process begin. Wait for it to finish, and you may move to the next step.

#6 Upload your files to your new host

With your new database in order, you’re now ready to upload your old website’s files to your new one. Here, you will need your FTP tool of choice once more.

  1. Log into your new server via FTP, and navigate to its root folder
  2. Right-click anywhere within it, and select Upload
  3. Select all files you downloaded in step #1, including the updated wp-config.php file from step #4, and upload them

Once this step concludes, do not delete these files’ local copies in case you need to roll back the migration.

#7 Final settings

The final few steps to migrate a WordPress site are all fairly easy too, but equally necessary. In order:

  • Change your site’s URL. First, you must ensure that trying to log in to your new domain doesn’t try to redirect you to the old one. To do so, you will need to change your database’s site_url and home url values into your new ones. WordPress offers an excellent article to help you with this step.
  • Replace links within content. Next, for both on-page and off-page SEO benefits, you will need to replace all the links within your content that point to your old URLs. You may do so manually if you have little content or use such tools as Search Replace DB to do it automatically. If you’re unfamiliar with it, the WordPress plugin library also offers relevant plugins for this step.
  • Change your DNS. Finally, you will need to reconfigure your domain’s DNS settings to point to your new domain. This process will vary somewhat, and your new host should be able to help with this. Still, WPExplorer offers a handy article if you need additional help.

With these final touches, you should now be done, and your new site should be almost ready to go. Give your DNS changes about 48 hours to take full effect, and you’ll have completed the process.

All done!

So that’s it; the best way to migrate a WordPress site safely and relatively quickly. While not the quickest or easiest process, this tutorial should cover everything you need to see it through. Keep your backups in hand and your new host close, and good luck!

Employees discussing the benefits of CRM software for their company at a business meeting.
January 6, 2022

How to Choose the Right CRM for Your Business

Every business needs to have a way to track sales and customer data. Modern Customer Relationship Management software tools can help you accomplish these tasks, but they can also be used to streamline your entire business. For this reason, it’s vitally important that you choose the right software which can help you achieve all of your business goals. We are going to give you a detailed explanation on how to choose the right CRM for your business.

1.   Define your goals

You may have heard that CRM software is suitable for pretty much any business, but if you have no idea why you are implementing it, you can be in for a world of trouble. The truth is that CRM software can give you powerful tools and access to large amounts of data, but it is up to you what you’ll be able to achieve with them. The first step you need to take is to define what problems you are trying to solve with CRM and which goals you want to accomplish.

CRM can be used to:

  • Organize and track leads. Every company is constantly trying to find ways to increase its customer base. CRM can help you with that, but you’ll also be able to sort leads by priority or by market demographics.
  • Measure customer behavior. Track not only what your customers are purchasing but also how they are interacting with your website and your employees.
  • Automate time-consuming operations. No one wants to spend unnecessary time on data entry. CRM can help you automate mundane tasks and help generate and send large numbers of emails.
  • Share information between team members. Your employees will be able to access all the information they need without having to wait on other teammates to pass the files along.
  • Generate specialized reports. Different teams might require only specific data in their reports. CRM will let them select only the stats they need to monitor and compare and generate individualized data reports.

2.   Know which data you’ll track

Once you have clearly defined your goals, it should be pretty obvious which metrics are important. However, you should still communicate with your various teams and get their input on what relevant KPIs they would like to monitor. If you narrow down the scope of what data you are looking at, it will be easier to choose the right CRM for your business.

3.   Get everyone on board

Some team members might have difficulty adapting, or they may simply be resistant to change. Employees in the sales department tend to be particularly hesitant to adopt CRM software since they can feel threatened by the level of automation that CRM can provide. However, you need to train them and explain that automation is there for their benefit. They can use it to streamline or completely take over mundane tasks like data entry. This frees up time for your sales team to do what they do best, and that’s build relationships with clients.

Train your employees to use CRM to connect with clients since they will have all the information they need at their fingertips. Instead of fearing that the software will take over their jobs, you need to show them that it’s only there to empower them. Employees will also be more likely to adopt the CRM software if you ask for their feedback while choosing the software your company will use.

Teammates working together to pick the right CRM software.

Bring everyone on board when choosing CRM software for your business.

4.   Document how you currently measure product quality

Since CRM is a powerful and comprehensive data tool, you can also use it to monitor the quality of your products. However, first, you’ll need to have an accurately documented process of how you currently monitor and maintain the quality of your products. Determine which metrics are important to keep the quality of your service or product on a high level. Choose the right CRM for your business, and it can help you focus only on the important data without wasting time and resources. You’ll be able to deliver a quality product to your customers and monitor their responses and satisfaction. Fortunately, CRM software can also help you deal with customer complaints and catch any problems in your production process in time.

5.   Consider any specific needs

Your company may have specific needs that can influence your choice of software. Consider if you require the following:

  • Mobility. If many of your employees are working on-site, they may need to use the CRM software through phones or tablet devices.
  • Other software. What other systems is your company currently using? Ideally, you’ll want something that can integrate well with other tools or your website or something that can replace all of the functionality they previously provided. Adopting new CRM tools could be an excellent time to redesign and launch a new website.
  • Cloud or on-premise. The type of deployment can depend on the level of your technical expertise. However, you also need to consider if you have the capacity to physically host the system at your location.
  • SEO. You can use CRM to coordinate and measure your SEO efforts, and you’ll get feedback on what has a good ROI and what isn’t working.

6.   Ask for a demo

Most companies who offer CRM software will be glad to give you a demo and let you test out their product. Make the most of the demonstration, and try to use as many different features as you can. See how well the software can adapt to your needs and how it solves the current problems you are facing. Don’t just assume that everything will work fine and skip the demonstration. Instead, you should dedicate a lot of time to finding the software’s weaknesses and discovering any issues while you are still demoing it.

In conclusion

As you can see, you might not need the best or most powerful tool on the market. To choose the right CRM for your business, you just need to find something that suits your company’s goals. Instead of going through every available toolkit, start by determining your business priorities, and then find a CRM package that manages to do that while still staying on budget.

 

An illustration of a shop with Google’s logo on the top, representing benefits of using Google My Business app for local SEO.
December 1, 2021

Benefits of Using Google My Business App for Local SEO

One of the most important tools for boosting your local SEO is the Google My Business app. Not only does it improve your online presence, but it also helps engage new clients on the internet. The app is very easy to manage, and the interface is very intuitive. Thanks to the mobile app, you can immediately update business information, no matter where you are. One of the best things about using the Google My Business App for local SEO is that you get to enjoy the benefits right away. There is no need to wait and hope for the best. Let’s see what the Google My Business app is and what benefits you can expect.

The Google My Business app is changing the SEO game for the better

Before launching your website, you want to make sure that all of the technical SEO is ready to go. There are many various apps to help with this process, and the Google My Business app is one of the best. This is an extension to Google’s business listing.

A required step before you can use the app

In order to use it, you first need to create an account and claim your business. To do this, you will need to use the desktop version. Another important thing is to have your listing verified. This step will boost the authority and credibility of your website.

The process of claiming your business is pretty straightforward. Once you find your business, you just need to select the “Own this business?” option and verify the ownership. Depending on the option you pick, you will either receive a PIN or an automated phone call.

After you complete this procedure, you can download and use the app.

What can you do with the Google My Business app?

The primary purpose of this app is to help you manage your business online. You can update business details, Google Maps, and help clients locate you more easily.

Mobile-only benefits

Before we go into the app’s benefits in more detail, keep in mind that some of these features are only available through the mobile app. One of the examples is the accessibility option for vision-impaired users. Furthermore, you cannot see your followers if you are on the desktop version.

User-friendly features of the Google My Business app

Here is where things become more interesting. One of the reasons why you need Google My Business is to increase your customer base through SEO. The mobile app helps in many ways by providing you with these fantastic features:

  • You can answer any questions or messages from your clients;
  • Manage how customers see your company on Google Maps and Google Search;
  • Discover how customers find out about your business and how they interact with your company using Google;
  • Manage complete updates about your business, special events, or special offers for your clients.

These simple features will really improve your satisfaction with Google My Business. Not only that, but they will make the entire management process quick and easy.

The biggest benefit of the Google My Business app – improved local SEO!

Local SEO should be your number one focus. Before you can expand your business, you need to become the best in your area. That’s why Google My Business exists.

To grow your local customer base, you also need to boost your business’s presence online. One of the best things to do is use citations, as they integrate with Google My Business phenomenally. They are mentions of your NAP information (business name, address, and phone number) all across the web. The team behind AZ Citation Services argues that combining citations and Google My Business is the right way to advertise your business online.

Let customers review your business

Another massive benefit of using Google My Business is that customers can leave a review. The best way to advertise your company is through customer testimonials.

Use the mobile app to monitor customer reviews, and say a few words of gratitude. If you received a bad review, immediately respond to remedy the problem.

Put your business on the map

One way in which customers look for what they need is by using Google Maps. Since they are a part of Google My Business strategy, this is an excellent opportunity. There is no better approach if you wish to turn online visitors into paying customers.

A person using Google Maps on a mobile device.

Google Maps play a crucial part for people worldwide. You need your business there.

Communication is key

We already mentioned how the mobile app allows you to respond to your clients quickly. This is probably the best feature you can use. We also spoke about responding to customer reviews. Understand the core features of communicating with customers via the app, and use them whenever you can.

Google My Business listing is free of charge

When people start using various tools for SEO, they usually spend a lot of money. You constantly need to spend time calculating return on investment on SEO efforts, only to make sure you are not overspending.

Well, there is no reason to fear spending too much money on this. Google My Business listing is free of charge. There is really no better way to show how important this strategy is. It is a free way to expose your business to a large group of interested customers.

Using the Google My Business app will substantially help your business

GMB application is a versatile and free tool that substantially boosts your SEO. It is the tool of the future. Furthermore, using the Google My Business app will help with the local search engine optimization. This is probably the most important thing to understand. Get to know the app as much as you can and experiment with it. It is a rare chance to get something for free and increase the profit as a result. With that in mind, start with Google My Business today. Best of luck in your future endeavors!

 

November 18, 2021

About Form 1040-ES, Estimated Tax for Individuals Internal Revenue Service

how to calculate quarterly taxes

Estimated tax payments should be made as income is earned, and the IRS collects them quarterly. These dates don’t coincide with regular calendar quarters, though. However, if your income is received unevenly during the year, you may be able to avoid or lower the penalty by annualizing your income and making unequal payments. Use Form 2210, Underpayment of Estimated Tax by Individuals, Estates, and Trusts (or Form 2220, Underpayment of Estimated Tax by Corporations), to see if you owe a penalty for underpaying your estimated tax. Please refer to the Form 1040 and 1040-SR Instructions or Form 1120 InstructionsPDF, for where to report the estimated tax penalty on your return.

  • Reporting employee payments and deductions to HMRC is mandatory, typically before each payday.
  • Here’s a closer look at what those are, and why not paying them could cost you.
  • There is a special line on Form W-4 for you to enter the additional amount you want your employer to withhold.
  • Great, you have saved this article to you My Learn Profile page.
  • So quarterly taxes are the freelancer version of traditional tax withholding.

Expected tax bill

how to calculate quarterly taxes

To maintain EA status, they must stay up to date in the field by completing 72 hours of continuing education every three years. You won’t owe an estimated tax penalty if the tax shown on your 2024 return, minus your 2024 withholding, is less than $1,000. These https://megapolisnews.com/navigating-financial-growth-leveraging-bookkeeping-and-accounting-services-for-startups/ exact dates can change by a day or two in any given year because taxes become due the next business date when the original dates fall on weekends or holidays. This article includes details on specific business tax due dates for the current tax year.

Credits & Deductions

The printed voucher tells you how to fill out your forms, check, and which IRS office to mail it to. Your check and voucher must be postmarked by the quarterly due date. But you need to request an extension before your tax deadline. While not ideal, overpaying and receiving a refund is often preferable to underpaying and suffering penalties or interest.

When should you make quarterly tax payments?

All features, services, support, prices, offers, terms and conditions are subject to change without notice. This is easiest to do with direct deposit, but the IRS can also work with third-party merchants to handle credit card payments. For corporations, payments must be filed through the Electronic Federal Tax Payment System.

Individuals, including sole proprietors, partners, and S corporation shareholders, generally use Form 1040-ES, to figure estimated tax. Nonresident aliens use Form 1040-ES(NR) to figure estimated tax. This digital tool provides workers, self-employed individuals and retirees with wage income a user-friendly resource to effectively adjust the amount of income tax withheld from their wages. This means the amount you end up paying in tax will depend on how much your asset has grown in value, as well as your other sources of income. If you have available RRSP contribution room, another option is to put the capital gain proceeds into an RRSP, which reduces your total earned income for the year. By completing this, you’ll establish a clear overview of employees’ total compensation, laying the foundation for accurate manual payroll tax calculations.

  • Because Stephanie earned more than $400 this year, she will also have to pay self-employment tax.
  • Typically, this type of payout takes the form of a refund or credit.
  • According to the IRS, you don’t have to make estimated tax payments if you’re a U.S. citizen or resident alien who owed no taxes for the previous full tax year.
  • Your annual tax return from the previous year is necessary to complete this form.
  • These could include student loan repayments, voluntary deductions requested by employees, or any specific deductions relevant to your organisation.
  • Required payment deadline for any taxable income earned from April 1 to May 31, 2024.

how to calculate quarterly taxes

If your income fluctuates from month to month, it might make more sense to transfer a portion of each payment you collect into savings. First, you’ll need to calculate your estimated taxes for the year, then figure out what percentage of your net taxable income that represents. One of the easiest things you can do is mark the due dates for estimated tax payments on your calendar.

Step 3: Make a federal estimated quarterly tax payment

So whatever your estimated income taxes are, add an additional 15.3% to cover self-employment tax. If your previous year’s adjusted gross income was over $150,000, you will need to pay 110% of your previous year’s taxes as part of your estimated tax payments. One exception applies to individuals who earn at least two-thirds of their income from farming or fishing. The requirement is to pay in two-thirds of your current year tax or 100% of your prior year tax. Also, there is only one estimated tax payment date – January 15 of the following year.

  • Finally, if you have a W-2 job in addition to your 1099 work, enter your expected W-2 income in the calculator’s last field.
  • As you receive income throughout the year, try to put aside an amount for taxes.
  • If your adjusted gross income (AGI) exceeds $150,000 ($75,000 if you’re married and file separately)  the requirement is 110%.
  • If you need some help with your estimated taxes, check out Bench.
  • If these dates fall on a weekend or holiday, the deadline is the next business day.

Consider paying with your refund

You can pay the IRS directly from the Electronic Federal Tax Payment System website. For those who make more or less at different times of the year, remember to consider such fluctuations when calculating income. Note that any link in the information above is updated each year automatically and will take you to the most recent version of the webpage or document at the time it is accessed. Sign up to get the latest tax tips, information on personal finance and other key resources sent straight to your email.

how to calculate quarterly taxes

If it turns out that you overestimated or underestimated your earnings, you can complete another Form 1040-ES and refigure your estimated tax for the next quarter. When you file your annual return, you’ll likely need to attach an extra form — IRS Form 2210 — to explain why you didn’t send equal payments. If you paid too much, you can get a refund or apply the overage as a credit to future payments.

The penalty will depend on how much you owe and how long you have owed it to the IRS. SmartAsset Advisors, LLC (“SmartAsset”), a wholly owned subsidiary of Financial Insight Technology, is registered with the U.S. You first determine your self-employment or business income and report your adjusted Navigating Financial Growth: Leveraging Bookkeeping and Accounting Services for Startups gross income on Form 1040. You may have a chance to reduce your self-employment income further by claiming the qualified business income (QBI) deduction. This allows you to reduce your pass-through income from self-employment or owning a small business by up to 20% on your tax return.

Include these dates in your tax deadline calendar as a key part of any small business tax prep checklist. In general, to claim the QBI deduction, your taxable income must fall below $182,100 for single filers or $364,200 for joint filers in 2023. Tax year 2024 has limits of $191,950 and $383,900, respectively. On the other hand, if you make less money during the year or have more deductions than you expected, you can always decrease the amount you pay each quarter. When a due date falls on a weekend or holiday, your quarterly payment is due the following business day.

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