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Palmetto Accounting

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Mount Pleasant, SC
Palmetto Accounting

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A Charleston-based accounting firm specializing in small & mid-size business consulting.

10/30/2026

A common myth we hear from small business owners is:
"I don't need to save my receipts because everything shows up on my business bank statement."

Unfortunately, the IRS disagrees.

A bank statement proves that money left your account. It doesn't prove what you bought or why it was necessary for your business.

For example, a $150 transaction at a major retailer could be office supplies, or it could be personal items. The bank feed can't tell the difference—and an auditor won't guess in your favor.

To keep your deductions bulletproof:

✔ Keep itemized receipts for all major business purchases
✔ Snap a quick photo of paper receipts using a cloud accounting app before they fade
✔ Note the business purpose directly on the receipt or in your digital notes

Saving receipts isn't just about compliance—it protects the write-offs you worked hard to earn.

Let’s get your digital recordkeeping structured so you're always audit-ready.

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10/28/2026

You made the sale, sent the invoice, and recorded the revenue on your P&L.

So why feels like there's no cash in the bank?Enter DSO (Days Sales Outstanding).

DSO measures the average number of days it takes for your business to collect payment after a sale is completed.

Formula: (Accounts Receivable ÷ Total Credit Sales) × Number of Days

A high DSO means your cash is trapped in your customers' bank accounts while you struggle to pay payroll and vendors.

A CFO tracks DSO to plug working capital leaks:
• Establishing clearer payment terms up front
• Tightening up collection schedules for 30+ day overdue invoices
• Identifying chronic late-paying clients that drag down cash flow

When you lower your DSO, you instantly free up working capital without having to sell a single extra dollar.

Let's look at your Accounts Receivable and get your cash flowing faster.
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10/26/2026

Here’s a year-end requirement that catches small business owners off guard every single year: 1099 reporting.

The IRS requires you to issue Form 1099-NEC to qualifying independent contractors by January 31.

If your bookkeeping isn't up to date before December 31, you’ll spend January in a frantic scramble to:
• Identify which vendors hit the $600 threshold
• Track down missing W-9 forms and Taxpayer ID Numbers
• Calculate exact total payments across scattered bank and credit card accounts

Failing to file accurate 1099s on time leads to avoidable IRS penalties.

Organizing your books now ensures vendor tracking is automatic and tax prep is completely hassle-free.

Let's clean up your vendor records before year-end hits.

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10/23/2026

Want to lower your business’s taxable income in Q4 while building your personal net worth at the same time?

Your retirement strategy is one of the most powerful tax levers you have.

Setting up or maximizing retirement vehicles before the end of the year allows you to shelter significant profits from current-year income tax:

• Solo 401(k): Allows eligible business owners without employees to contribute as both employee and employer, maximizing contribution limits.
• SEP IRA: A flexible option that allows you to deduct up to 25% of net self-employment earnings.
• SIMPLE IRA: A great option for small teams looking to offer structured benefits while reducing taxable profits.

Some plans must be formally established before December 31 to claim deductions for this tax year, even if funding happens later.

Don't wait until spring to think about wealth preservation.

Let’s look at your options and lock in your Q4 retirement strategy today.

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10/21/2026

Top-line revenue makes for great conversation, but Gross Margin and Net Margin tell the real story of your business's health.

Understanding the gap between the two is where strategic CFOs find lost money:

• Gross Profit Margin: (Revenue – Cost of Goods Sold) ÷ Revenue. This measures the direct efficiency of producing your product or service. If this number is shrinking, your pricing or labor costs are out of line.
• Net Profit Margin: Net Income ÷ Revenue. This measures what actually lands in your pocket after every single operational expense, tax, and overhead bill is paid.

A business can bring in $5 million in revenue, but if gross margins are paper-thin, overhead will wipe out the bottom line.

A CFO doesn't just ask, "How do we sell more?"

They ask, "How do we protect what we keep on every dollar sold?"

Let’s dive into your margins and make sure your growth is actually profitable.
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10/19/2026

Your books aren't just for the IRS. They're your business's dashboard.

Getting your books in order before year-end gives you the clear data you need to answer critical questions before launching into the new year:

✔ Which products or services actually drove your profit this year?
✔ Where did expense creep quietly eat into your margins?
✔ How much cash can you safely reinvest in growth for next year?

You can’t set realistic revenue goals for next year if your baseline numbers from this year are complete guesswork.

Order in your books creates confidence in your strategy.

Let’s build a clean, accurate financial foundation before the new year starts.

📩 [email protected]

10/16/2026

If you operate your business as an S-Corporation, Q4 is your deadline to dial in your W-2 wages.

The IRS requires owner-employees to pay themselves a "Reasonable Compensation" before taking tax-free distributions. But if your net profit has grown this year, keeping your salary on autopilot could create major audit risks.

With only a few payroll cycles left in the year, now is the time to evaluate:

✔ Did your overall net profit increase significantly in 2026?
✔ Are your total W-2 wages proportional to your role and industry standards?
✔ Are your payroll tax withholdings on track to prevent year-end penalties?

Waiting until your last payroll in December to make massive adjustments is stressful and can disrupt cash flow right before the holidays.

Let’s review your profit YTD and make sure your S-Corp salary is set correctly before year-end payroll closes out.

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10/14/2026

Most business owners look at their bank balance to see how much money they have right now.

A CFO looks at your Cash Runway.

Runway measures how many months your business can survive at your current spending pace if revenue suddenly dropped to zero.

Formula: Total Cash Reserves ÷ Monthly Net Burn Rate

Why does this metric matter so much?
• It prevents panicked decisions: A healthy runway (typically 3 to 6 months minimum) buys you time to navigate unexpected downturns.
• It controls growth pacing: Knowing your runway tells you whether you can safely fund a new expansion or if you need to hold cash.
• It exposes hidden leaks: Calculating net burn rate highlights unnecessary monthly overhead before it drains your working capital.

If you don't know your exact cash runway, you aren't managing cash flow—you're gambling with it. Let’s calculate your runway and build a safer cash strategy.
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10/12/2026

Waiting until January or February to reconcile 12 months of transactions isn't just stressful; it’s expensive.

When you rush to catch up on an entire year of messy bookkeeping right before tax deadlines:

• Deductions get missed: Uncategorized receipts and forgotten business expenses slip through the cracks.
• CPA fees increase: Accountants charge significantly more to untangle emergency shoe-box records under deadline pressure.
• Errors multiply: Rushing through hundreds of transactions leads to misclassified entries and audit risks.

Clean books aren't a tax-season project. They're a year-round asset.

Getting your records fully reconciled before year-end saves you time, cuts stress, and keeps more money in your pocket.

Don't wait for the Q1 rush. Let’s get your numbers organized now.

📩 [email protected]

10/09/2026

Tax strategy in Q4 isn't about wasting money for write-offs. It’s about timing planned expenses intentionally.

Ask yourself these three questions before making a year-end purchase:

1. Was this purchase already in our 12-month budget?

2. Will this asset directly increase our efficiency or revenue next year?

3. Is the asset placed in service before December 31 to qualify for depreciation rules?

Smart business owners don't burn cash for tax breaks. They align tax savings with long-term business growth.

Let’s make sure your Q4 spending is strategic, not impulsive.

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Address

Mount Pleasant, SC

Opening Hours

Monday	8am - 5pm
Tuesday	8am - 5pm
Wednesday	8am - 5pm
Thursday	8am - 5pm
Friday	8am - 5pm

Telephone

(843) 608-1008

Website

https://palmettoaccounting.net/

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