25 Jul

Is Your Business Bleeding Money? The Hidden Accounting Errors You Might Be Making

🔹 Introduction

You’re doing everything right—serving customers, growing your team, and staying afloat in a tough economy. But something’s off. The profits you expected aren’t showing up. If you’ve ever asked yourself, “Where’s all the money going?”, you’re not alone.

🔍 Quick Summary

Many small businesses in South Jersey are unknowingly losing money due to hidden accounting mistakes.
Common errors include misclassified expenses, missed reconciliations, and overlooked deductions.
These mistakes lead to increased taxes, poor cash flow, and lost growth opportunities.
TMD Accounting helps identify and fix these issues—saving businesses thousands each year.

Many South Jersey small business owners are unknowingly losing thousands each year to avoidable accounting errors. These hidden pitfalls in your books—misclassified expenses, outdated reconciliations, or overlooked deductions—could be draining your finances faster than you realize. And unless you fix them, your business might be bleeding money silently.

🔹 The High Cost of Small Errors

Even minor mistakes in accounting can snowball into serious financial trouble. A Gloucester County café owner once discovered their part-time staff was incorrectly classified as independent contractors. That one slip cost them over $7,000 in back taxes and penalties.

Gloucester County Alert: DIY bookkeeping and outdated software are two leading causes of costly accounting errors in South Jersey businesses.

How One Missed Entry Can Snowball

A single duplicate expense entry can inflate your costs and hurt your bottom line.
Overreported income due to incorrect invoicing might mean paying more in taxes than necessary.
Mislabeling vendor payments can lead to audit risks—and we all know how stressful that can be.

Case Study: Gloucester County Retailer’s Overlooked Expense

A Turnersville retailer failed to record monthly credit card processing fees—amounting to over $1,800 per year. Once identified and corrected, their year-end tax liability dropped, freeing up funds for new inventory.

🔹 Top Hidden Accounting Errors Small Businesses Make

Whether you’re managing your books yourself or relying on basic software, these common accounting errors can creep in unnoticed:

Misclassified Expenses

Personal meals logged as business dining.
Equipment labeled as office supplies instead of capital assets.

Failing to Reconcile Accounts Monthly

Missed bank charges and deposits.
Duplicate entries or bounced checks not reflected in the books.

Overlooked Tax Deductions

Home office use
Mileage for client meetings
Health insurance premiums for self-employed individuals

Hiring a local bookkeeping expert can help you avoid these mistakes and even uncover deductions you’re entitled to. Looking for the best bookkeeping services near me? South Jersey has trusted professionals like TMD Accounting ready to help.

🔹 How These Errors Bleed Your Budget

Unchecked errors lead to real financial pain:

Increased Tax Liabilities

Errors inflate income or underreport expenses, meaning you pay more.

Missed Growth Opportunities

Misstated profits could mislead you into underinvesting in your business.

Damaged Cash Flow

Late vendor payments from bad data can harm relationships and lead to penalties.

When you book your consultation with a tax and accounting professional, you gain insight into how to fix these leaks and rebuild trust in your financials.

🔹 Local Businesses Are at Higher Risk — Here’s Why

DIY Bookkeeping Challenges in South Jersey

Many small business owners in towns like Glassboro or Williamstown manage their books themselves—often without formal training. The tools may be user-friendly, but one wrong click can create a ripple effect.

Limited Access to Experienced Accountants

Larger cities may have more firms, but in Gloucester County, quality local options like TMD Accounting make the difference between barely getting by and thriving.

🔹 How to Catch and Correct These Mistakes

You can start cleaning up your books with a simple three-step system:

Create a monthly reconciliation checklist
Match every bank statement with your bookkeeping entries.
Use accounting software properly
Tools like QuickBooks or Wave can help—but only when set up correctly.
Get a second set of eyes
A professional review every quarter can reveal issues you missed.

Thinking about outsourcing? You can hire a bookkeeping expert today to bring accuracy and peace of mind back to your business.

TMD Tip: Create a monthly checklist for reconciliations and tax deductions—then let a pro audit your process quarterly.

🔹 Tools and Resources Every NJ Business Should Use

Recommended Software

QuickBooks Online: Ideal for real-time cash flow monitoring.
Gusto: Simplifies payroll, reducing misclassification risk.
Bench: For hands-off monthly bookkeeping.

Free IRS and NJ Tax Tools

IRS Withholding Estimator
NJ Division of Taxation Forms & Publications

TMD Accounting’s Local Support

Tap into tailored services with TMD Accounting’s payroll solutions or small business tax planning. Trusted by South Jersey for over 30 years.

🔹 Conclusion

Your business doesn’t need to bleed money due to fixable accounting issues. From overlooked expenses to tax-time mistakes, these errors are common—but completely avoidable. You deserve to feel confident, in control, and financially stable.

Get your personalized financial review now with Gloucester County’s trusted accountants. Book your free consultation with TMD Accounting and start saving money where it matters most.

❓ Frequently Asked Questions

1. What are common accounting errors small businesses make?
Misclassifying expenses, failing to reconcile accounts monthly, and overlooking tax deductions are frequent and costly mistakes.

2. Can a small error really cost that much?
Yes—misclassifying workers or missing vendor charges can lead to thousands in penalties or overpaid taxes.

3. How do I know if my books are accurate?
Regular reconciliations, audits, and working with a professional bookkeeper help ensure accuracy.

4. What tools can help prevent these errors?
QuickBooks, Gusto, and Bench are top tools for automating payroll, expense tracking, and monthly reconciliation.

5. How does TMD Accounting help fix these problems?
We perform detailed financial reviews, correct misclassifications, and create systems to prevent future errors—backed by 30+ years in South Jersey.

18 Jul

Why 70% of Small Businesses Fail to Catch Tax Credits They’re Entitled To

ECoronel

Restaurant, Small Business, Tax Planning

The Silent Drain on Your Bottom Line

Imagine running a successful small business—sales are steady, your team is growing, and you’re hitting milestones. But behind the scenes, you’re unknowingly losing thousands each year. The culprit? Unclaimed tax credits.

For small businesses across South Jersey, especially in Gloucester County, this isn’t a rare mistake—it’s a silent epidemic. According to industry studies, up to 70% of eligible businesses fail to claim the tax credits they’re entitled to. That’s not just an oversight; it’s money left on the table—money that could cover payroll, upgrade equipment, or fund your next expansion.

🔍 Quick Summary

70% of small businesses miss out on valuable tax credits every year.
Credits like R&D, WOTC, and ERC offer real cash savings—not just deductions.
Most are missed due to lack of awareness, misconceptions, or poor documentation.
TMD Accounting helps South Jersey businesses recover thousands in retroactive and current credits.

Deductions vs. Credits: The Game-Changing Difference

Before diving into the missed opportunities, let’s set the record straight:

Tax Deductions reduce the amount of income you’re taxed on.
Tax Credits directly reduce your tax bill dollar-for-dollar.

For example, a $5,000 deduction might save you $1,000 in taxes. But a $5,000 tax credit saves you $5,000 outright. The financial impact? Immediate and significant.

Most Commonly Missed Tax Credits (And Why They Matter)

✅ Research & Development (R&D) Tax Credit

Think it only applies to tech firms? Think again. Local businesses—like contractors developing new materials or restaurants refining systems—can qualify. Here’s how contractors in Gloucester County improve their bottom line with professional accounting.

✅ Work Opportunity Tax Credit (WOTC)

If you’ve hired veterans or individuals from other targeted groups, you may qualify for thousands in credits per employee. It’s part of why our payroll management services include compliance screening.

✅ Employee Retention Credit (ERC)

Many businesses still don’t realize they can file retroactively for this pandemic-era credit. One of our tax planning clients recovered over $80,000 after a strategic review.

✅ Disabled Access Credit

Upgrades to improve accessibility aren’t just good ethics—they can qualify for significant tax offsets.

✅ Small Business Health Care Tax Credit

If you provide employee insurance through the SHOP marketplace, this credit could reimburse up to 50% of premiums. Don’t guess—our specialists can run a benefits check.

Why Are These Credits So Often Overlooked?

Quick Stats:

70% of eligible small businesses miss tax credits (source: U.S. Chamber).
1 in 3 believes they’re not eligible—yet qualify under IRS rules.
Fear of audits deters 28% from claiming credits, even when legal.

❌ Misconceptions About Eligibility

Many business owners think credits are “for bigger firms.” That belief alone causes countless businesses to miss out.

❌ Lack of Awareness

Credits change yearly. Without a proactive advisor, you might never know what’s available.

❌ Documentation Gaps

Not keeping good records? You could be missing proof required to claim credits. Here’s a record retention guide to help.

What Happens When You Do Claim the Credits?

Before:
You’re overpaying taxes, running lean, and wondering why cash flow is always tight.

After:
You reinvest $10K–$50K in savings back into your business—hiring, marketing, upgrading systems.

That’s not fantasy—it’s the difference real clients in Washington Township and Turnersville have experienced with TMD Accounting’s help.

TMD Tip: If you’ve added jobs, innovated, or offered healthcare—there’s a credit waiting for you. Schedule a review today.

How to Start Catching Every Credit You’re Owed

Step 1: Schedule a Strategic Review
Let our team perform a personalized audit of your last 3 years of returns.

Step 2: Identify & Document
We’ll help uncover missed opportunities and prepare the documentation you need.

Step 3: File or Amend
We handle the paperwork, file retroactive claims where applicable, and help set up systems to avoid missing credits in the future.

Already have a bookkeeper or accountant? We can collaborate or offer a second opinion.

Success Story: A Glassboro manufacturer recovered $38,000 in missed R&D credits—after thinking they didn’t qualify.

Real Gloucester County Example

A small Glassboro-based manufacturer developing eco-friendly packaging had no idea their process improvements qualified them for the R&D tax credit. After engaging TMD, they recovered over $38,000 in retroactive credits.

Visual Enhancements (Suggestions):

Infographic: “Top 5 Missed Tax Credits by NJ Small Businesses”
Before/After Table: Revenue impact of claiming vs. missing credits
Quote Block: “We thought tax credits were out of reach—TMD showed us how wrong we were.”

The Bottom Line: You’ve Earned It—Now Claim It

Missing tax credits isn’t just unfortunate—it’s avoidable. The real tragedy isn’t overpaying, it’s continuing to do so when the solution is right in front of you.

If you’re ready to stop leaving money on the table, it’s time to act.

👉 Book your free tax credit review with TMD Accounting
Your future self—and your balance sheet—will thank you.

❓ Frequently Asked Questions

1. What’s the difference between a tax deduction and a tax credit?
Deductions lower taxable income, while credits reduce your tax bill dollar-for-dollar—making credits far more powerful.

2. Why do so many businesses miss out on credits?
Misconceptions, outdated advice, and lack of proper documentation often prevent business owners from claiming what’s rightfully theirs.

3. Can I still claim credits from past years?
Yes. Many credits like the ERC and R&D can be claimed retroactively, often up to 3 years back.

4. What kind of businesses qualify?
Almost any business can qualify, from contractors and retailers to restaurants and manufacturers, depending on hiring, innovation, or accessibility improvements.

5. How does TMD Accounting help?
We audit past returns, uncover eligible credits, help gather documentation, and file claims—maximizing your return with no guesswork.

4 Jul

Managing Employee Turnover in Retail: Payroll and Financial Implications

ECoronel

Accounting, Bookkeeping, Small Business

When Every Goodbye Costs You More Than You Think

You hire. You train. You hope they stay. And then—just like that—they quit. Retail turnover isn’t just frustrating, it’s expensive. And if you’re a small business owner in South Jersey, especially in Gloucester County, you’ve likely felt the sting more than once.

But the real pain? It’s not just the cost of finding someone new. It’s the payroll chaos, compliance stress, and financial loss that follows each departure.

🔍 Quick Summary

Retail turnover in South Jersey is costly—often exceeding $3,000 per employee.
Frequent staff changes disrupt payroll accuracy and compliance.
Smart scheduling, retention bonuses, and payroll tools reduce financial impact.
TMD Accounting helps local retailers streamline payroll and minimize hiring disruptions.

The Real Cost of Turnover in Retail

Retail businesses, especially boutiques, gift shops, and seasonal stores, experience some of the highest turnover rates of any industry. While national turnover hovers around 60% for retail, many local businesses report even higher churn during peak seasons.

Did You Know? One South Jersey boutique lost over $8,000 in a single quarter from repeat turnover and payroll mistakes—without even realizing it.

Let’s break down the impact:

Hiring Costs: Advertising, interviewing, and onboarding new staff.
Training Time: Weeks before new hires become productive.
Overtime: Existing staff pick up extra shifts, increasing payroll.
Customer Service Impact: Less experienced employees = lost sales.

One South Jersey boutique reported losing over $8,000 in a single quarter due to repeat hiring costs and payroll inefficiencies—without even realizing it.

Why Turnover Hits Retail Payroll So Hard

Hourly Pay + Flexible Scheduling = Payroll Nightmares

Most retail shops rely on flexible part-time help. That creates fluctuating schedules, last-minute changes, and mistakes in payroll entries—especially when staff are leaving and joining frequently.

Compliance Traps with Termination

Did you know NJ requires timely final paychecks? Miss that window, and you could face legal penalties. And if a terminated employee disputes their hours or overtime, unclear records could cost you even more.

That’s why a structured payroll system is essential.

Calculating Your Turnover Cost

Here’s how it adds up:

Cost to Hire (per person):
$500–$1,500 (advertising, interviews, background checks)
Training Cost:
$1,000+ in manager time and lost productivity
Payroll Impact:
Overtime, incorrect pay, payroll adjustments = $500–$1,000
Revenue Loss:
Missed sales, lower conversion rates from inexperienced staff

The true cost of one departure can easily exceed $3,000+—even for a part-time role.

Financial Strategies to Minimize Turnover Cost

🧠 Smart Scheduling = Smarter Payroll

Use tools like Square, Homebase, or Gusto to integrate scheduling with payroll. Automate shift changes and hours worked to reduce errors.

Need help syncing systems? TMD can help with implementation.

🎯 Retention Starts With Recognition

Offer small bonuses, end-of-season rewards, or even a shoutout board to retain staff longer. A $100 gift card may save $1,000 in turnover cost.

🤝 Work With a Payroll Partner

A good payroll partner can:

Issue compliant termination paychecks
Prevent under/overpayments
Track PTO and hours seamlessly
Alert you to payroll red flags early

Explore TMD’s payroll services for South Jersey retailers.

TMD Success Story: A Turnersville boutique cut turnover by 30% and eliminated payroll errors with TMD’s help—freeing up time to focus on growth.

Local Success Story: A Boutique in Turnersville

After seeing 40% staff turnover during the holidays, this boutique owner turned to TMD. We helped:

Set up automated time tracking
Create a clear new-hire onboarding system
Streamline payroll with direct deposit and PTO tracking

Result? Turnover dropped by 30%, payroll errors vanished, and the owner finally had peace of mind—and time to grow.

The Bottom Line: Don’t Let Turnover Drain Your Business

Turnover is part of retail. But it doesn’t have to be a financial nightmare.

At TMD Accounting, we work with retailers across Gloucester County to reduce payroll errors, simplify hiring transitions, and reclaim profitability—even during your busiest seasons.

👚 Retail payroll feels chaotic? Turnover out of control?
🧾 Book your free payroll and turnover review with TMD Accounting today and take back control of your business’s finances.

❓ Frequently Asked Questions

1. Why is employee turnover so high in retail?
Flexible schedules, part-time roles, and seasonal work contribute to frequent changes in staff, especially in small shops and boutiques.

2. How much does one retail employee turnover really cost?
Factoring in hiring, training, payroll errors, and lost sales, one departure can exceed $3,000 in losses.

3. What payroll problems does high turnover cause?
Inaccurate hours, late final paychecks, and compliance issues with NJ laws are common risks.

4. Can technology help reduce payroll stress?
Yes—tools like Homebase and Gusto automate scheduling, integrate payroll, and reduce manual errors.

5. How can TMD Accounting help with retail payroll?
TMD offers payroll setup, compliance support, automated tracking, and customized onboarding tools for South Jersey retailers.