CPA Articles

Starting a new business can feel like trying to learn a new language while juggling. It’s exciting—but also full of legal, financial, and regulatory steps that most first-time entrepreneurs don't expect. Whether you’re opening a solo consultancy or launching a small retail store, the early decisions you make will shape how smooth or difficult things become down the road.

Getting set up properly isn’t just about staying compliant—it’s also about building a stable foundation that supports growth, reduces risk, and makes tax season far less stressful.

Sudden financial windfalls don’t just change your bank balance—they can shift your entire outlook. Whether the money comes from an inheritance, a legal settlement, the sale of an asset, or a lucky day at the lottery office, the excitement can quickly be accompanied by uncertainty. What should you do first? Who do you call? And how do you make sure it doesn’t disappear as fast as it arrived?

Managing money well isn’t just about what you do right—it’s also about avoiding the wrong moves. Whether you're running a business or trying to get a better handle on your personal finances, it’s surprisingly easy to fall into habits that quietly chip away at your financial health. Some missteps are obvious, but others fly under the radar until they’ve caused real damage.

Here are seven common money mistakes that individuals and small business owners make—and what to do instead.

1. Ignoring Cash Flow Warning Signs

Writing a business plan is more than checking a box before meeting with a lender—it’s your chance to prove you understand your business from every angle. Lenders don’t simply want to hear your enthusiasm. They want to see how that enthusiasm translates into a workable, financially sound plan that can withstand challenges and deliver steady returns.

Reaching your fifties with little or no retirement savings can feel unsettling, especially when the retirement finish line seems to be approaching at full speed. You may find yourself wondering whether you’ll be able to step back from work at all. The good news? You still have time—and options. What matters most now is having a strategy that’s tailored to your reality and goals.

A financial catastrophe doesn’t always come with a warning. A job loss, medical crisis, divorce, lawsuit, or business failure can unravel years of progress in a matter of months. Whatever the cause, the impact is rarely just about the money—it’s the disruption to plans, routines, and in some cases, the ability to meet basic obligations.

But recovery is possible. And in many cases, the bounce back is less about a massive windfall and more about practical, steady changes that rebuild stability over time.

Financial advice is everywhere—apps, podcasts, social media, even coworkers offering “what worked for them.” But when it comes to navigating taxes, long-term planning, and business decisions, the real advantage comes from a long-term relationship with a professional who knows your full financial picture.

That’s where working with one CPA over the long haul makes a big difference.

Every household has bills to pay, but not every household has a budget that works. For many families, it’s not that they haven’t tried—it’s that the system they’re using doesn’t stick. Too complex, too time-consuming, or just not practical for their everyday lives.

These days, people worry about locking their front doors, but they often forget to secure something even more valuable—their personal data. From credit cards to Social Security numbers, a growing amount of information lives online. And while you might feel secure with a strong password or a trusted bank, cybercriminals are finding more ways than ever to get past those walls. Identity theft protection is no longer just a nice-to-have—it’s becoming a smart consideration for anyone with a digital footprint.

What Is Identity Theft?

Summer and saving don’t usually go hand in hand. Most people are thinking about vacations, barbecues, and long weekends—not budgets or the winter months ahead. But the truth is, summer is actually a great time to take a few financial steps that could make life easier later. With fewer year-end obligations and more time to review your habits, you can set yourself up for a stronger finish to the year.

Small moves now can turn into peace of mind when expenses start to stack up around the holidays. Here’s how to use this season to your advantage.