PLS Balance My Books: BLOG

A simple business habit that saves you from end-of-year chaos. Most businesses don’t think about contractor paperwork until tax season rolls around and suddenly everyone’s scrambling like it’s the final round of The Amazing Race: 1099 Edition . And every year, we see the same pattern: great businesses, smart owners, and absolutely zero W-9s on file for half the people they paid. As a bookkeeping firm, we can confidently say this is one of the easiest problems to fix—and one of the biggest stress-reducers you can build into your operations. Collecting a W-9 before you pay a contractor their first dollar is one of those deceptively simple steps that completely changes how smooth your financial processes feel at year-end. Let’s break down why this tiny habit matters so much. What a W-9 Actually Does (Besides Ruining People’s Day If You Ask Too Late) A W-9 gives you the contractor’s legal name, tax classification, and taxpayer identification number (TIN). In plain English: it tells ...

There are some moments in business that make you stop, look around, and really appreciate how far you’ve come. Our recent ribbon cutting with the Owasso Chamber of Commerce was one of those moments for us at PLS Balance My Books . On October 29, 2025, we gathered at the Chamber's office surrounded by family, friends, clients, and fellow business owners to officially celebrate our launch and our growing role in the Owasso community. The energy in the room was incredible — laughter, handshakes, hugs, and the shared excitement that comes when people who believe in small business success. A Celebration of Community From the very beginning, we’ve said that PLS Balance My Books isn’t just about numbers — it’s about people . The relationships we build with our clients, colleagues, and community partners are the foundation of everything we do. Seeing so many familiar faces in one room — from long-time friends to new Chamber connections — was both humbling and heartwarming. It was a r...

  Here’s a scenario I’ve seen play out more times than I can count: A small business owner pulls up their profit and loss statement and sees a solid bottom line. Business is booming! Clients are happy! Sales are up! But… they’re still struggling to make payroll. Vendors are sending reminders. The checking account balance feels way too low for how “profitable” the business looks on paper. What gives? It’s a classic case of cash flow vs. profit , and one of the most common traps small businesses fall into: a timing mismatch between money coming in and money going out. The Problem: Revenue Timing Mismatch You might invoice a client today, but that doesn't mean the money hits your account today. Or even this week. Or this month. Meanwhile, your bills, subscriptions, vendor payments, and payroll don’t wait. They’re all on a schedule—one that might not line up with when your revenue actually arrives. This is especially painful if: Your customers have long payment te...

  When you start your own business, one of the most appealing perks is the freedom—especially financial freedom. You can pull money out of the business whenever you need or want it, taking an owner's draw whenever cash flow allows. While this may seem like flexibility at its finest, it can actually introduce more chaos than comfort into your financial life. Transitioning from random owner’s draws to paying yourself a regular salary can significantly impact not only your business’s financial stability but also your long-term growth and tax efficiency. For most small businesses, your tax structure often dictates how you pay yourself. If your business is structured as a sole proprietorship or single-member LLC, your income is considered pass-through and reported on your personal tax return. In these cases, taking owner's draws might feel simple, since you’re not technically on payroll. But this informal practice can cause significant confusion, muddying your financial picture a...

If you’ve ever stared at a cash flow statement and thought, “This feels like a puzzle with missing pieces,” you’re not alone. But here’s the thing: the cash flow statement might just be the most important financial report in your entire business. Why? Because profits don’t pay bills— cash does . Let’s break it down. 🔍 What Is a Cash Flow Statement? A cash flow statement tells the story of how money actually moves in and out of your business. It doesn’t care about invoices you should get paid for. It only tracks what has actually hit—or left—your bank account. The report is divided into three sections: Operating Activities This is your day-to-day business cash. It shows cash coming in from customers and going out for things like payroll, rent, or software subscriptions. Investing Activities Think long-term. Did you buy new equipment? Sell an asset? This section tracks cash tied to the growth of your business. Financing Activities This part captures money from loans, cr...

Legal teams. Finance departments. HR reps. Marketing strategists. IT backups. A whole infrastructure to catch mistakes before they happen, not clean them up afterward. Big companies are built to run — because they’re surrounded by systems, teams, and safeguards. But small business owners? We’re just out here winging it with a prayer, a spreadsheet, and a strong cup of coffee. Most small business owners I know are doing the work and the books. They’re answering customer calls while dropping off kids at school. They’re trying to understand tax deadlines, set pricing, run payroll, and somehow not collapse under the weight of it all. The difference between a struggling business and a thriving one often isn’t work ethic — it’s support .  And that’s why I believe small businesses deserve better. They deserve: Clear numbers and insights, not guesswork. Systems that support growth, not duct tape and crossed fingers. Partners who care as much about their success ...

Let’s be real: running a business is a lot . You’re juggling clients, employees, marketing, vendors, and the occasional fire drill. So if your bookkeeping has taken a backseat (or, let’s be honest, completely fallen out of the car), you’re not alone—and you’re not doomed. At PLS Balance My Books , we help small business owners across Oklahoma turn financial chaos into calm. If your books are months (or years) behind, here’s how you can start catching up—without the panic spiral. 1. Don’t Wait for a “Perfect Time” There’s never going to be a magical week where the phone stops ringing and your schedule clears up. The best time to deal with overdue books? Right now. The longer you wait, the harder it becomes to untangle. If you’re already overwhelmed, this is where a professional bookkeeper can step in and lighten the load immediately. 2. Start With What’s Most Important If you’re months behind, trying to do everything at once is a recipe for burnout. We recommend focusing on: ...