Palmetto Accounting

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

Most business owners look at their bank balance to see how much money they have right now.A CFO looks at your Cash Runwa...
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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Waiting until January or February to reconcile 12 months of transactions isn't just stressful; it’s expensive.When you r...
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.

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Tax strategy in Q4 isn't about wasting money for write-offs. It’s about timing planned expenses intentionally.Ask yourse...
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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A lot of business owners think bookkeeping is something you clean up in March when tax season arrives.Here’s the catch: ...
10/07/2026

A lot of business owners think bookkeeping is something you clean up in March when tax season arrives.

Here’s the catch: March is too late to make strategic moves.

Your tax options for the year officially lock on December 31. If your books are behind, you’re flying blind through Q4 and missing critical opportunities:

• You can't execute strategic year-end equipment purchases if you don't know your YTD profit.
• You can't adjust your S-Corp salary before final payroll closes.
• You can't maximize tax-deductible retirement contributions without clear profit numbers.

Cleaning up your books before December 31 turns tax season into a smooth, predictable process instead of a last-minute rush.

Let’s get your books current today so you can finish the year with total control.

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If you use your personal vehicle for business, writing off driving expenses is one of the easiest ways to lower your tax...
10/05/2026

If you use your personal vehicle for business, writing off driving expenses is one of the easiest ways to lower your taxable income.

The standard mileage rate is 76 cents per mile. That adds up fast.

However, a lot of business owners lose this deduction during an audit for two simple reasons:
• Commuting doesn't count: Driving from your house to your regular office or shop is a personal commute, not a business trip. Driving from your office to a client site, job site, or bank, however, is 100% deductible.

• Estimating isn't enough: The IRS requires a contemporaneous log. Guessing "about 500 miles a month" at the end of the year won't hold up in an audit.

Instead of scrambling at year-end, use a mileage tracking app that logs every trip automatically.

A clean, digital mileage record is pure money back in your pocket.

Need help finding simple tools to track your business expenses? Reach out today.
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October 1st marks the start of Q4.For most business owners, the final three months of the year pass in a blur of holiday...
10/02/2026

October 1st marks the start of Q4.

For most business owners, the final three months of the year pass in a blur of holiday rushes, year-end deadlines, and team wrap-ups.

Then January hits, and they wonder why their tax bill is so high.

Here’s the reality: December 31 is the deadline for almost every major tax-saving strategy.

Once the clock strikes midnight on New Year's Eve, your options drop significantly.

Entering Q4 with a clear tax plan gives you 90 days to:

• Execute major asset purchases under Section 179
• Maximize contributions to tax-advantaged retirement accounts
• Structure year-end bonuses to align with your profit targets
• Prepay eligible business expenses to optimize cash flow

Don't let the final quarter slip away without a strategy.

Let’s review your year-to-date profit today and build a proactive Q4 roadmap.

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If opening your monthly financial reports feels like opening a scary envelope, something is wrong with the process.Your ...
09/28/2026

If opening your monthly financial reports feels like opening a scary envelope, something is wrong with the process.

Your bookkeeping shouldn't be a list of past surprises. It should be your daily operational dashboard.

When your books are updated routinely, you always know:

• Exactly how much tax money to set aside
• Whether you can safely afford your next big purchase
• Which revenue streams are actually driving your bottom line

Financial anxiety usually comes from the unknown, not the numbers themselves.

When you have visibility, you gain control.

Stop dreading your books. Let’s get them organized, accurate, and working for you.

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How do you decide how much to draw from your business each month?For many business owners, the formula looks something l...
09/25/2026

How do you decide how much to draw from your business each month?

For many business owners, the formula looks something like this:
Pay expenses → see what’s left in checking → guess what feels safe to take.

That isn't a strategy. That's financial roulette.

A Fractional CFO helps you build a structured, predictable compensation and capital allocation framework based on real data:

✔ Targeted Owner Distributions: Pay yourself consistently without risking operational cash.
✔ Reinvestment Funds: Know exactly how much profit can be funneled back into marketing or hiring.
✔ Tax & Emergency Reserves: Keep capital ring-fenced so unexpected bills never disrupt operations.

You put in the hard work as CEO. Your business’s financial structure should reward you predictably.

Let's build a clear, data-driven payout plan for your business.

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When reviewing your Profit & Loss statement, do you see a line item called "Uncategorized Expenses" or "Ask My Accountan...
09/23/2026

When reviewing your Profit & Loss statement, do you see a line item called "Uncategorized Expenses" or "Ask My Accountant"?

If that number is growing every month, your financials are giving you a false picture of your business.

Every dollar sitting in an uncategorized bucket is a dollar that isn't helping you:

• Understand where your money is actually going
• Track specific department or project budgets
• Prove legitimate tax write-offs during an audit

Your bookkeeping system shouldn't be a black hole for mystery transactions.

Taking two minutes to add a simple memo or vendor name when spending money saves hours of investigation later.

Want a P&L that actually tells you the truth about your business? We can help.

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When business owners think about cutting expenses, they usually look at software subscriptions or office perks.They rare...
09/21/2026

When business owners think about cutting expenses, they usually look at software subscriptions or office perks.

They rarely audit their biggest annual expense: Taxes.

Mid-year is the exact sweet spot to look for tax leaks while you still have a full six months to plug them.

If you haven't reviewed your books since spring, you could be missing out on proactive tax strategies like:

• Section 179 planning: Pre-planning major equipment or vehicle purchases before Q4 supply chain rushes
• Retirement plan adjustments: Maximizing Solo 401(k) or SEP IRA contributions to lower your taxable income
• Accountable Plan implementation: Formally reimbursing yourself for home office, mileage, and personal cell phone use tax-free

Tax strategy isn't about scrambling in December. It's about taking intentional steps mid-year so your money stays in your business.

Let's review your year-to-date numbers and make sure you aren't overpaying the IRS.

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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

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