Bookkeeping is the practice of tracking financial transactions so you see exactly what you are spending, where your revenue is coming from, and which tax deductions you can claim. Why it is important: It helps you catch more deductions on your taxes. When you log every transaction by category, you know at a glance which […]Read More
A common woe of small business owners is falling behind on bookkeeping. That can be a problem for three reasons: You might lose track of cash flow and find yourself unable to meet payroll or bills You might not be able make informed decisions about growing your business You could be faced with a big […]Read More
Bookkeepers are responsible for recording every financial transaction in the appropriate place. That can just look like loading your transactions into accounting software. But bookkeeping is more than just transferring numbers into a spreadsheet—it takes detailed analysis and legal knowledge. Your bookkeeper will help you survive an audit by making sure your financial records are […]Read More
Your Bank Account The first thing you need to do, after registering your business with the state, is open a bank account. It is best to have an account separate from your personal account. Open a business checking account first, then a savings account to put aside money for taxes. Many entrepreneurs start with putting […]Read More
At a minimum, you need to know what you owe your vendors and what your customers owe you. You need to create files or online folders for each of these “buckets.” Your Accounts Payable folder will include bills, receipts, bank statements, credit card statements, and proof of payments (credit card logs, bank transfers, cash receipts). […]Read More
Entrepreneurs trying to do their own bookkeeping all tend to make similar mistakes. Here are some of the ones we see most often, and how they can be avoided. 1. Guessing When You Don’t Know What to Do Entrepreneurs tend to muddle their way through challenges, including bookkeeping. Unfortunately, errors compounds over time, and you […]Read More
So, you’ve decided it’s time to outsource your bookkeeping. How do you find the right company to do the job? As with searching for any other professional, there are no shortcuts: Network Your networks are a great place to start. Ask people you trust who does their bookkeeping. If you already have a relationship with […]Read More
Many small business owners mistakenly think of bookkeeping as only data entry, and trust the function to an unqualified employee. Accounting software is making bookkeeping much easier than in years past, but it’s still critical that the tasks are handled by someone skilled in financial record-keeping. 5 Reasons Expert Bookkeeping is so Important Bookkeeping helps […]Read More
Bookkeeping is an essential business activity: the recording and managing of a business’s financial information. Transactions, expense accrual and other financial information is recorded by your in-house bookkeeper or outsourced service. Your bookkeeper should provide, at a minimum, The Income Statement, The Balance Sheet and the Cash Flow Statement. They should also: Manage accounts receivable […]Read More
When it comes to small business accounting, most owners know it is important to keep records up-to-date for tax purposes. But there are many other ways you can use your bookkeeping reports to grow your business: Profit and Loss Statement The P&L or Income Statement tells you how much money you are making, but that’s […]Read More
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