I offer BOOKKEEPING FROM BANK STATEMENTS as a way to help businesses grossly behind in their bookkeeping to get parts of their bookkeeping entered as quickly as possible. I then work with my clients to show them what else is needed to produce a full, complete, cycle of bookkeeping ... Read More
Good Recordkeeping Helps Avoid Headaches according to this IRS video.
It is true, the IRS does not care how you do your recordkeeping, but it does need to be organized. Also, in order to run a business more profitably, you need to see the past, compare it to the present and project how you want your ... Read More
When you launch your startup, it's important to lay the necessary groundwork for your future success. That means taking the time to do a little research, planning and self-reflection. Here are some tips you might consider:
1. Follow your passion. Earl Nightingale once said, "The more intensely we ... Read More
Overwhelmed with bookkeeping? Too often business owners are so preoccupied with select parts of the accounting process that they don't realize just how valuable all that financial information can be. Some business owners focus on preparing the yearly tax statement. Others may worry about that and their ... Read More
Small business owners must keep all employment tax records for at least 4 years after the later of when a tax is due or paid.
Your company is also advised to retain:
1. Gross receipts. Cash register tapes, bank deposit slips, receipt books, invoices, credit card-charge slips and Forms 1099-MISC.
2. ... Read More
Are you guilty of shoebox accounting? Do you stuff all your receipts, bills and invoices in one place, hoping that someday, the world will come to a stretching halt, enabling you to file them properly? We all know that will never happen. And eventually, you'll find yourself trying to sort through all ... Read More
There's one distinguishing difference between tax planning and tax preparation: December 31st. In order to be beneficial, tax planning must occur before the end of the year while tax preparation can only take place after year's end. Although we can't promise to eliminate taxes, our tax planning and preparation ... Read More
Many small business owners often opt to do their own accounting in an effort to save money. Unfortunately, a lack of accounting and bookkeeping expertise can cost you a lot in profitability and success.
In an article published on Entrepreneur.com, Lisa Girard shares Three Common Accounting Mistakes ... Read More