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12 12, 2019

Ready for Tax Time? Keep your Receipts Organized

By |2019-11-27T00:41:56+00:00December 12th, 2019|Uncategorized|0 Comments

It’s easy to undermine the value of keeping your receipts organized – until your business loses money from your next tax return. Receipts are audit protection; keeping them organized and stored away will serve you when you need proof for tax deductions on business related expenses. Without proper documentation, you could be losing the money you thought you would be getting back as a tax deduction. So before you disregard your receipts, read the following tips for keeping your receipts organized. Keep all receipts. Although technically under IRS Publication 463, you would not need to keep receipts for expenses under $75, for peace of mind holding on to receipts can come in handy if you ever need to provide additional proof to the IRS. Being prepared means you will save time and money. Additionally, small expenses add up. Keeping your receipts can give you transparency on where your money is going. Record business purposes on receipts. Not all purchases or expense are self-explanatory. For example, you may remember why you bought a printer, but a restaurant receipt for a business [...]

3 12, 2019

5 Bookkeeping Habits Business Owners Should Have

By |2019-11-27T00:43:33+00:00December 3rd, 2019|Uncategorized|0 Comments

It’s no surprise that building good habits sets your business up for success. As a business owner, developing good habits can help you establish a routine of systems that optimizes success - especially in the case of handling business finances. Developing a habitual system for handling your business’ finances allows you to save money, increases the probability of catching financial errors, and provides a comprehensive outlook on the overall financial health of your business. Here are a few bookkeeping habits that can help you better manage your finances. Plan ahead for major expenses. Mark your calendar for big expenses in your future. For example, this can include computer upgrades, an anticipated office move, or other major expenses that are not in your usual monthly expenses. Marking your calendar can help put you in a mindset to save for these expenses, even if your business if currently experiencing a flush period. Identify and track all expenses. Tracking your expenses can help you assess where your money is going and identify areas where you can save money. Additionally, it can also be [...]

14 11, 2019

What You Need to Know Before Hiring a Bookkeeper

By |2019-10-30T16:44:27+00:00November 14th, 2019|Uncategorized|0 Comments

Outsourcing business tasks is a big step for any business owner. As your business grows and more tasks demand your attention, outsourcing your business’ bookkeeping can help give you your time back to invest it on growing your business. Hiring the right bookkeeper not only helps you address current financial tasks but can also contribute to your business’ growth in the long run. But before you hire a bookkeeper, here are a few things you should know and consider. Shop around. Ask for referrals from people you trust and look at reviews. When interviewing candidates, ask for client references to get a better understanding of their relationship with their clients. Some business owners don’t know what to expect when hiring a bookkeeper, so make sure you ask questions and interview different bookkeepers to compare their abilities. Assess their credentials and skills. Do they have a college degree or a license? Ask about their training, experience and certifications. Identify the skills they have, including other services they can offer such as payroll or accounting software expertise. Some essential bookkeeping tasks your [...]

8 11, 2019

Daily Small Business Accounting Tasks

By |2019-10-30T16:38:27+00:00November 8th, 2019|Uncategorized|0 Comments

Business finances can get easily muddled without a clear accounting process. When it comes to accounting, staying organized is key. Creating a daily checklist can help you manage your accounting tasks in a timely matter, reduce late payments or unexpected expenses, and help you stay ahead of your finances. Here are a few daily tasks that can help you stay financially organized. Check How Much Cash You Have on Hand: Start your day by checking your business bank account to see the amount of cash you have on hand. Small expenses can pop up daily and eventually add up. It’s good practice to accurately assess what you have on hand to avoid making a bigger mistake down the line. Tracking Accounts Payable & Accounts Receivable: Keeping track of accounts payable and accounts receivable will help you stay ahead and financially in check. Track the money that you owe other vendors, and well as keep accurate records of the cash to come in. This will reduce the chances of incurring unexpected expenses or running into unpaid transactions. Payroll: Time is money. [...]

21 10, 2019

Tips on How to Get Your Invoices Paid Faster

By |2019-10-23T23:31:50+00:00October 21st, 2019|Uncategorized|0 Comments

Having a steady income is pertinent in running a successful business. With that being said, no business owner enjoys a late payment. Late payments not only set you back when managing your business’ finances, but they can also compromise business relationships. The following tips can help you avoid late payments and encourage your clients to pay their invoices faster. Be polite. Phrases such as “please pay within” and “thank you for your business” can make a difference. Studies show that changing the tone and language of your invoices can help you get paid faster. Specify the terms. Provide a clear, specific time frame such as ’30 days’ to avoid misunderstandings. Make sure you properly format your invoices, provide accurate information, and include all the details your client will need. Set a routine. Sending out invoices at a set time can help your clients get in the swing of your routine. This can help them expect when to receive your invoices and plan when to pay. It also helps to send invoices promptly after completing your service. Hold off work. If [...]

14 10, 2019

Understanding Full Cycle Accounting

By |2019-10-01T16:55:43+00:00October 14th, 2019|Uncategorized|0 Comments

The term “full cycle” can be applied to different aspects of accounting. Full cycle accounting can refer to the processes in place to produce financial statements within a reporting period, the cycles of accounting positions, or refer to the business cycle of a company. The following points explain the concept of full cycle as an interchangeable term within accounting. In a reporting period, full cycle accounting is comprised of all the activities that an accountant undertakes to produce financial statements within that period. These activities may include recording business transactions, adjusting entries, producing financial statements, and closing books. Full cycle accounting also refers to the complete set of transactions that is associated with a specific business activity. These activities can include sales, purchasing, and payroll. In sales, the full cycle of activities includes the process of buying goods, storing goods, processing customer orders, picking items from stock, selling them, and collecting payments. In purchasing, one submits a requisition for goods, issues a purchase order, receives the goods, and processes the payment. In payroll, the full cycle comprises of employees submitting [...]

13 09, 2019

Accounting Basics

By |2019-09-12T23:20:36+00:00September 13th, 2019|Uncategorized|0 Comments

Learning how to record and report business transactions is an essential skill when running a business. With accurate financial information, you can better assess the financial health of your company to make smarter financial decisions, take calculated risks, identify unnecessary costs, and even save your company money. The following terms and tips will give you insight into the basics of accounting. Create a System of Record Keeping Set up accounts in which information can be stored. Accounts can be categorized as the following: Assets – these are the resources or items of value that are owned by your business, such as accounts receivable and inventory. Liabilities – these are debts or transactions to be paid by your business, such as accounts payable and loans payable. Equity – this is the difference between assets and liabilities Revenue – this is your company’s earnings in the form of billed amounts to customers in exchange for your goods or services. Expenses – this is your company’s costs or money spent to generate revenues, such as rent expenses and employee wages. Record Transactions Individual [...]

12 09, 2019

Equations Business Owners Should Know

By |2019-09-12T23:35:33+00:00September 12th, 2019|Uncategorized|0 Comments

Running a full-scale business comes with various daily duties as well as long-term responsibilities. Of course, outsourcing a few business responsibilities, such as accounting, can give you more time to prioritize other business tasks. But as a business owner, you should know basic accounting equations in order to have a greater understanding of your company’s financial position. Here are a few equations that every business owner should know: Total Assets = Liabilities + Equity This formula can be referred to as your basic accounting equation. Assets are all things of value that your company owns, such as property, cash, accounts receivable, or inventory that provide your business benefit. Liabilities are defined as your company’s debts. This can include rent, account fees, or accounts payable. Finally, equity is the portion of the company that belongs to the owner. Net Income = Revenue – Expenses Your revenue is the profit your company gains through sales or other positive cash inflow. Expenses are your company’s costs. Expenses subtracted from your revenue can show you how much you have earned and calculate your net [...]

15 08, 2019

Beginner’s Guide to Freelance Accounting

By |2019-07-25T19:05:20+00:00August 15th, 2019|Uncategorized|0 Comments

Because of the flexibility that freelance work offers, some people are drawn towards freelance work or self-employment for the freedom of choosing their own work hours, clientele, and individual work processes. Transitioning to freelance work has its advantages but also presents new challenges and responsibilities, especially when considering taxes.  In the case of traditional employment, taxes are automatically withdrawn from one’s paycheck. But as a freelancer or self-employed person, you are held accountable for estimating your own tax payments every quarter rather than relying on your employer. Keeping accurate, detailed books are also imperative to building a successful and profitable business. Here are some basic tips one should know before entertaining freelance work or self-employment. Keeping Track of Essential Financial Documents In order to keep up with tax estimation, it is important to keep forms such as Form W-9, Schedule C (Form 1040), Schedule SE (Form 1040), Form 1040-ES, and 1099 forms. Such forms are required for a variety of things, from identifying your taxpayer identification number, reporting profits and losses, figuring self-employment taxes, estimating quarterly income taxes, and more. [...]

1 08, 2019

Things to Know Before Starting Your Business

By |2019-07-25T19:00:05+00:00August 1st, 2019|Uncategorized|0 Comments

So you’re entertaining the idea of opening a business, but where do you start? Launching a business can be intimidating. But with the right tools, dedication, and a strong plan, anyone can pursue a business. The following tips provide a light guide to help you pursue your business plan. Evaluate Your Circumstance Start by considering your current situation and evaluating your current strengths, skills, resources, passion, and life goals. The more these concepts align with your business idea, the more it indicates you have a good foundation for your business.  Brainstorm Your Business Idea Combine your strengths and passion with foresight. Consider where the future is going; are there technologies or trends that are on the rise? Do your research and assess potential competitors to come up with a unique business plan. It also helps to seek guidance or advice from other entrepreneurs or others from your networking group to bounce off ideas or get feedback.  Execute Your Business Plan Begin by writing a concise business plan which includes your business’ name, a description of your company and plan for [...]