Is bookkeeping a task that you would rather not do? Does it take away from running the business? Is the internal revenue knocking on the door or is there fear they will be? Successful business owners have a positive view of bookkeeping. Over time they have adopted specific procedures to keep paperwork in order. They enjoy Read More
IRS Delays Tax Season! You have probably been following the recent federal tax law changes to determine how they will affect your small business. The IRS recently announced that it won't start accepting 2012 form 1040 returns until January 30th a week later than expected. However, if you plan to claim any general business credits, property Read More
The most important use of your financial records is to help comply with federal and state tax laws and to prepare your tax returns. A good bookkeeping system will help make dealing with this process painless. If you keep good records and operate your business in a professional manner, tax compliance should be easy. Also, if Read More
Many small business owners are clueless as to how much money is being generated by their business or how to create consistent cash flow. Are decisions being made based on emotion rather than choices regarding an understanding of money? Do you understand the language of money? Money is so simple, yet at the same time so Read More
The actual process of keeping books is easy to understand when broken down into steps: 1. Keep receipts and or other acceptable records of every payment and expenditure from your business. 2. Summarize your income and expenditure records on a periodic basis (generally daily, weekly, or monthly). 3. Use summaries to create financial reports that will provide specific Read More
Bank balances don't provide enough information to gauge a company's financial health. Use financial statements and other data for a full check-up. The recent recession has made checking in on the basics of your company's financial position more than just a to-do item. It is an absolute necessity. Understanding a company's financial health takes more than just logging in Read More
Every business can make more money by following a few important steps in the accounting side of the business. It is imperative for a successful business to have a sophisticated accounting system in place. A bookkeeper can handle the day-to-day financial record-keeping and reporting associated with the operation of a business. Bookkeeping is just one Read More
Many small business owners should be focused on growing sales. When there are profits and customers business owners don't take the time to see how money is being spent. The bigger the business means the bigger the potential waste. One-person businesses are likely to find ways to cut costs and thus increase profits as they Read More
When I started my own business as a Virtual Assistant and Virtual Bookkeeper it seemed like a perfect fit. As I talked excitedly to one of my colleagues one day about the growth of the Virtual Profession I saw his eyes glaze over and eventually he asked, "Yes, but what do you actually do?" I Read More
If you are planning on or already doing your own business bookkeeping, or even if you have a bookkeeper, there are a few terms it helps to be familiar with. Understanding these terms will help you better grasp the foundations of business bookkeeping. First, let's start with the definition of bookkeeping which is simply: the recording of financial Read More
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