Setting up Your Business Accounting System

Posted on 25. Feb, 2020 by in Accounting, Bookkeeping Articles, Small Business Tips

You’ve done the hard work. You have a new business idea or you’ve found an existing business to purchase. Want to help ensure your business success? Pay attention to correctly setting up your business’ accounting system. Here’s how: Consider business entity. Choosing the right legal and tax entity for your business is important. Consult experts […]

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5 Warning Signs That You Need to Find a Bookkeeper

Posted on 05. Dec, 2019 by in Bookkeeping Articles, Small Business Tips

Do you find yourself wondering if it might be time to find a bookkeeper?  Here are five warning signs that it might be time to take this step – although many times you are in way over your head if they occur. Your banker or business advisor has requested financial statements.  If this happens and […]

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Why Hiring a Freelance Bookkeeper is a Great Option

Posted on 26. Nov, 2019 by in Bookkeeping Articles, Small Business Tips

The words “freelance bookkeeper” is not a favorite phrase for some business owners.  There are several reasons for this and all of these are misguided.  So here are a few myths that need to be addressed: Myth:  Freelance bookkeepers cost too much Truth:  In fact, hiring a contract bookkeeper can save you money as you […]

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Stop Doing Shoebox Bookkeeping and Start Taking Charge of Your Financial Records

Posted on 12. Nov, 2019 by in Bookkeeping Articles, Small Business Tips

Some small business owners have the mistaken belief that as long as they have all their paperwork together in one box that they’re doing a good job with their finances.  Nothing could be further from the truth.  In bookkeeping circles this is known as “shoebox bookkeeping” and many times it’s a bookkeepers worst nightmare at […]

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Understanding Cost of Goods Sold

Posted on 08. Jul, 2019 by in Bookkeeping Articles

The account on your income statement called Cost of Goods Sold can be confusing to non-accountants. In this article, we’ll attempt to de-mystify it and explain how it works. Cost of Goods Sold is an account in your Chart of Accounts that is a very special type of expense. It is the amount of direct […]

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How to Read Your Income Statement

Posted on 30. May, 2019 by in Bookkeeping Articles, Metrics, Small Business Tips, Uncategorized

The income statement of any business is probably the most important report of all. It is a snapshot of the financial performance of your business over a period of time, such as a month or year. You might also hear it called the Profit and Loss Statement, or P&L. The income statement can give you […]

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Tax Planning Season

Posted on 22. May, 2019 by in Bookkeeping Articles, Tax Updates

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Accounting-Related Policies

Posted on 20. May, 2019 by in Bookkeeping Articles, Small Business Tips

Setting customer expectations in your business is essential to gain the trust of your customers, avoid conflicts, and maintain a high level of customer service. One way to set customer expectations is to clearly state policies that are customer-facing. Many of these are accounting policies that we can help you with. The following policies are […]

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How to Survive a Worker’s Comp Audit

Posted on 08. Sep, 2018 by in Bookkeeping Articles, QuickBooks, Small Business Tips, Tax Updates

If you have employees, you have the distinct honor once per year of being part of a worker’s compensation audit. You likely receive a form in the mail, an email request, or a phone call that will ask you about your payroll numbers and employees for the prior year. Worker’s compensation is an insurance program […]

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Setting Up Products and Services

Posted on 21. Aug, 2018 by in Bookkeeping Articles, QuickBooks, Services, Small Business Tips

The products and services your business sells make it unique. The same thing is true of how these items are set up in your accounting software. Whether you’re using QuickBooks Online or something else, getting your products and services set up right can impact the quality of the information you can get out of your […]

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