Ask any business owner; profit is the name of the game. It is literally the bottom line. Business 101: increase revenue and decrease expenses to get more profit. First rule of business, we all know it. We know it well. So naturally, when [family member/friend] offers to do your books at a steep discount (or …
3 Tips for When Your [insert family member here] Does Your Books Read More »
As a business owner with a set of “books”, you’ve probably come across this thing called the “Chart of accounts”. What is this, and why is it so critical to consider? So here’s the skinny: the chart of accounts is the literal backbone of your business bookkeeping. (Psst, your books are the backbone of your …
When it comes to managing our finances, taxes play a significant role in determining our overall financial health. As taxpayers, we often seek ways to minimize our tax liability legally. Two common strategies used to achieve this goal are capitalization and deduction. In this blog post, we will explore the differences between capitalization and deduction, …
Everyone talks about how bookkeeping is a great way to prepare for taxes. That’s the first thing people think of when they think of “bookkeeping”. Ok, true. Having sound accurate up-to-date books certainly gives you a leg up for tax time. Having a valid Profit & Loss statement gives the accountant information that will streamline …
…no, that’s not a typo. September (unbeknownst to me at least) is Self-Improvement Month, Disaster Prep Month, Responsible Dog Owner Month, AND National Velociraptor Awareness Month… among other things. So, let’s break this down. In honor of Labor Day (yeah, that’s on the calendar too!) and kids going back to school (disaster!), we are focused …
Responsible Velociraptor Self-Improvement and Disaster Prep Read More »
We see it all the time – during discovery sessions, we find assets that are not posted on the books. Let’s review the top four we typically see missing. Top 4 Missed Assets Often, assets get overlooked and never make their way onto the books. There are four common asset areas where business owners struggle …
The real question is which is most appropriate to your business! Both have value in the right situation. Cash basis accounting is best used for personal finance and microbusinesses. This is the method that chronicles transactions as they occur. No invoices are recorded until they are paid, no bills are documented until the money is …
