Accounting and bookkeeping solutions and ideas
When it comes to managing your business’s financial health, understanding and analyzing financial statements is crucial. Financial statements provide a snapshot of your business’s financial performance, allowing you to make informed decisions and plan for the future. In this blog post, we will explore the three primary financial statements: the balance sheet, income statement, and Read more about Understanding Financial Statements[…]
As a small business owner, you’re likely already aware of the importance of keeping your finances in order. Financial management goes deeper than paying your bills on time and collecting on invoices. It involves regularly checking up on your financial situation to make sure your accounts are in order, your records are up-to-date, and you’re Read more about Using Financial Reconciliation to Keep Your Business on Track[…]
Receipts are vital to successfully running a business. You need receipts to track your purchases and expenses. Your clients need receipts for tax purposes and to manage their finances. More businesses are moving away from paper to digital receipts. Here are more reasons why your business should consider eliminating paper receipts all together. 1. Digital Read more about Considering Digital Receipts for Your Business[…]
Payroll is a critical function in any business. It involves calculating and disbursing employee salaries and wages, processing taxes, and complying with legal regulations. Payroll processing can be complex and time-consuming, and mistakes can have serious consequences. Outsourcing payroll processing can help businesses save time, money, and resources while ensuring compliance and accuracy. Here are Read more about Benefits of Outsourcing the Payroll Processing Function[…]
TD Bank surveyed small business owners about what they love and hate most about owning their own business. Unsurprisingly, flexibility and feeling in control ranked first in the “love” category. Meanwhile, almost 60% said bookkeeping was hands-down their most hated task. Most business owners understand that effective financial management is key to their success. However, Read more about Bookkeeping & Accounting Tips for Small Business: 5 Things to Avoid[…]
If you ask 100 business owners what they like least about running a business, chances are good that bookkeeping will rank high on the list. It’s a frustrating chore that takes up a lot of time and is easy to put off until tomorrow. However, avoiding your bookkeeping is dangerous. Not knowing your company’s financial Read more about 3 Reasons to Prioritize Bookkeeping[…]
Bookkeeping is an essential component of small business success. Some of the benefits of bookkeeping include; maintaining compliance, tracking your business activity, and producing the data needed for business decisions. But despite its proven importance, many owners dread and avoid bookkeeping. In fact, most entrepreneurs claim that it is one the worst parts of running Read more about Benefits of Bookkeeping: A Contribution to Small Business Success[…]
There are often negative emotions involved when you think of a small business audit, and rightly so. No business owner looks forward to a letter from the taxman requesting a closer look at the books. If you’ve received an audit letter, don’t panic. Prepare. These four steps will help you get through the process with Read more about Small Business Audit: What to do if you get audited?[…]
Ideally, you and your accountant are more than just “adviser” and “client”. With your combined skills, expertise, and shared mission to support a thriving business, you’re more like strategic partners. The key to achieving success in any partnership is, of course, strong communication. At your next meeting, be sure to ask the accountant these four Read more about Four Questions to Ask the Accountant[…]
A popular question we get is, what’s the difference between a bookkeeper and an accountant? A good question! They both work with financial data and they’re both essential for managing a successful business. Yet the roles and duties of a bookkeeper and accountant are different. You may not be exactly sure of the differences between Read more about What’s the difference between a bookkeeper and an accountant?[…]