Now that tax season is behind you, or you’ve at least filed for an extension, you might consider doing a little spring cleaning of your bookkeeping. Small measures often go a long way toward creating greater success for your business. Here’s a checklist of seven things you can do to spruce up your bookkeeping and keep […]
Bookkeeping
4 Keys to Successful Business Budget Management
Nothing about starting your own company is easy. Thankfully, when it’s just you and your partner, it’s fairly simple to monitor your spending and keep your budget in check. You’ll reach a point though where one person (you) clearing every expense is no longer efficient or feasible. It’s important to empower your leadership team to […]
Are You Ready for Digital Bookkeeping?
If you’re still using paper to track your business payments and receipts, you may want to reconsider. Paper records and supporting documentation can be easily stolen or misplaced. They may even be accidentally ruined, as by a spilled cup of coffee or a water leak in the building. Enter the world of digital bookkeeping. What’s […]
Accounting: What Kind of Bean Counter Do You Need?
Accountants are trained, certified and usually quite experienced in financial analysis, both creating and reviewing data. Bookkeepers are often trained on the job although sometimes more formally and handle the physical work of accounting for the transactions. To expect a bookkeeper to provide analytical planning is to ask for something they often cannot provide, except […]
Getting Ahead of the Curve: Technology and Accounting/Bookkeeping
According to the nonprofit organization SCORE, a full 40% of small business owners feel that bookkeeping and taxes are the worst part of owning a business. Small business owners spend, on the average, 41 hours or more on tax preparation each year. Many small businesses hire CPAs to keep their books or prepare their taxes. With current […]
How to Make Small Business Bookkeeping Easier
For many small business owners, bookkeeping is considered a necessary evil that is often ignored until the end of the fiscal year. Luckily, there are a few simple steps you can take to simplify your day-to-day bookkeeping processes — giving you more time to focus on growing your business. 1. Open Dedicated Bank and Credit […]
Petty Cash Management: A Good Practice System
Petty cash is a float that gets replenished monthly and is a convenient way to reimburse staff for company purchases or to cover minor expenses. Petty cash is considered a current asset on the balance sheet. Having a system to manage petty cash is crucial so that it reconciles each month. Some systems to put […]
5 Reasons Your Small Business Should Switch to Digital Bookkeeping
In the 21st century, it would be an understatement to say technology and the internet have made running a business easier. With all this useful innovation at your fingertips, why would you continue to perform essential tasks such as bookkeeping the old-fashioned way? Maybe because you’re already drowning in a flood of paperwork and the utter […]
Can You Pass the Retail Math Test?
According to The Small Business Administration, only about half of new businesses make it to their fifth anniversary and beyond. Factors that contribute to the failure rate can range from indirect influences, such as poor location and poor customer experience, to direct financial components, such as lack of profits and poor fiscal management. While you can […]
5 Tips to Help You Minimize Your Small Business Taxes
It’s safe to assume that everyone loves to save money. As a small business owner, the more capital you have, the easier it is to grow your business and generate more revenue. But when tax season creeps around the corner, an unexpectedly large portion of your hard-earned money could wind up in Uncle Sam’s pocket. […]
