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 […]
Understanding Financial Statements Read More »
Accounting/Bookkeeping
Among those activities, financial reconciliation plays a vital role in keeping your finances and your business on track. Here’s what you should know about financial reconciliation and how it can help your business. What is financial reconciliation? Financial reconciliation is a process of ensuring your financial records are consistent and accurate. Basically, when you conduct
Using Financial Reconciliation to Keep Your Business on Track Read More »
Accounting/Bookkeeping
1. Digital receipts decrease costs Receipts eat into your profits. It costs money to buy the paper and the ink which is more than it costs to simply email receipts to clients. Your business saves money by not printing receipts for every customer. On a per-unit basis, receipts might not seem like a big cost.
Considering Digital Receipts for Your Business Read More »
Accounting/Bookkeeping
Here are some of the benefits of outsourcing payroll: 1. Increased accuracy and compliance Outsourcing payroll to a specialized provider ensures accuracy in processing paychecks and taxes. Payroll providers have experts who keep up with changing tax laws and regulations and can ensure compliance with government requirements. By outsourcing payroll, businesses can avoid
Benefits of Outsourcing the Payroll Processing Function Read More »
Accounting/Bookkeeping
From day one, business owners should have a separate bank account in which to deposit their income and pay their business expenses. It’s also crucial to designate a business-only credit card. Come tax time, separate statements will make submitting claimable expenses quick and easy, while reducing the risk of a painful audit. Letting accounts receivable
Bookkeeping & Accounting Tips for Small Business: 5 Things to Avoid Read More »
Accounting/Bookkeeping
You can only make informed decisions about your business when you have a full picture of your current financial situation. That means knowing how much money is in your accounts, what your cash flow forecast predicts, and how much money you owe. Without that information, it’s much more difficult to know when you can afford
3 Reasons to Prioritize Bookkeeping Read More »
Accounting/Bookkeeping
Generally, if you file your taxes reliably and pay on time, there’s a good chance the government tax office contacted you for a spot check. In this case, all that may be asked is that you provide receipts and answer a few questions. Give the tax office the information they’ve requested promptly so they can
Small Business Audit: What to do if you get audited? Read More »
Accounting/Bookkeeping, Tax
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 important questions. 1. What’s my best strategy for increasing revenue? Every business owner strives to improve profit margins, but the best way to quickly and sustainably grow revenue will vary
Four Questions to Ask the Accountant Read More »
Accounting/Bookkeeping, CFO Consulting, Tax
An established, growth-focused company will employ the services of both an accountant and bookkeeper. The two professionals work in tandem to ensure business financials are up to date, accurate, and carefully monitored. If you are in the early stages of your business, you might choose to do the bookkeeping yourself or hire a bookkeeper part
What’s the difference between a bookkeeper and an accountant? Read More »
Accounting/Bookkeeping
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