Category: Business Bookkeeping

Q & A and Tips on Accounting, Taxes and Personal Finance.
Why “Bookkeeping by Download” is Bad Practice

Why “Bookkeeping by Download” is Bad Practice

There are so many products, including QuickBooks, that allow a user to do what I call “bookkeeping by download”; the process of linking a bank account to QuickBooks and downloading those transactions automatically, bypassing the manual entry method. While this may seem like a timesaver, it’s not a good practice. Income and expenses that have […]

June 30, 2017 | By More
7 Reasons for Small Business Owners to Outsource their Bookkeeping

7 Reasons for Small Business Owners to Outsource their Bookkeeping

Do bookkeeping chores take too much time away from your core business? Is employing a bookkeeper cost-prohibitive? If so, outsourced bookkeeping may be the perfect solution. It will help you: 1 – Reduce overhead costs Employing a bookkeeper in-house is expensive. The cost includes not just salary and benefits, but other expenses like payroll taxes […]

September 11, 2016 | By More
Cross-Reference Your Cash Receipts for Easier and More Accurate Bookkeeping

Cross-Reference Your Cash Receipts for Easier and More Accurate Bookkeeping

Reconciling your company bank statements does not have to be an onerous chore. Of course, it’s much easier to track customer payments by credit card or check, but what about reconciling your bank statements when it comes to cash receipts? By implementing a few steps into your bookkeeping process, you can make it much easier […]

June 14, 2016 | By More
Good Business Performance Starts with Good Record Keeping

Good Business Performance Starts with Good Record Keeping

Good financial record keeping is vital to the success of any business. Good records help plan for the future, prepare accurate financial statements and tax returns, and enable business owners to create sensible budgets and cash flow projections. How keeping good records is good business – Your bookkeeping records help you make smarter and well-informed […]

June 14, 2016 | By More
Are your books well adjusted?

Are your books well adjusted?

Keeping accurate financial records means more than recording every sale and expense and bookkeeping adjusting entries. You may think that as long as someone is recording every sale you make and every expense you pay, you’re doing well. But some important items don’t get into the books simply by recording daily transactions. Appropriate adjusting entries […]

March 29, 2016 | By More
How to prove business expenses

How to prove business expenses

All businesses must keep records in order to prove business expenses. Good records can help a business prepare its business tax returns as well as support items reported on the returns. All taxpayers must also keep business records for the IRS. To claim any deduction, a business owner (or taxpayer) must prove what the expenses […]

February 11, 2016 | By More
Independent Contractor vs. Employee

Independent Contractor vs. Employee

With today’s technology and ease of communication, employers often hire independent contractors who work remotely – the obvious benefits are cost savings on a number of levels including employment taxes.   What determines an Independent Contractor vs Employee?  Dave Heistein of Profitwise Accounting, Inc. in San Diego discusses this often murky subject. Dave:  At first glance, […]

November 21, 2014 | By More
Bookkeeping and Accounting – what are the differences?

Bookkeeping and Accounting – what are the differences?

Business owners often feel there is little difference between bookkeeping and accounting. Popular accounting software like QuickBooks allows business owners to produce their own P&L and balance sheets, but is this all there is to it? Tu Dao, a CPA in Houston, Texas discusses the differences between bookkeeping and accounting, and how the evolution of […]

September 18, 2014 | By More
Don’t hire a bookkeeper or accountant solely on their hourly rate

Don’t hire a bookkeeper or accountant solely on their hourly rate

Don’t hire a bookkeeper or accountant solely on their hourly rate Hiring a bookkeeper or accountant solely on their hourly rate can result in an experience similar to buying cheap shoes: Bad fit, wear out easily, funky style. John Turcott offers advice on how to choose a bookkeeper or accountant and what questions to ask. […]

June 16, 2014 | By More