BudgetEase Blog - Making YOU Profitable™

4 Advantages of Outsourced Bookkeeping Services for Small Businesses

Your business has a focus and chances are it is not bookkeeping. You can try to manage your accounting needs in-house, assign some tasks to an office manager and take others on yourself, but think about a day where you didn’t have to do any accounting work. Your office manager could focus on customer service and you could focus on running and growing your business. In addition to making better use of your time, scalability, cost and expertise are other reasons why outsourcing your accounting operations makes good business sense.

What to Cover in a Monthly Financial Review Meeting

One of the benefits of hiring an accounting/bookkeeping expert is the ability to meet with them after month-end close, to have them explain your financial statements to you and to help draw your attention to important aspects of the financial data. A monthly financial review meeting is a good starting point to ensuring your business is staying on track. Here is what we recommend you review:

How to Match Biweekly Payroll to Monthly Income

If you pay your employees every other week but your income is recognized monthly, your revenue will not be matched to the expenses that helped earn it. On your income statement (P&L), expenses would be understated some months and overstated others.

Feeling the Tax Time Crunch?

5-Point Checklist: What to Send Your Accountant

Where does the time go? If you are already looking at the calendar and wondering how to accomplish a lot of reporting in a short time for tax season, we understand.

Forgot to do your Bookkeeping in 2017?

OOPS! 2017 is over and you forgot to do your bookkeeping. What should you do? You are not the only one. Every day we get a call from an optometrist or property manager who never kept any records last year. Here is what we do when faced with this dilemma.

How to Better Prepare for Next Year’s 1099 Season

With all your 1099s done for 2017, it’s time to prepare to make the job easier – next year. Did you scramble to find copies of your vendors’ W9s? Here are some tips that can proactively help you slide through next January with ease:

Making YOU Profitable: The Importance of a Clean Balance Sheet

Cash may be King but never underestimate the value of a clean balance sheet. What does clean mean and why is it important?

1099s - How Do I File With QuickBooks?

Yes it is 1099 season! If you are a small business and don’t have bookkeeping support, what is the quickest way to get your 1099s out to the correct vendors?

Businesses are required to send a 1099 to:

  • Service providers that you paid $600 or more
  • Your landlord for the rent you paid
  • All attornies even if they are incorporated

Who don’t you send a 1099 to?

  • Corporations
  • Suppliers of products like utilities or office supplies

The two easiest ways to file are:

Why a CPA Firm Should Not Do Your Bookkeeping

Our clients often ask us to help prepare their taxes in addition to the small business bookkeeping assistance we provide. Instead, we refer our clients to a CPA firm to provide tax preparation assistance. Why? Let’s look at the primary purpose of a CPA and a bookkeeping firm:

Year-End Rules of Thumb to Evaluate Your Progress

So you are reflecting and seeing the results of another hard-working year pay off! Good for you! Hopefully you are in a strong position of profitability, which opens up more opportunities for you to save, invest back in the company or improve your lifestyle. Trying to tie up loose ends in your books and plan for your start to 2018? 

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