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.
When it comes to running a small business, there is so much involved. Marketing, production, staff, research, development... the list goes on and on. Finance is also a big and important part, and keeping accurate tabs on your company's financials is crucial. To help business owners along, here are some bookkeeping time savers to help make financial management a little more efficient.
If you have a very small company with only a couple of checking or credit card accounts (designated solely for your business) and don’t want to pay for QuickBooks, how can you keep track of your financial records?
Are you a dentist who does work in exchange for IT services? Maybe you are a physical therapist who exchanges services with someone who does your social media. These are great examples of bartering.
At the start of each year, you probably make goals and have dreams of where you would like your business to go and how to make it grow. You prepared what you thought to be a realistic budget. Preparing the budget is the first step; reviewing it at least monthly is as important to the success of your company. Don’t let your budget gather dust and never look at it again.
There will likely be a time when you are dealing with clients that may be negatively affecting your business. These are some of the red flags you should look out for:
Even small and medium-sized organizations can accept donations of stock. Here’s how:
When it comes to bookkeeping for small businesses it is important to have a year-end checklist to make sure everything is in order. Here is our year-end checklist:
- Backup of data made before correcting transactions
- Review Trail Balance
- Balance changed? Review Audit Trail, Voided/Deleted and Retained Earnings QuickReport for prior year.
I heard this advice at a JumpStart EXPO from a very successful entrepreneur. When it comes to small business bookkeeping there are two things a business owner should never do:
There are many tasks involved with small business bookkeeping. These tasks often take much longer than we expect because concepts are easier to understand than to implement.
Here are some simple solutions to your bookkeeping problems: