It’s important for a business of any size to keep well-organized and up-to-date financial records. For the purposes of a small business, this can be through either hard copy or electronic filing. Not only will this organizational practice help prepare financial statements and tax returns, but it’s also a good way to track your company’s…

For most businesses, this is going to be the primary source for information related to your income and expenses. Each transaction in your business bank account should record keeping for small business have more evidence to support it. In general, the IRS requires businesses to keep records until the period of limitations, or statute of…

However, a current ratio that is too high might indicate that the company is missing out on more rewarding opportunities. Instead of keeping current assets (which are idle assets), the company could have invested in more productive assets such as long-term investments and plant assets. It measures how capable a business is of paying its…

The cost of bookkeeping services can vary depending on the size of your business and the features you need. Some bookkeeping services charge a monthly fee while others charge by the hour. You can find services for as little as $20 per month while others run thousands per month. A small business can likely do…

We thoroughly research and test the apps we include in our regular workflow for Client bookkeeping services. After deciding on criteria for evaluating the software and then researching the app itself, we tested the app, noting its strengths and weaknesses. We then work with the app for at least a few weeks before deciding whether…

He treats you in a professional way and he takes care of your books fast and accurately. By utilizing our systems and leading-edge accounting technology, our clients are able to spend less time in the cost center of their business and more time in the profit center. We handle the important, but often neglected record-keeping….

These reports are essential for evaluating the overall financial health of the business and identifying areas for improvement. By leveraging QuickBooks’ capabilities, organizations can make sound financial decisions based on a clear and concise understanding of their financial resources. QuickBooks offers a range of key features tailored for personal finances, including robust budgeting tools, comprehensive…

It is important to make the distinction between non-refundable and refundable tax credits. Non-refundable credits can reduce the total tax liability to $0, but not beyond $0. Any unused non-refundable tax credits will expire and cannot be carried over to the next year. On the other hand, refundable tax credit amounts give taxpayers entitlement to…

Relevant W-2 boxes are displayed to the side if they can be taken from the form. Taking gross income, subtract deductions and exemptions such as contributions to a 401(k) or pension plan. You pay tax as a percentage of your income in layers called tax brackets. As your income goes up, the tax rate on…

The software allows you to electronically file your tax returns once you’ve completed them. You have the option to print out your returns to sign them physically and mail them to your designated address as well. Certified public accountants (CPAs) and tax attorneys are both uniquely qualified and trained professionals that can help you with…

Ever wonder what the highly trained professionals use to tax plan? We’ve assembled the ultimate tax guide you can download and reference as you prepare your taxes this year. If you aren’t delighted with the performance and cost of your CPA, I’m happy to recommend TurboTax to most taxpayers and pass along this discount! If…

Even for a firm with only several hundred sales a month, using a sales journal can save considerable time. A column for the transaction date, account name or customer name, invoice number, posting check box, accounts receivable amount, and cost of goods sold amount. Since all sales recorded in the sales journal are paid on…