bookkeeping blogs

A professional will not only save you time but also provide valuable financial insights that can help you grow your business more strategically. With doola, you’ll stay tax-ready all year round, making those small expenses work in your favor during tax season. These processes help you make data-backed, row-risk decisions related to future expenses and incomes based on market trends and historical data. This habit not only gives you a clear view of your financial health but also helps when it’s time to claim tax deductions. Publicly traded companies in the US are legally required to use GAAP.

Prepare bank deposits.

Laura Kenway, a certified professional bookkeeper from Canada, runs this website. Keep your skills up to date, evolve the depth in which you know your preferred http://www.qoodo.ru/templates-others/templates-dreamtemplate/854-dt-3041.html platforms and stay apprised as their features change, as well. You can always attend professional events, too, such as conferences and networking events.

  • In the accounting software, the primary journal entry for total payroll is a debit to the compensation account and credits cash.
  • Understanding the cost of starting a business is critical to your long-term success.
  • This blog will dive into five essential tips to assess and improve your bookkeeping practices.
  • Indeed, some experts suggest that the US will have a 140,000-person shortfall of accountants by 2027.
  • Under cash accounting, you record transactions only once money has exchanged hands.

How the IRS Tax Payment Plan Works (And What You Need to Apply)

Seven questions to ask for a quick financial health check of your business. The IRS can collect unpaid taxes through levies, liens, and offsetting tax refunds, unless you negotiate a payment plan. Learn the ins and outs of requesting a tax extension and avoid penalties. Every dollar in tax credits saves you a dollar on your taxes and can even turn your tax bill into a refund. If your business is incorporated as an LLC or a C corporation, you may be eligible for a special tax designation called “S corporation” that can help you save on taxes.

Maintain common financial reports

That will help reduce complications and keep your records accurate. When your business income mixes with your personal accounts, it doesn’t make more money—it just makes a mess. The American Institute of Professional Bookkeepers offers certification for experienced bookkeepers.

bookkeeping blogs

Are bookkeeping and accounting different?

bookkeeping blogs

On the other hand, if you have in-depth tax and finance knowledge beyond the bookkeeping basics, you may be able to get the job done. Now that you have a better understanding of bookkeeping, you may be wondering if it’s something you want to take on yourself or with the help of a professional. When making this decision, there are two things you should keep in mind.

Maximizing Returns: Expert Advice for Small Business Owners

Readers of the Blake Oliver blog can really tap into his expert takes on accounting issues, marketing, and making the most of new or emerging tax software. What we love about his blog is his easy-to-read and humorous writing style. http://www.quonsethuts.org/book/chapter4.htm Nguyen styles his content as a fun read, which takes a break from some of the more dry and academic blogs on the subject. But make no mistake, just because he uses a light tone, it doesn’t mean that the information is basic.

bookkeeping blogs

The amount of your Paycheck Protection Program loan will depend on your salary expenses. A simple breakdown of requirements to help you determine if you qualify for the second round of PPP funding to receive either your first or second PPP loan. http://tvturizm.ru/deli/15-asia Is your small business based in New York and in need of financial assistance? The state has allocated $800 million for a new Business Pandemic Recovery Initiative. The EIDL loan and grant program has re-opened for all small businesses.

  • Sign up for Ryan’s weekly newsletter to get his latest tech roundups and industry insights for accounting and finance professionals.
  • Same goes for expenses, which you record when you’re billed in the form of accounts payable.
  • Not to be confused with the C corporation, the S corporation is a unique tax filing status that provides access to significant tax benefits.
  • Here’s a full breakdown of the differences between Bench and DIY software.
  • Good bookkeeping practices help you stay on top of your financial situation and are essential in order to qualify for business loans, file taxes, and attract new investors.