Bookkeeping, Manage the Cycle

By | Bookkeeping 101, Business 101, Cash Flow, CEO Mindset, Outsourcing, Recordkeeping 101 | No Comments

Today’s post will explore the business accounting cycle. Are you missing a step in a successful cycle for your business? Step 1: Identify, Collect, Analyze This step is all about the in and out of cash flow in your business. Take the time to identify what items need to be tracked. Easiest way to do this is by separating personal from business. Set-up separate bank accounts and dedicate one credit card for business. Consider how you will capture and collect that info. We have written many articles about keeping receipts and going paperless. Success in deciding which to choose is…

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Business 101: 5 Common Accounting Mistakes

By | Bookkeeping 101, Business 101, CEO Mindset, Recordkeeping 101, Taxes | No Comments

Around this time of year, when businesses are pulling their year-end info together for tax prep, is when the most common business mistakes start showing up. This post covers the five most common accounting related items we cover with our clients. While there isn’t time to correct any of these mistakes for the prior year (sic: 2014), there is plenty of time to incorporate them into this new tax year. Demand a change to stop the insanity that happens during tax time by implementing the following five actions. Treat Your Business Like a Business There is no more mixing personal…

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Recordkeeping 101: Paper vs. Scans

By | Bookkeeping 101, Business 101, Taxes

Receipts to a bookkeeper are gold; to a business owner a pile of anxiety and nuance; and to the IRS a legal requirement. Naturally, as a bookkeeping firm, we are going to write about how easy it is to keep your receipts and go paperless – we love receipts!  For business owners that have an opposite opinion around receipts there is no magic pill or tool to change that.  Instead we need to look at your personal “nature” when creating a plan on how to adjust your mindset that creates a process to work with your behavior, not against it….

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Recordkeeping 101: IRS Receipt Guidelines

By | Bookkeeping 101, Recordkeeping 101, Taxes

Recently we encountered a couple of articles on how the IRS denied taxpayer deductions because the owner could not provide proper documentation.  While the taxpayer presented canceled checks, spreadsheet or credit card statements, this proved use of funds but without the receipts there was no way to prove ordinary and necessary in the operation of the business.  Let’s establish what is adequate business records based on the IRS definitions. Definition Receipts = physical or email notification from a purchase made by check, cash or credit card.  To a business these should be treated like GOLD, especially if you pay cash. …

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