Apr 9, 2022 | Bookkeeping
When it comes to different accounting methods, we know it can be confusing. But what exactly is the Difference Between Cash and Accrual and what is best for your business? Mainly, it lies in the timing of when revenue and expenses are recognized. Specifically: The...
Oct 13, 2020 | Bookkeeping
When you have your own business (and are not taking traditional payroll), there is nothing worse than getting to the end of the year, preparing your taxes, and realizing that you owe WAY more than you anticipated. The government is not taking out taxes from your pay...
Aug 3, 2020 | Bookkeeping
Recently, we discussed Why Debt Payments and Owner’s Draws Don’t Show Up on a P&L, but Will be on the Balance Sheet. Since then, we’ve had a few questions on the major differences between the balance sheet and P&L statements. Therefore, we thought we’d dig in...
Jun 3, 2020 | Bookkeeping
With the tax filing extension moving to July 15th this year, due to COVID-19, we will discuss the Top 5 Tax Audit Red Flags to Watch Out For. 1. Not Reporting All of Your Income As you’ll remember from our blog on 1099’s which involved filing 1099’s, because the IRS...
Apr 11, 2020 | Bookkeeping
In today’s crazy environment, the importance of building an emergency fund for your household has been brought to the forefront. But, Is It Important to Build A Business Emergency Fund? You bet! The U.S. Bureau of Labor Statistics reports that approximately one-third...
Feb 20, 2020 | Bookkeeping
The dreaded tax season is back, but it doesn’t have to be painful. Here’s our Successful Tax Day Checklist for an LLC! This will help your business file successfully without being overwhelmed with too much information. Confused if you’re supplying the right items or...
