There are times when you have opportunities to make remote sales, and some of which you may lose because of a lack of suitable options to charge your customers. At trade fairs, art shows and other such gatherings, you may have seen small credit card swiper devices that can be easily attached to the mobile […]
Accounting software packages offer a great deal of convenience and ease of usage as far storing Electronic Records are concerned. Most documents are scanned and allocated a specific spot in the large repository of information within the software. But, when it comes to answering any question from the IRS, there are some specifications which need […]
What is bank reconciliation? Bank reconciliation is a tool for managing financial transactions. Simply put, a procedure performed by businesses that matches the balances in the company’s cash account records against the corresponding entries in a bank statement. This process is generally done on a daily basis. It helps in finding discrepancies and making adequate […]
Monitoring your business finances does not need to be a trial-and-error process. By simply introducing/implementing a necessary financial system or process, one can have a stress free approach to business finance. It is important to have certain protocols in place like recording of daily transactions, bank reconciliations, financial reports, variance analysis, reviews and forecasting. This […]
Payroll services are often handled by third party payroll service platforms for small businesses. It seems more convenient and surprisingly cost effective than to have a dedicated person or team to do payroll. However, handling payroll services can be tricky. A small error can result in a major financial faux pas and can lead to […]
Record keeping implies the system of maintaining business records and documents. This helps in quick and easy retrieval of the same for accounting use. Good record keeping is essential for the health of your business. It is also mandatory by law to maintain accurate financial records. Every business must endeavor to have good record keeping […]
it is often found that many small businesses end up overpaying taxes. This can be because they are ignorant about many deductions. Tax deductions are legal and allowed by tax laws. You do not break any laws as per the IRS when you claim deductions. Here are some tax tips for every small business owner: […]
Tax times are taxing for most business owners with the rush to adhere to all deadlines. There is no reason why that should be. Tax accounting is a critical element for every business owner. By watching out for some common errors, a lot of potentially damaging errors like getting an audit or going out of […]
Keeping your finances in order is absolutely crucial for the health of a business say many small business owners. Often small businesses either have a skeletal in-house workforce to take care of bookkeeping and financial tasks or outsource their bookkeeping and accounting needs. Either way, it is important that the accountant is chosen after much […]