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Keeping Track of Revenue

As an accounting major in college, I quickly learned all of the complicated parts of the accounting cycle. I discovered how to input the details of business transactions into a computerized accounting system. At the end of an accounting cycle, such as a month, I became experienced with calculating the revenue for the period. If you’re starting a new business, determining an accurate amount of revenue for each accounting cycle is crucial. You must know how much profit you’re making each accounting period in order to be successful in the long-term. On this blog, you will discover how an experienced accountant can help you keep track of your revenue.

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Keeping Track of Revenue

5 Reasons You Need An Estate Plan Now

If you've never taken the time to handle your estate planning needs, now is the time to do so. This can protect you in the future and can also make sure that your wishes are respected. An estate planning attorney will guide you throughout the planning process and can help you create the perfect plan for you. Read on to learn why you should focus on real estate planning now. 

Key Calculations When Setting Up A Business Budget

When you're setting up your small business budget, it's important to make sure that you have all of the relevant information that you will need to complete an accurate budget. Here are some of the pieces of data that you need to include in your budget. All Income Sources The first piece of information should be easy to get if you already have an accurate profit and loss statement set up.

Three Daily Accounting Tasks Every Small Business Owner Needs To Do

As a small business owner, it is easy to overlook certain components of running a company, such as accounting for your company's financial transactions. However, by skimping on your accounting chores, it is difficult to see how your business is doing. For example, you need to see if your company is turning a profit, which expenses are too high, or what customers or products are not profitable enough. To make keeping your company's books a more manageable chore, try to complete these three accounting tasks on a daily basis.

Why You Should Hire A Certifed Public Accountant For Your Business

Are you a new small business owner who has poor financial organizational skills? There are many things that are involved with keeping business finances in order. Neglecting to keep proper records can land you in serious trouble with the government or even in a lawsuit. It is wise for you to hire a certified public accountant to assist with keeping your business finances in order. This article will give you more insight about what an accountant can do for your business.

Own An In-Home Daycare? You May Qualify For At-Home Office Deduction

If you own a licensed daycare that you run out of your home, there is a possibility that you qualify for a home office deduction. The rules for a home office deduction, when you own and run a daycare out of your home, are very specific. Here are a few things that you need to know about claiming an at-home office deduction when you run an in-home licensed daycare. Your Taxable Income Will Be Reduced By The Deduction

Mistakes Businesses Make With Petty Cash

Creating a strong system for managing petty cash is important because it helps you maintain tight control over your business' financial health. Here are some mistakes that business owners make when working with petty cash, along with tips on how to avoid them.  Not Creating a System If you only do seldom transactions with petty cash, you might not want to spend the time creating a company policy and system for dealing with these small transactions.

What Kind Of Information Can I Glean From My Payroll?

Analyzing payroll information can be one of the best ways to measure employee performance. Here are some key analytics that you can use in your payroll.  Looking at Utilization One thing that you can take away from payroll data is how much time employees spend on matters that are directly related to billable services. You can quickly see who is underperforming and overperforming in this area. Some departmental trends may also emerge that can affect where you devote your resources.

Three Ways An Accounting Firm Can Help You When Starting a New Business

If you have always wanted to start your own business, you need to consider hiring an accounting firm to help you make your dream a reality. Many first time business owners do not realize all of the intricate financial details they need to take into account when they are starting their business. The following guide walks you through a few ways the accounting firm can help you get off on the right financial foot when you first start your new business.

Understanding The Tax Implications That Come Along With Forgiven Debts

It's estimated that at least 35% of the population has at least one debt in collections. Debts that reach this stage have gone unpaid for quite some time. In an effort to collect some payment towards the debt, creditors may offer a settlement. With a settlement offer, you agree to pay a portion of the debt and the creditor agrees to forgive the leftover balance, but this doesn't mean the balance is wiped away.

What to Bring with You to the Tax Preparer's Office

When you are getting ready to meet with your tax preparer, you want to make sure you come fully prepared. This way, you can have your taxes taken care of before you leave the office. There may be a lot of items you need to bring with you, and you can learn about them in this article. Personal information You want to bring social security numbers for yourself, your spouse, your children and anyone else you will be claiming on your taxes.

The Do's And Don'ts Of Preparing Your Taxes

When tax season approaches, it is time to start gathering your pay stubs, tax documents, and records to file your federal and state taxes. If you are not accustomed to filing them on your own, the following tips can help. Do: Gather and organize all your records You should always start by getting all of your records together. Make sure your place of employment sent a W-2, as this is needed to see your income and deductions for the year.

Payroll Service Tips For Small Businesses

Payroll can be one of the more stressful parts of hiring employees for your small business. Not only do you need to stay within the law and follow tax codes, you also need a reliable system that ensures your employees are paid on time whether they work in your office or telecommute in remotely. One answer to this challenge is a payroll service. Size Doesn't Matter A common misconception is that payroll services are just for large businesses with hundreds of employees and complicated accounting.

The Importance of Business Consulting in Business Growth

If you are a business owner, then you have probably realized that adaption to demand in the business world is essential for the long-term survival and growth of your company. This comes from an economic concept that states supply is set based on demand. Yet, it is also important to have a thorough understanding of the impact that the change in demand can have on your entity, which can usually be done by conducting a detailed business analysis.

3 Reasons To Have Your Taxes Prepared By A Professional

Preparing and filing your taxes is never going to be a fun or exciting experience, and is usually going to be quite frustrating and stressful. Thankfully, there are many tax preparation services that can take the work out of your hands and make the whole process much easier on you. Audit protection, preparing the tax filing for your business, and saving money are all great reasons to hire a professional to prepare your taxes.

Avoid Common Accounting Mistakes

An entrepreneur wears many different hats. It is important to make sure that one of those hats is making sure that the accounting for the business is done correctly and accurately. Most small business owners are not able to hire accountants because they are trying to grow their business or are barely scraping by and can't afford to pay for accounting services. As a small business owner, you will want to learn all you can about the accounting for your business.

Bookkeeping Services Can Accompany Your Company In Its Expansion

If you're a small business owner, then growing your business must be one of the main objectives that you set each year. While this goal can be achieved in various ways, it's very important to first identify the areas of your small business that can be improved, and those that have been performing well. This is precisely why you need to collaborate with a small business accounting firm that has all the necessary experience and qualifications to come up with strategies that take into account the specificities of your company, and that will lead to its expansion in the long run.

How To Record In-Kind Donations On Your Tax Forms

It is not unusual for nonprofit organizations to receive non-cash donations. This is usually referred to as in-kind contributions and in most instances, will need to be recorded when filing your taxes. If you run a charity or nonprofit group, then the following will show you how to correctly record in-kind donations. Tangible Items Tangible property may include donation of physical items, such as clothing, equipment and furniture. Examine these items you received and ask yourself whether such goods can be sold or used by your charity.