Could Your Books Withstand A Tax Audit?

Tax audits can be time-consuming, taxing, and possibly expensive. Small business proprietors who might be navigating complex tax policies for the first time or who work in businesses such as restaurants where errors are easy to make are particularly likely to draw unnecessary attention for the IRS. An audit doesn’t need to be a painful, […]

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How Cash Flow Forecasting Works

Running out of money isn’t just an indication of poor planning. It’s also one of the major causes of business failure. One of the ways you can improve cash flow management is through cash flow forecasting. The process involves forecasting or estimating a company’s future monetary position and is a core-planning element of a company’s financial […]

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How To Track And Manage Different Payment Methods

If you’re a small business owner, you know how challenging it can be to track monthly payments, especially if the income-generating aspects of your business demand considerable attention. Nevertheless, it’s important you find an appropriate tracking method to avoid cash flow and credit issues. Fortunately, tracking software helps business owners track monthly payments securely and it’s […]

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Why You Shouldn’t Just Outsource And Forget

Businesses frequently outsource as an effective strategy to decrease cost, access improved software products, and bring in innovation. However, outsourcing comes with its set of challenges that could be difficult or intimidating to manage. If you don’t prepare properly, you could lose control over the direction of your project, experience decreased quality in your products, […]

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7 Common Accounting Mistakes To Avoid

Accounting mistakes happen occasionally, but you can avoid numerous common mistakes with proper preparation and planning. Remember, it typically takes more time to rectify an error than to get it right initially. Interestingly, it’s also cheaper to recognize and rectify errors early instead of waiting to correct the issue later. While some accounting errors are […]

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What Financial Records Should A Small Business Keep?

Maintaining good financial records is crucial for any business, whether it’s for regulatory, legal, or tax reasons, or simply to help improve and manage your business. After all, the records will help you evaluate your business’s profitability, maintain positive relations with vendors and clients, and protect your business against lawsuits. It’s even more important to […]

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7 Tips For Understanding Credits and Debits

Credits and debits are essential parts of the accounting system, which businesses use to record transactions, keep track of liabilities and assets. Once you understand their differences, you’ll be able to categorize and enter transactions properly. These concepts are traditionally difficult to understand because they aren’t very intuitive. Nevertheless, the most important rule to bear […]

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7 Best Practices for QuickBooks Online

7 Best Practices for QuickBooks Online Even if you’ve been using QuickBooks Online for a long time, it’s good to step back and evaluate your actions. “Best practices” aren’t enforceable rules. They’re simply guidelines businesses commonly follow in one area or another. If you’re in retail, for example, one best practice might be to always […]

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Why You Should Be Accruing Expenses

There are two methods of recognizing expenses and income in accounting: accrual and cash basis. The kind of method your company chooses will determine how it records and tracks finances. While the cash method is a simpler way of recording finances in the books, the accrual method allows businesses to recognize expenses and revenue as […]

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7 Ways Your Business Can Benefit From Outsourcing

Outsourcing is the practice of using external firms to manage work typically conducted within a company. Many entrepreneurs are familiar with this concept, which when done for the appropriate reasons, will help your business save money and grow. While numerous businesses associate this practice with savings, here’s a list of other ways in which your […]

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