Business Recordkeeping
Avoiding the Pitfalls of Inaccurate Recordkeeping: An Entrepreneur’s Guide
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Self Employed
How Do I Pay Myself?
This is one of the most frequently asked questions we get as bookkeeping and tax professionals. The answer is “It Depends”. There are many items we need take into consideration when answering this question, but the first is how is your business structured? Please note, this is a very high-level overview of a complex subject
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Power Team versus Contact Sphere
Everyone has a contact sphere, but not everyone develops those into a power team. According to Ivan Miser who coined the term, “a contact sphere is a group of symbiotic professions who have a good opportunity to provide referrals to each other.” A power team takes this a step further. A power team is a
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Recordkeeping for your Business
Recordkeeping for your business is primarily driven by tax requirements, but your industry may have specific requirements for records as well. The information of this blog is not considered tax advice and you should always consult your tax preparer when making decisions which could affect your tax situation. The article is based on the IRS
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STOP MIXING PERSONAL AND BUSINESS FINANCES
Many have written about co-mingling finances, however many business owners continue to do it. Therefore, you get my version of the lecture. Stop mixing your personal and business finances. Some business structures REQUIRE you to keep business and personal separate, and while this may seem obvious, it is practiced less often than you’d expect. Today, I want
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Do What you Love….
One of the biggest lies of owning your own business per Inc. Magazine is as follows: “Do what you love and the money will follow…. often times, a person’s love for doing something becomes their Achilles heel because instead of running their business, they just focus on delivering the service they enjoy so much,
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Fixed Assets: Is your balance sheet showing an accurate picture of the business’ financials?
Definitions First things first, there are a few terms we need to make sure everyone knows just from the title! Fixed Assets are the things that you own which are the touchy, feely things, for example buildings, vehicles, furniture, computers, fixtures. The costs of these are spread out over the useful life of the asset
The Most Common Bookkeeping Mistakes for Owner Operators
Biggest Bookkeeping Mistake I’ve spoken to many owner operators and quite frankly the biggest mistake I have seen is pretending bookkeeping doesn’t exist. Better yet, “doing the books” once a year for taxes only! Next Most Common Bookkeeping Mistake Tied closely for second is keeping incomplete or outdated books, but at least you tried for
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