Do You Make These 5 Small Business Bookkeeping Mistakes?

Do You Make These 5 Small Business Bookkeeping Mistakes?If you’ve been an entrepreneur for a long time or are just getting started, then you probably already know that small business accounting is not as easy as it sounds. Not only do tax laws regularly change, but accounting standards and practices change too, which makes it easy for a small business owner to get tripped up and make a few mistakes.

But keeping the books for your small business doesn’t have to be stressful. We want to help you simplify your life, save money and reduce stress by learning how to avoid these five basic bookkeeping mistakes.

1. Mixing Money. You might think it’s not a problem, but the IRS disagrees. Co-mingling your personal and business funds together is simply bad business and as a LLC or Corporation it could potentially cause a breach in the “corporate veil.” Not only is it a risk to your asset separation but also you may have to pay an IRS penalty if get caught. No matter what, keep your business and personal account spending separate. Take the time to speak with a small business accountant to help determine the best way for you to transfer money from the business to you personally or vice versa.

Continue reading

4 Things Entrepreneurs Need to Know About Buying Accounting Software

4 Things Entrepreneurs Need to Know About Buying Accounting SoftwareAre you an entrepreneur? Yes? Okay. I’m going to tell you something that sounds crazy–or at least like a line–but which I know to be unequivocally true. The right accounting software package will help make your dreams come true. See, I told you it would sound a bit crazy! Let me explain it a little more.

What feeds the fire of every start-up is an inspiration of what the company can be and what it can do better than any other on the market. But nothing douses that fire like drowning in inefficiency and tedious administrative processes.

Continue reading

7 Reasons Why Outsourcing Your Bookkeeping Can Save Your Business

Any entrepreneur who has tried to start up a new venture knows how difficult it can be to get the ball rolling – and expensive as the costs begin to add up over time. There are many ways business owners can work to keep their expenses down and one of these methods includes outsourcing. Whether you have three people working for you, or 30, outsourcing your bookkeeping can be hugely beneficial for the following seven reasons.

1.     Less mistakes.

In the early stages of a business, you are a one-person operation. All of the hats, from bookkeeping and marketing to cleaning and sales, must be wore each and every day. By doing several jobs at once, it’s much easier to make mistakes due to lack of time and energy or even simply overlooking some assignments.

Continue reading

7 Invoicing Best Practices for Small Business Owners

7 Invoicing Best Practices for Small Business OwnersThis guest post is brought to you by GoDaddy Online Bookkeeping (formerly Outright) the simplest way to manage your small business finances online. Sign up today for a less taxing tax time!

Running a business only works if you get paid. Sending out invoices with no answer from the client or customer can cause you to pull your hair out and stay up all night wondering how you’re going to pay the bills.

Now that GoDaddy Online Bookkeeping also includes a new Invoicing feature, we’ve taken a marked interest in how our customers invoice. And we’ve come up with several best practices that seem to get invoices paid promptly and in full.

Continue reading

The Importance of Small Business Bookkeeping

The Importance of Small Business BookkeepingBy Greg Lindberg, 1800Accountant Writer

In the eyes of most small business owners, bookkeeping is likely one of their least favorite things to do. When you sit down and think about it, who truly enjoys pouring over lengthy spreadsheets and calculating financial figures that will often make your head spin? Even though bookkeeping is not a highly popular task it is still one of the most important priorities on any business owner’s to-do list.

Bookkeeping is a practice that involves maintaining all of the financial records of a business. It is vital to keep a keen eye on the profits a small business generates, the money it pays in the form of expenses, and the taxes it incurs on a regular basis. When you can see a clear snapshot of this information in front of you, the financial side of your small business will immediately become very important to you.

Continue reading

Do Your Taxes Have Bad Breath?

Today, our guest poster Justin Krane offers up a step by step plan on how to stay on top of your taxes and how to avoid putting them off till the last minute. Additionally, you can join Justin and our CEO Deborah for an amazing financial webinar on May 29th at 1PM PST/4PM EST. In this webinar, Justin will teach you how to create high quality goals and the financial strategies to put in place to work towards achieving them. You in? We are! Register by clicking here.

You are trying to back away from them but their stank is just ridic? They have no idea how bad their breath is! Especially when they eat the onion bagel with lox cream cheese! You’ll do anything to avoid their halitosis.

Got me thinking. Do your taxes have bad breath? Your taxes only end up stinking if you put them off till the last minute. It stinks to have no idea how much money you owe the IRS. Give your taxes a breath mint! No more scrambling the last few days before taxes are due. No more tax surprises. No more bad breath.

How you plan your taxes is most likely how you plan your financial life. It’s time to be proactive, not reactive! I want your financial life to be easier for you.
Continue reading

How to Properly Store Accounting Files Within the Cloud

Online document storage is increasingly becoming an integral part of any company offering accounting and/or bookkeeping services. It offers a sense of security to the small business owner because hard copies can easily be damaged or misplaced, and a way to store files long term without having to invest in additional filing space for the physical files. But it’s not enough to just store all of the files in a database as it will cause problems when it comes time to review or retrieve them. Having a system in place to organize and archive files will prove to be a big help to businesses in the years to come.

Although it is becoming very easy to store accounting and bookkeeping related files online, it is important to store them properly in order to minimize the hassle of searching through archives when a file is needed. It is also important to know which files to have on hand. Here are some ideas to help provide a better understanding of proper file storage. Continue reading

5 Tips for Preparing Your Small Business’s Taxes

At the beginning of each year, businesses begin to look at what they spent the year before, gather up receipts, approve budgets for the year, and start to get ready to file their taxes. Prepping your small business’ taxes early can be a long drawn-out process but gathering and preparing everything early on ensures that you and your employees are taken care of completely before April 15th.

Organize all of your records

Continue reading