Category: Blog
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Job costing in Quickbooks Online
How to easily implement job costing using Quickbooks Online Many contractors, building trades people, home builders, home maintenance and repairs business would benefit from using job costing. The Quickbooks Online project feature makes this very easy. Click here to download our free white paper on how to easily implement job costing for your business. […]
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Free 30-minute bookkeeping review! Quickbooks Online or other software
BOOKKEEPING REVIEW We offer a free 30-minute review of your books via Zoom. Silicon Harbor Business Services is based in Mount Pleasant, SC. We provide solid, practical advice to small business owners and select individuals. We work with Quickbooks Online, Quickbooks Desktop and Quickbooks Enterprise. For a complete list of our services, please click here. Reach out to our team of Business Consultants […]
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How are prepaid expenses adjusted on the general ledger?
How are prepaid expenses adjusted on the general ledger? Prepaid expenses are items that a company has paid for in advance but has not yet consumed or used up. These expenses are initially recorded as assets on the balance sheet because the company has a future benefit from them. To adjust prepaid expenses on the […]
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Asset Management
When recording a new vehicle on the balance sheet, you’ll need to consider several aspects to ensure accurate accounting. Here’s a step-by-step guide: 1. Determine the Vehicle’s Cost Purchase Price: The actual amount paid for the vehicle. Taxes: Any sales tax paid on the purchase. Registration Fees: Initial registration and licensing fees. Delivery and Handling […]
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End-of-Month Bookkeeping Checklist
End-of-Month Bookkeeping Checklist End-of-month bookkeeping refers to the process of reviewing, reconciling, and finalizing a business’s financial records at the end of each month. This routine practice ensures that all financial transactions for the month are accurately recorded, accounts are balanced, and financial reports are prepared. Completing these tasks regularly helps maintain accurate records, provides […]
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Payroll Taxes- Information to know
Payroll Taxes- Information to know Payroll taxes are mandatory deductions from employees’ wages to fund social insurance programs. Here’s a comprehensive overview of payroll taxes, including schedules and key information: Types of Payroll Taxes Federal Income Tax Withholding: Based on the employee’s W-4 form and the IRS tax tables. Schedule: Withheld each pay period and […]
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How to hire a good bookkeeper
How to hire a good bookkeeper Hiring a bookkeeper can be a great way to take the burden of managing your finances off your shoulders, but it’s important to choose the right bookkeeper for your business. In this blog post, we’ll explore how to hire a good bookkeeper. 1. Determine whether you need a bookkeeper […]
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IMPORTANCE OF BOOKKEEPING
IMPORTANCE OF BOOKKEEPING Bookkeeping is the systematic recording and organizing of financial transactions in a business. It’s a crucial part of the accounting process and involves various tasks and principles to ensure accuracy and compliance. Here are some key points about bookkeeping: Basic Principles Double-Entry System: Every financial transaction affects at least two accounts and […]
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Quarterly Estimated Tax Payments
Quarterly estimated tax payments are payments made to the IRS and, in some cases, to state tax authorities, on a quarterly basis to cover your tax liability for the year. These payments are typically required for individuals and businesses that do not have taxes withheld from their income, such as self-employed individuals, freelancers, and business […]
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Bookkeeping for E-commerce Businesses
Bookkeeping for E-commerce Businesses E-commerce businesses have unique bookkeeping needs due to the nature of online transactions, inventory management, and various sales channels. Here’s a comprehensive guide to help you manage bookkeeping for your e-commerce business effectively. 1. Set Up Your Bookkeeping System Choose Accounting Software: Select e-commerce-friendly accounting software like QuickBooks, Xero, or specialized […]