Tag: accounting
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Preventing Expense Fraud
Preventing expense fraud is critical for protecting your business’s financial health and ensuring that employees or contractors don’t take advantage of loopholes in the system. Expense fraud can take various forms, such as inflating expenses, submitting fake receipts, or making personal expenses appear as business-related. Here are 5 key steps you can take to prevent […]
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The difference between the most well known accounting procedures.
The difference between the most well known accounting procedures. When it comes to accounting procedures, several frameworks and methods are commonly used in business and finance. Here are some of the most well-known accounting procedures, along with their differences: 1. Cash Basis Accounting Definition: Revenues and expenses are recorded when cash is actually received or […]
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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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Revenue vs Profit
Revenue vs Profit Revenue and profit are two important financial concepts that every business owner should understand. While they are related, they are not the same thing. Revenue is the total amount of money that a company takes in, while profit is the amount of money that the company has left after expenses have been […]
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Managing Cash Flow
Managing Cash Flow Managing cash flow is critical for the success of any business. Cash flow refers to the movement of cash in and out of a business, and it is essential to maintain a positive cash flow to ensure that the business can pay its bills, invest in growth, and remain solvent. In this […]
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What are allowable expenses?
What are Allowable expenses? Allowable expenses are the costs incurred by a business that are considered to be normal and necessary for its operation. These expenses can be claimed against the business’ income to reduce the amount of tax that it has to pay. One common type of allowable expense is office rent. If […]
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Can a bookkeeper prepare payroll?
Can a bookkeeper prepare payroll? A bookkeeper can play a vital role in the payroll process for a business. Payroll is the process of paying employees for their work, and it involves a lot of different tasks such as calculating employee pay, withholding taxes, and making sure that employees are paid on time. A bookkeeper […]