Tag: Business Consultant
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Year-End Accounting Tips
Year-end accounting is a critical time for businesses to ensure that their financial records are accurate and compliant. It’s a time to wrap up the current year’s financial activities while also preparing for the upcoming year. Here are some essential year-end accounting tips for businesses to consider: 1. Reconcile Your Accounts Bank and Credit Card […]
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Beneficial Owner Information (BOI) Reporting
Beneficial Owner Information (BOI) Reporting refers to the requirement for certain entities (such as companies, trusts, or other legal structures) to disclose information about the individuals who ultimately own or control them, known as beneficial owners. In many jurisdictions, regulations require businesses to report the identities of their beneficial owners to prevent money laundering, terrorism […]
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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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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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Common Bookkeeping Mistakes and How to Avoid Them
Common Bookkeeping Mistakes and How to Avoid Them Bookkeeping is a crucial part of running a business, but it’s easy to make mistakes that can lead to financial inaccuracies and potential legal issues. Here are some common bookkeeping mistakes and tips on how to avoid them. 1. Not Keeping Receipts Mistake: Failing to keep receipts […]
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What is an Emergency Fund?
What is an Emergency Fund An emergency fund is a savings account that is set aside specifically for unexpected events or emergencies. It’s money that you can access quickly when you need it most, without having to borrow money or sell your assets. In this blog post, we’ll explore what an emergency fund is, […]
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What Are The 4 Important Activities in Bookkeeping?
What Are The 4 Important Activities in Bookkeeping? In bookkeeping, there are several important activities, but four fundamental ones include: Recording Transactions: Bookkeepers are responsible for recording all financial transactions of a business. This includes purchases, sales, expenses, and any other financial activities. These transactions are typically recorded in journals or ledgers. Classifying Transactions: Once […]
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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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What is Sensible Investing?
Sensible investing is an approach to managing investments that prioritizes long-term growth, risk management, and financial stability. It typically involves several key principles: Diversification: Spreading investments across a variety of asset classes, such as stocks, bonds, real estate, and cash equivalents, helps reduce the impact of any single investment’s poor performance on the overall portfolio. […]
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Who really needs to work with a bookkeper?
Who really needs to work with a bookkeeper? Most businesses could benefit from working with a bookkeeper. Here are a list of who really needs one: Anyone who doesn’t have the time or knowledge to keep their books up-to-date or at least a monthly basis. Any small business owner who wants to make sure they […]