Tag: Mount Pleasant
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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 […]
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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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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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3 Bookkeeping Tips You Can Use Year Round
3 Bookkeeping Tips You Can Use Year Round As a business owner, bookkeeping is an essential task that can’t be ignored. It’s not just a yearly chore, it’s an ongoing process that helps you stay on top of your finances, manage your cashflow and make informed business decisions. In this blog post, we’ll explore three […]
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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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Bookkeeping Tips for Self-Employed
Being self-employed comes with many responsibilities, one of which is keeping track of your finances. Accurate bookkeeping is essential to understanding the financial health of your business and making informed decisions. Here are some bookkeeping tips to help self-employed individuals stay organized and on top of their finances. Keep a monthly budget to track your […]
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6 KEY MONTHLY BOOKKEEPING CHECKLIST ITEMS
6 KEY MONTHLY BOOKKEEPING CHECKLIST ITEMS Balance your checkbook Review your budget and compare it to your actual spending Reconcile your bank statements Update your contact information for bills, subscriptions, etc. File away any important receipts or documents Check in on your retirement and investment accounts Silicon Harbor Business Services is based in Mount Pleasant, SC. […]
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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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Sensible Investing Benefits
Sensible investing offers several benefits, both in the short term and over the long haul: Risk Management: Sensible investing focuses on diversification, which spreads out risk across different assets, sectors, and geographical regions. This helps mitigate the impact of any single investment performing poorly. Consistent Returns: By avoiding speculative or overly volatile investments, sensible investing […]