Tag: Quickbooks
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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 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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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 year-end close bookkeeping?
Year-end close bookkeeping, also known as year-end closing or year-end accounting, refers to the process of finalizing a company’s financial records and preparing them for the end of the fiscal year. This process is critical for accurate financial reporting and tax compliance. Here are the key steps involved in year-end close bookkeeping: Review Transactions: Begin […]
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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 […]
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What is the difference between a ledger and a simple journal entry?
A ledger and a simple journal entry are both important components of the double-entry accounting system, but they serve different purposes and have distinct characteristics. Here’s an overview of the key differences between the two: Journal Entry: Purpose: A journal entry is the initial record of a financial transaction in accounting. It is used to […]
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What is a Business Tax Code?
A business tax code typically refers to a set of rules, regulations, and tax laws that govern how businesses are taxed by the government. It outlines the specific tax obligations and responsibilities that businesses must adhere to, including how they calculate, report, and pay their taxes. The term “business tax code” is often used interchangeably […]
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What’s New with Quickbooks Online for November 2021?
Mailchimp app for QuickBooks® Online The Mailchimp app for QuickBooks Online is a one-way sync that imports QuickBooks contacts and revenue data into Mailchimp. This software, which is now in beta testing, is the first collaboration between QuickBooks and Mailchimp, with more to come. Sync your QuickBooks contacts and financial data to Mailchimp, where you […]
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Intuit finalizes acquisition of Mailchimp
Intuit® has announced the completion of its acquisition of Mailchimp, a world-class, worldwide customer interaction and marketing platform for small and mid-market enterprises. Intuit and Mailchimp will collaborate to create an innovative, end-to-end customer growth platform for small and mid-market businesses, allowing them to get their business online, market their business, manage customer relationships, benefit […]
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Common Errors in Tax Preparation
Mistakes can happen when you’re preparing your taxes, even with all the technological automation on hand. A good way to avoid the oversight is to keep a list of common errors that can happen when making your report. •Assuming the wrong due date•Confusion over the most advantageous filing status•Not claiming the Earned Income Tax Credit•Failing […]