Tag: SiliconHarborBusinessServices
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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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Tips on effective debt management for a business owner
Effective debt management is crucial for business owners to maintain financial stability, sustain growth, and avoid cash flow issues. Here are some key tips for managing business debt: 1. Understand Your Debt Categorize Your Debts: Separate short-term debts (e.g., working capital loans) from long-term debts (e.g., equipment loans, mortgages). This helps you understand repayment timelines […]
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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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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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Year-End Bookkeeping: How to Wrap Up Your Financials
Year-End Bookkeeping: How to Wrap Up Your Financials As the year draws to a close, it’s crucial for business owners to ensure their financials are in order. Proper year-end bookkeeping not only helps you prepare for tax season but also provides valuable insights into your business’s financial health. Here’s a step-by-step guide to wrapping up […]
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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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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 […]