Tag: Virtual Bookkeeper
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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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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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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 […]
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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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Quarterly Estimated Tax Payments
Quarterly estimated tax payments are payments made to the IRS and, in some cases, to state tax authorities, on a quarterly basis to cover your tax liability for the year. These payments are typically required for individuals and businesses that do not have taxes withheld from their income, such as self-employed individuals, freelancers, and business […]
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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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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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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 […]