Tag: Virtual Bookkeeping
-
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 […]
-
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, […]
-
Revenue vs Profit
Revenue vs Profit Revenue and profit are two important financial concepts that every business owner should understand. While they are related, they are not the same thing. Revenue is the total amount of money that a company takes in, while profit is the amount of money that the company has left after expenses have been […]
-
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 […]
-
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 […]
-
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 […]
-
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 […]
-
What makes a good bookkeeper?
A good bookkeeper possesses a combination of skills, qualities, and knowledge that enable them to effectively manage financial records and transactions. Here are some key attributes that make a good bookkeeper: Attention to detail: Bookkeeping requires meticulous attention to detail to ensure accuracy in recording financial data and transactions. Organizational skills: A good bookkeeper must […]
-
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. […]
-
Reminder- Filing Due Dates
Reminder that 941 Quarter 4 forms are due today, January 31, 2024. Form 1099 MISC recipient copy deadline is January 31. If you are filing through paper forms, the due date is February 28. The electronic filing due date is March 31 for the 2023 tax year. January 31, 2024 is the deadline to file […]