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As a business owner, unless your business is accounting, bookkeeping is normally the last item on your to-do list. But is ignoring your company’s finances wreaking havoc on your business? According to an Entrepreneur Magazine article, “Entrepreneurs who hire accounting help usually discover they weren’t doing nearly as well on their own as they thought they were.” Here are some reasons why smart business owners hire experienced bookkeepers to manage the back end of their companies... Read more

Business owners, do you really need to keep all those receipts? The short answer is YES. As a small business owner, you make tons of purchases for your business. If you are like me, you make them all with a debit or credit card because, after all, who uses cash in 2024? Do they even print that stuff anymore? So that means that all of your transactions are on either, your credit card or bank statements, right? Correct. But this is not enough to prove that an expense is a qualified... Read more

Often overlooked, receipt keeping is a necessary component of good bookkeeping. Receipts are the primary and easiest way for a business to support all entries recorded on the books and on tax returns. Should the IRS audit your business’ tax return, they will require supporting documentation showing not only the amount paid but a detail of record proving that the item was, in fact, a qualified business expense. Contrary to common belief, bank statements most times do not include th... Read more