An accounting software system is a valuable tool for any business. It allows for more accurate record keeping, which in turn means less work and lower risk of mistakes. It enables you to automate labor-intensive accounting tasks and accelerates tax preparation. There are many benefits to using an accounting system, so it is important to…
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The cash basis of accounting is the method of recording revenue when cash is received and recording expenses when cash has been paid out. This method is easy and enables the business to legally manipulate taxable income. Paying less in taxes is as easy as spending more money. The cash basis is common for small…
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Outsourcing accounting services is a great way to save time, money, and your sanity. It can be difficult for many business owners to find the time or expertise necessary to keep up with all the paperwork that comes from running a successful company. We will examine how outsourcing accounting services can help you improve your…
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A balance sheet is a financial statement that provides an overview of the company’s assets, liabilities, and equity at a specific point in time. It is important to know what each one means in order to understand how well you’re doing. It can be difficult to understand all the information on this document, but there…
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You may think reconciling your books is a tedious process, but it doesn’t have to be. In this blog post we’ll go over the steps needed to prepare a reconciliation and how you can streamline the process so that it’s as painless as possible. What is a general ledger account reconciliation? A reconciliation is…
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If you’re a business owner or been thinking about opening up a new venture, the thought of improving its performance must have crossed your mind. And that’s where financial forecasting comes into play. It’s simply the process of looking into the future of your business based on historical data and trends. In this post, you’re…
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