Your accounts receivable is essentially a list of all the money your clients or customers owe you. While retailers typically receive payment for their goods when the customer purchases them, this isn’t always true. Companies that provide services often don’t receive full payments when those services are rendered. Instead, they invoice their clients. This creates…
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One important thing a business owner has to do when setting up their business is determine how they are going to handle their accounting. Many people operate their business accounting like a checkbook, but that’s not always the best option. A checkbook typically follows the cash accounting method, but for a business, using the accrual…
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In a recent study by the Small Business Association (SBA), 88% of small business owners felt their business was vulnerable to a cyber-attack – malicious emails, attacks and phishing campaigns to name just a few. And business owners have good reason to be concerned. According to the FBI, the cost of cybercrimes reached $2.7 billion…
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One vital task every business owner must do annually is generate and submit W-2 forms to their employees, the IRS, and other entities. These forms are important because without them, employees cannot complete their tax returns. However, while some parts of the form are fairly self-explanatory, some are not. Understanding what a W-2 is and…
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If you recognize that your business has reached the point of needing a bookkeeper, you have two options: you can hire a local bookkeeper you can meet with in person, or you can hire a virtual bookkeeper. While outsourcing your bookkeeping to a virtual contractor is a fairly new concept, there are a number of…
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Bookkeeping is not a new science. Historical records indicate bookkeeping existed as early as 6000 B.C. Ancient Babylonian kingdoms recorded inventory from crops. Bookkeepers in Greek and Roman societies counted and noted agricultural crops, as well as payments to farmers. While bookkeeping may have been around for thousands of years, they are just as important…
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