Facets Business

Tag: Bookkeeping

  • Organizing Receipts With Good Bookkeeping Helps for Audits

    A couple of reasons why regular receipt organization and bookkeeping are so necessary for a small business is to keep personal and business financial papers separate. Why do this, you might ask? To not give the government a reason to audit you, and if you were to be audited, your finances would already be clearly […]

  • Accrual Accounting During The Holidays

    In the accounting and bookkeeping world, it’s important to understand what accrual accounting means and how important it is during a company’s most busy sales quarter. What’s accrual? It’s when you account for each financial transaction as it happens—every time you sell a product or service, you record it. In accrual bookkeeping, you record every transaction no matter when payment occurs.

  • What Happens When You Keep Organized Financial Records

    So, you’re a small business and you’ve been spotty with your bookkeeping records. Do you know how much you made last year, or the year before? Can you predict what income you’ll make next year? If it’s not clear, you may be on the downward path of losing your business. It’s as simple as this. […]

  • Audit Yourself Before You Get Audited

    Getting audited sucks! We know; we’ve seen businesses small and large shake in their boots when the officials come and ask them hundreds of questions about their financial records and decisions. Of course, this doesn’t have to be the case. Businesses who trust a professional and knowledgeable bookkeeper, to do the legwork and make sure their financial books are properly updated regularly, don’t have a thing to worry about.

  • Expert Bookkeeping Saves You Money

    If you’re a small business owner, we know you don’t have much leeway with your finances (we know, because we are one.) Funds are strictly allocated, and purchases are cautiously evaluated. But, all this is well and good until you make mistakes on your financial ledger—that’ll cost you big! Here are a few ways of making sure you don’t make regular mistakes in your bookkeeping:

  • Is Your Financial Book Loan Worthy?

    You’re excited about a new venture opportunity that’s presented itself for your small business; it’s going to be a great new product; it’ll double your company’s worth; it’ll put you on the map in your industry. However, it’s going to need some money thrown at it, which means you’ll need to get a loan, which also means you’ll have to show your financial records to the banking institutions! (Insert sound of a scream or halted record on a turntable here)