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Topic: Bookkeeping

Top 20 Tax Questions from Small Business Owners

Oct 4, 2017 / by Ross Sumner

There isn't a whole lot that's more complicated and confusing than taxes and tax-related issues. I have been working in tax for five years with individuals and business of all sizes and complexities. When I meet someone new and tell them I am a CPA, I instantly get some sort of tax question.

So, I've put together a list of the most common questions and answers I get from small business owners. Some of these situations get more complex depending on the size of the company, but these are the general rule.

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Tags: Bookkeeping

How Does Outsourced Bookkeeping Work?

Sep 27, 2017 / by Medha Patel

Let’s be honest, trying to find a good bookkeeper can be very difficult. How do you find someone you can count on, who will do a good job, and who has experience in your industry? Our answer is outsourced bookkeeping. But how does outsourced bookkeeping actually work? Here's how.

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Tags: Bookkeeping

Three Ways to Save Your Restaurant Through Better Bookkeeping

Sep 11, 2017 / by Michael Burdick

It’s hard not to wonder how many would-be chefs Rocco DiSpirito deterred from entering the restaurant business by famously declaring that nine out of 10 new eateries go out of business   within 12 months  of opening.

The celebrity chef’s claim was overblown, but the real numbers don't inspire much more confidence. Researchers at Ohio State University estimate that about 60 percent of restaurants undergo an ownership transition in their first year; 80 percent shut down   within five years.

Fortunately, failure is not a foregone conclusion. Chef and TV personality Robert Irvine told Business Insider that financial competency is one of the top factors separating success from failure in the restaurant world. Fiscal prudence and a bit of foresight can help restaurateurs get their finances in order and avoid the grim fate of going out of business.  Read the full article on Modern Restaurant Association here.
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Tags: Bookkeeping

6 Inventory Management Lessons Learned (the Hard Way)

Sep 7, 2017 / by Denise Pierosh

Inventory is the one aspect of accounting everyone loves to hate, but it’s really not as complicated as you might think. What it does require is logical thinking and careful attention.

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Tags: Bookkeeping

Does My Business Need a Bookkeeper?

Welcome to Part 1 of our “Does My Business Need…” series, where we break through financial gobbledigook to help you figure out your business’s needs. Jargon out, simplicity in.

Other articles in the series:
Does my business need an accountant?
Does my business need a financial analyst?
Does my business need a part-time CFO?

What does a bookkeeper do?

The role of a bookkeeper is to enter, categorize, review, and reconcile transactions in a company's accounting system. Having sales and expense data properly categorized enables business owners to see where they are spending and making money.

Historically, a bookkeeper would receive a list of entries or transactions in the form of receipts, emails, bank statements, credit card statements, invoices, loan documents, etc. and assign them to different accounts based on the type of transaction. While this is still common practice, it doesn’t have to be.

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