Tax season can either prove to be a nightmare for a small business or provide a chance to strengthen the business’ position through meeting payment obligations and deadlines. For most small businesses that operate within budget limitations, the bookkeeping and accounting is mostly carried out by the founders themselves to ensure diligence and accuracy in

Cloud accounting enables easier access to business data and information while helping ensure better collaboration between team members and people running the business. Financial information pertains to reports detailing financial activities and status, including documents such as the balance sheet, financial statement, reports on assets and liabilities, etc. Financial information effectiveness is directly dependent on

For a business to survive, it is vital that its finances are well-managed. However, for most small businesses, expenses are driven by budgetary considerations. With tight budgets comes the necessity to exercise caution when spending. Here are some money saving tax tips for small businesses: Assess Tax Liability Tax liabilities differ according to the business

December is a good time to take stock and assess your bookkeeping to-do list in preparation for your 2019 tax filings. However, the calendar year-end can be a busy time with other business management chores. Here are some practical year-end bookkeeping tips that can help streamline the financials and help businesses hit the ground running

Financial year-end activities almost always include streamlining business accounts for closing the books and tax preparation. Consider reviewing the following key activities before your small business’s financial year-end. Check Tax Obligations For every small business, there are several options to help reduce taxes owed. Review your deductions and expenses to ensure you have considered all

A streamlined accounts receivable system supports strong business financial health. Businesses often have unpaid dues that can quickly morph into overdue debt, eventually seriously hurting the business’s ability to make critical investments. Overdue client payments are often the first sign of poorly-managed account receivables. If business owners were to personally follow up on all collections,

The business year end, or fiscal year, may not always overlap with the calendar year, which is why it is vital to plan for year-end financials early to prevent slipping into a false sense of being on schedule. One of the most important steps to be taken for better year-end financials would be to gain

Running a business successfully requires managing multiple tasks simultaneously. Out of those many tasks, accounting holds a significant position. Accounting handles records, business reports, and many other financial interactions. Traditionally, most accounting functions were completed manually with an accountant’s assistance.  However, manual accounting has many disadvantages including it consumes a lot of time and is

A company’s balance sheet is termed a “statement of financial position,” that reveals the assets, liabilities and net worth of a firm. The balance sheet, along with income statement and cash flow statement, is an integral component of financial statements. As an investor or shareholder, it is important that one is aware of the structure

Accounting and bookkeeping are functions essential to every business, regardless of size and industry. These are also time and attention-intensive functions because the results influence the financial health of the business. Although there is a range of software available that can help small businesses with their accounting needs without investing heavily in either expensive manpower