When a business spends money that’s an expense. Not all expenses are the same, but why is it important to properly allocate the expenses, and what is so special about COGS? The answer to that question has multiple layers. First and foremost is tax reporting. Many business expenses are tax-deductible. They lower the amount of …
If you are a business owner who is also doing your own bookkeeping, I know you are BUSY! I’ve created a quick list to help you streamline what you should be doing at a minimum. Daily – Collecting receipts, invoices, and a record of all transactions taking place each day as well as having a …
10 bookkeeping tasks every business owner needs to make sure are being done Read More »
Enter all transactions incurred for year. Reconcile bank accounts (ensure all transactions are cleared, reconciled, or voided if duplicate/incorrect). Review Account Receivable Aging Report and send statements to customers with open balances. Review open balances on Accounts Payable Aging Report. Review contractors paid and file 1099’s as necessary. Create Profit & Loss Report and Balance …
Bookkeeping Year-End Checklist for Small Businesses: Read More »