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Bookkeeping is the way businesses, entrepreneurs, and decision-makers keep track of a company’s overall financial health and operations. Without daily bookkeeping processes, financial transactions and costing activities will easily spiral out of control, leading to uncertainty, disorder, and loss of profits. Although it may not be performed exactly the same way across all industries, bookkeeping is an essential component of a business and is undeniably integral to its success

Top Trends for Businesses have been ever-evolving, yet the change due to the COVID-19 pandemic has remained unrivaled. As this was a...

So, you’ve decided to start a business. Congratulations! Before you get too far, you’ll need to figure out how to keep track of your financials. Creating a bookkeeping and accounting plan early will help you make informed business decisions, mitigate the risk of overspending, and generally be a happier person (really). This quick guide will show you how to approach bookkeeping and accounting as a startup from the beginning so you can stay organized as your business grows. FIG

It is challenging to run a business. In fact, one of the hardest things you will ever have to do is run a business. Even if you are an expert in your profession, running a small business requires you to have a wide range of skills. Small businesses in particular are often experiencing difficulty starting off for a number of reasons. Unless you're an accountant, the reason you started your business was probably not to devote all of your time on small business bookkeeping and a

As a start-up company, there are several things that may challenge your business in the first few years. Being a newbie in a competitive industry entails overlooking all areas of work and sustaining it, but that alone is already overwhelming. Sometimes, expanding your workforce is the solution to prevent your business from crumbling. When handled by real, experienced professionals, potential threats and problems can be urgently managed. This will also help you and your compan

Time is money. The amount of time you have in a day is capped… but your potential shouldn’t be. As a small business or entrepreneur, you get overwhelmed with the number of things you have to manage. However, you cannot let the cap on the time in a day prevent you from getting the job done. Although, this can quickly turn into a feedback loop of working harder to do more, which results in doing more to work harder, so you work harder to do more, and so on. After all,  90% of t

As a business owner, did you ever encounter days when you had a lot on your plate that you had no choice but to push back certain deadlines? Or were there instances when you faced tasks that you were not fully knowledgeable of and had no one else to ask for guidance, so you found them difficult to accomplish? If you answer yes to both and have already been in these situations a few times, then you should really do something about it - especially if it involves your finances,

Understandably, your bookkeeping is ignored with business deals to close, managing your operations, and personal life. Every new item pushes the books further downward, until it finally vanishes. You do remind yourself about bookkeeping clean up. But you just cannot find the time to prioritize it. And what is the final result? It becomes a giant monster that scares you when the tax season is ahead. But, to all the business owners: Don’t panic! We will walk you through the boo

As a small business or a start-up company owner, keeping a close eye on your finances is a must to accurately track your revenues and expenses. Bookkeeping is one way to do this, but we understand the horror that comes with it as it is challenging, time-consuming, and tiring to accomplish. This particular practice is oftentimes overlooked by newbies because they initially take more importance to monitoring sales than the overall cash flow situation. As a result, mistakes are

If you are running a startup, there are probably instances when you feel like you don’t have enough hours in a day to get your tasks done – totally understandable! You need to focus on core tasks and oversee other critical business activities, but you just don’t have the time to balance them all. So, don’t try doing everything on your own. There are many possible ways for you to get a better hold of your everyday duties, one of which is outsourcing. For example, if you notice

The shortage of accounting labor can be attributed to the usual reasons. Whether it is finding a new opportunity where they can be paid more, or they just simply can’t stand the culture in their workplace, truly there is nothing new when it comes to friction in the workforce. However, this scenario isn’t something that can be taken for granted 1% of the workforce has yet to return since the pandemic, as stated in a report by the  US Bureau of Labor Statistics . The potential

Practically, hiring the right person is not as easy as it sounds! There were  7.2 million job openings  in the US during July 2019, but only 6 million people were hired.  This difference indicates how difficult it is to find the right fit for your business. While there were 10.44 million job openings in the United States in August 2021, the quit level in September 2021 was as high as  4.4 million , and an increase in the quit rate was reported  at 3% .  The industries that su

Why You Need Cash Management To Run A Successful Business Most business closures happen due to poor cash flow management. If you manage a business, you likely already know this. To say that this statistic is an indicator for prioritization would be a bit of understatement. It is a watch tower beacon, a neon arrow, and a spotlight on the most important thing a business should keep focused on. Cash management sounds like something that is left to folks with degrees in finance a

Remember how easy it was to organize your business receipts, bills, invoices, and general paperwork? But then you started selling more, getting more clients, more paperwork came in, and everything went out of hand. Now, even a minor inaccuracy or oversight can have an impact on your profit and loss statements, income statements, and revenue projections. You won't realize the consequences until you've dealt with a major year-end mistake that affects your payroll and taxes. Man

The trend of remote working has increased in the past five years with a net increase of 44% . And COVID really kicked the trend on to a new plane. The sharp increase of telecommuting culture seen soon after the COVID-19 pandemic hit the world was immense. And it is expected that  73% of all departments  will have remote teammates by 2028.The growth in telecommuting also showed that most remote workers deliver better productivity when working from home. But unlike traditional

As a small business owner, people have very high expectations of you. If your business is just starting, you have to wear several different hats at a time; entrepreneur, owner, manager, staff, salesman, marketing, HR department, and many others. . However, despite the amount of effort and hours put in, 86.3% of business owners aren’t able to cross the six digits income in a year. With 32.5 million small businesses in the US, why are many owners unable to make remarkable suc

Imagine the peak time of the year. Deadlines are looking tight. You have stayed late just about every night. Weekends just means you have to answer fewer emails…and you have a client that needs to clean up a full year of their books before tax deadlines. Maybe you don’t have to use your imagination. You can remember it — perhaps you are living through it right now. Or maybe you have taken on a very big project and as Murphy’s Law takes effect and an audit letter hits your mai

Running a business - big or small - is no easy task, especially when money is involved. So, what can you do to lessen the weight on your shoulders? Invest in hiring the right people! How exactly, you may ask? Well, to start off, you should first identify what specific aspects of your business need more attention on bookkeeping services. REINFORCE YOUR ACCOUNTING DEPARTMENT For instance, if you notice that budgeting and calculating monthly expenses take longer to accomplish co

As a business owner, knowing the right topics to discuss with your accountant gives you the advantage. If you come prepared with a list of current and upcoming topics to discuss with your accountant, you will be prepared, effective and on track to achieve your financial goals. Accountants monitor and analyze your finances while keeping accurate and up-to-date financial records. Beyond fulfilling their role, this will also help you develop a good relationship with them. The tr

So if you are an aspiring entrepreneur, it’s highly likely that you’ll want to consider a similar approach. Of course, apart from the convenience that comes with such a set-up, you could potentially save more money in the long run as well - especially if you prefer to hire freelancers, such as a virtual bookkeeper. The Covid-19 pandemic caused a big shift in our daily lives. If you look around, you’ll notice that many people are now working or studying remotely, a lot of busi