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11IRS installment agreement XL2
A business has the ability to record transactions on a cash or accrual method of accounting. This is one of the first accounting decisions a business has to make. It is also one that a business has to evaluate on an ongoing basis. The benefit of using one method may no longer apply given changes...
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11accounts receivable
Reasonably up-to-date books can be used to make financial decisions.  Business can make changes and to seize opportunities. They can also show lenders and investors that the business is serious about doing things right.  But even with computers and systems that share electronic data, the business’ books will still be weeks if not months behind....
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11bkpr houston accounting
Quickbooks Online can automate some bookkeeping tasks.  The process of importing transactions via the bank feed is one example.  Simply connecting the bank and having Quickbooks Online download the feed does not produce accurate financials.  It isn’t intended to do so. About the Quickbooks Online Bank Feed Quickbooks Online prompts users to connect their bank...
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11accounting new vehicle
Keeping accurate books can be a challenge for small businesses. Small businesses are usually able to track their income in an accounting system. Some manage to track expenses. But few actually take the time to track their assets. This results in inaccurate financial statements. This post considers an example of a vehicle purchase, to show...
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11bookkeeping mistakes
We get it.  Bookkeeping is a chore.  It is a chore that takes time and energy that could be focused on growing and building the business.  As bookkeepers, we have seen it all. Here are six common bookkeeping mistakes we see businesses make: 1.  No process to review financial transactions Even small businesses receive and...
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11online accounting system
Online accounting systems have now advanced to a point where they can give traditional stand-alone accounting software a run for their money. In fact, we have now moved most of our clients to online accounting systems. We did this as we have found that the benefits of the online systems fix many of the shortfalls...
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11cash flow
The cash flow statement is a report that shows the cash generated and used during a specified time period.  The cash flow statement is particularly important for businesses who keep their books using the accrual method. Cash Flow Statements for Accrual Method Businesses With the accrual method for keeping books, revenues and expenses are recorded...
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11financial statements
A business’s ability to generate earnings consistently over time is a major driver for investors and a key for the business’s financial management to understand the past, current and on-going financial position. Financial statements can greatly aid in determining profitability, ability to pay back debts, and how to plan for the future.  There are three...
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11superhero kid
There are a lot of reasons to hire a professional bookkeeper.  These reasons vary from industry to industry and from one business to another.  Despite their differences, the primary benefits of hiring a professional bookkeeper are the same.  Here are the top 3 reasons to hire a professional bookkeeper: Manage Cash Flows Businesses need cash....
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11Scheduling XL
The accounting formula is assets less liabilities equals owner’s equity.  The bookkeeping process categories transactions into subcategories under these three broad categories.   How the transaction is recorded depends on whether the transaction increases or decreases the account. The increases and decreases are classified as debits and credits.   While this may not sound like...
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