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There are a number of financial reports that can give you information on your business's past, current, and future financial state. In my opinion, the following reports should be reviewed regularly: Balance Sheet In accounting, a balance sheet summarizes a company's assets, liabilities, and equity at a given point in time. Why is it called a balance sheet? Well, think of it as an equation: Assets = Liabilities + Equity. At a...
Who loves their Virtual Assistants? We have dealt with some really great ones, whom we LOVE, but as a business owner, you need to make sure that you are delegating the right tasks to the right people on your team. Bookkeeping is one task that you should leave to a professional bookkeeper instead of trying to train your general virtual assistant to handle these duties. A bookkeeper tracks and manages the financial transactions of a busin...
You might not have a choice. Having extra time to finish your return is often necessary if you're still waiting for tax documents to arrive in the mail or if you need additional time to organize your bookkeeping. However, filing for an extension involves both pros and cons. Pros: Reduce late penalties. You'll avoid the 5% per month late-filing penalty if you file for an extension, then file your return by the extended deadlin...
The word "audit" is one of the things that scares business owners the most. So I've compiled a list of 7 red flags that could trigger an IRS audit to watch out for: Big deductions for meals and travel If you have minimal business expenses in other areas but are claiming a significant deduction on "meals and travel," you could be inviting an audit. Always make sure you keep the receipt and itemize on the receipt who you met with and ...
So, you're determined to live your best financial life! You can see it now. You'll keep your bookkeeping updated every month, stay on top of your numbers, and finally start paying yourself. This year will be your best financial year yet. But wait, you just have to figure out HOW to make that happen. That's where good money habits come in! There are five core financial habits that every small business owner should adopt. If you keep ...
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