Running a rapidly expanding business means that there are responsibilities that you should no longer take on yourself. One of the first things most companies outsource to other firms is their accounting. And while competent services like Totally Booked provide excellent services, you still need to understand how accounting works.
Read MoreRunning a business that you love usually doesn't make you feel tiresome, but what pains most business owners are the inventories. Keep in mind that your business’s money transactions will determine if the company is still worth running at all. If your business transactions are disorganized, you will not know if you are still making a profit. However, tracking receipts is indeed a tedious job, which is why many owners dread this task.
Read MoreTax season can be regarded as the busiest time of the year for businesses, where the simplest mistakes can lead to costly results—including missed refunds, wrong data collection, and missing invoices. Unfortunately, these could affect your income statement, revenue projects, and even P&Ls, which could snowball into poor financial health that could lead to IRS investigations and penalties.
Read MoreYou may have been advised by your bookkeeper to periodically do bank reconciliations. But why? Isn’t the bank supposed to get it right, to begin with?
Read MoreRunning a small business is a constant struggle. Entrepreneurs have to decide when they should spend or save, which is a lot more complicated than it sounds. Unfortunately, bookkeeping is one of the most neglected aspects of many businesses. Instead of hiring a professional bookkeeper to do the job, some business owners tend to do it independently.
Read MoreStreamlining your bookkeeping process brings plenty of benefits. When you make this function more efficient, it leads to a better view of your business's financial standing. If you want to streamline your bookkeeping, here is where you could start.
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