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The level of detail required for your bookkeeping depends on various factors, including the size and complexity of your business, industry regulations, and your specific reporting needs. Here are some general guidelines to help you determine how detailed your bookkeeping should be: Legal Requirements: First and foremost, your bookkeeping must meet legal and regulatory requirements....

Whether you need a bookkeeper depends on various factors, including the size and complexity of your business, your accounting knowledge and skills, your time availability, and your willingness to manage financial tasks. Here are some considerations to help you determine if hiring a bookkeeper is necessary for your business:   Business Size and Complexity: If...

Bookkeeping is the process of recording, organizing, and managing financial transactions of a business. It’s crucial for tracking the financial health of a company, making informed business decisions, and fulfilling legal requirements. Here are some basics of bookkeeping:   Double-Entry System: Bookkeeping typically follows the double-entry system, where every transaction is recorded twice, once as...

Are you behind in filing your tax returns? I recently have been getting calls from people who are behind in filing their tax returns. Being “by the book” person that I am, I find it so hard to believe. I would not be able to sleep at night knowing I missed such important deadlines. But – not everyone...

Financial Statements:            Financial statements are essential to a business because they provide an image of the company’s financial health. Financial statements allow one to determine where the money is going. We analyze financial statements to assess the firm’s financial condition from an investment standpoint (Titman et al., 2018). We also...

On this video, I’d like to discuss with you Unemployment and how it works.  Unemployment is federally mandated but is state administered and so it does vary from state to state. Unemployment taxes are paid 100% by the employer.  The employee never pays the unemployment tax.  There is both a federal tax and a state...

You may face many important deadlines. You should always have certain “tools” that you utilize to stay on task and meet those deadlines. Below is a list of tools that will help you accomplish your best results and meet those deadlines. Set up a “to do” list with dates at least five days prior to...

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