Accurate Business Solutions, LLC.

11/03/2022

04/06/2017

Bookkeeping Tip of the Day:

Computer bookkeeping software is absolutely essential for all but the smallest businesses. These applications make it easy to track income and expenses, prepare tax documents, summarize your company’s financial activities and back up records for safekeeping. If you’re working with an outside bookkeeper, make sure they know how to use a computer.

01/06/2017

Start your bookkeeping correctly for the new year:

Small business owners most often than not have only one thing on their mind- growing their business and making profit, not that you can blame them, but what happens is that in the process, bookkeeping is sidelined and not wanting to spend too much on the “menial” task, the small business owners delegate it (to someone with no bookkeeping skills) or decide to do it on their own. Oh dear, trust me, that is definitely a recipe for disaster and mistake # 1. It is important that your small business bookkeeping is done with the utmost care and by someone who knows what they are doing. Your books will be accurate and the task will be completed quickly and efficiently.

12/21/2016

Merry Christmas! A BIG THANK YOU to my clients for putting your trust in me. May 2017 be another prosperous year!!

12/16/2016

Tip of the day:

If you don't have time for daily bookkeeping, when will you have time to process a whole month's worth of records? Outsourcing your bookkeeping can save you time and money!

12/13/2016

As the end of the year approaches, follow these tips to assure easy flow into the new year:

Call your auditor and/or tax return preparer to discuss what they expect or need from you for the audit and tax filing process.

Confirm that all revenues and expenses are recorded in the proper time period under General Accepted Accounting Principles (GAAP).

Confirm that all approvals, authorizations, and signatures have been documented for necessary items, such as bills, contracts, reimbursements, etc.

Make any journal entry adjustments as necessary, such as depreciation expenses or new fixed assets.

Reconcile all bank accounts, credit cards, and money accounts. Make sure balances are equal to year-end statements.

Confirm that your year-end payroll expenses match up with your monthly payroll taxes in order to prepare the annual IRS Form 940.

Run a year-end report of your taxable sales and confirm that you have paid all the sales tax required of your company, if applicable.

Reconcile Federal income taxes paid and State taxes paid, if applicable.

Prepare fiscal year end trial balance.

Close out temporary accounts (profit and loss accounts and dividend accounts) to Retained Earnings (or your company’s equity account).

12/09/2016

12/09/2016

Tip of the day:

Accounting can be tedious for any business, but if your small business doesn’t keep tight books it can make your taxes a nightmare. Without a system for your business’s finances a lot of things can slip through the cracks and end up costing you money in the long run. With a clear-cut process and some simple bookkeeping tips you can get a better grip on your financial situation, and even increase your earnings. The goal is to get a simplified process created detailing your businesses finances. Having a method that combines your expenses, invoices, deposit records and tax information can make your life as a small business owner ten times easier, especially as tax season rolls around.