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How to Expertly Manage Your Business’s Bookkeeping with Little to No Experience

by Tracey Hrica, EA Jun 24, 2023

A Beginner's Guide to Bookkeeping Embracing the Numbers: A Small Business Journey Hey there, fellow entrepreneurs! Let me take you on a little bookkeeping adventure today. No one really enjoys bookkeeping (except maybe us accountants), but here's the thing... You can discover something fascinating amidst the sea of numbers. Picture this: You're sitting at your desk, crunching numbers, feeling a bit overwhelmed by the whole bookkeeping o...

5 Essential Financial Reports To Track Your Business’s Success

by Tracey Hrica May 02, 2023

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...

6 Things That Can Quickly Go Wrong When Your VA Handles Your Books

by Tracey Hrica Apr 26, 2023

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...

Filing a Tax Extention – Is it Actually the Best Plan of Action?

by Tracey Hrica Apr 03, 2023

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...

7 Little Red Flags that Could Spark an IRS Audit

by Tracey Hrica Mar 27, 2023

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 ...

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