Relax, sip your cup of tea while YOU learn how basic bookkeeping practices help you to TAKE CONTROL of your business finances! If you are a small business owner, it's probably a good bet that bookkeeping isn't your cup of tea. On the other hand, some people love bookkeeping (like me).
The method of data compilation for your business records, regardless of whether it is manual or computerized, is the BACKBONE of every small business, whether YOU the owner know it or not.What is the best way to organize, enter and file each receipt received and invoice issued?. There isn't one right way so I'll discuss your options.
The method of data compilation for your business records, regardless of whether it is manual or computerized, is the BACKBONE of every small business, whether YOU the owner know it or not.What is the best way to organize, enter and file each receipt received and invoice issued?. There isn't one right way so I'll discuss your options.
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I know you are busy and don't have time to wade through governmental websites to keep up-to-date with current bookkeeping news that may affect your business. I cover five different news area to help you save time and keep you current or assist with your backwork. If you want to lift your nose out of the books and get your mind off bookkeeping for a few minutes, you'll also find enjoyable "Teabreaks" scattered throughout the "News".
I have a confession to make that may shock you. I hate filing! Yes, I do so I have developed a "lazy man's" recordkeeping system to organize my own business receipts. You too can develop a system that works for YOU. An excellent article by Sherrill St. Germain on reverse budgeting (how to put your budgeting on autopilot with no detail tracking) talks about four elements to examine when organizing anything.
Remember, under accrual accounting, you record the revenue when the transaction is complete, whether or not you have collected payment. This means you should have accounts receivable on your books. Remember, under accrual accounting, you match costs with expenses whether or not you have paid the bill.
The rules for being able to claim your vehicle expenses related to business use are complex and inflexible. Some advanced tax planning and meticulous paperwork will help you take advantage of these potential tax benefits. Canadian bookkeeping and tax for business use of your personal vehicle is different than the U.S. so don't confuse U.S. rules with Canadian rules.
Self employment taxes need to be on your radar if you are a small business owner in Canada or the U.S. The best way to pay yourself when you are not an incorporated owner/manager/employee is to take a draw. A best business practiceif you want to ensure business success is to make sure you put enough money aside to pay these pesky taxes.
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