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Archive for the ‘Tips’ Category




Cash vs Accrual Method of Accounting: What is the difference?

September 4th, 2018

It’s all in the timing. If you record income and expenses on a cash flow basis, i.e. the date that the money changes hands, you are using a cash method of accounting. If you record income at the time that the services are rendered, i.e. earned, then you are using an accrual method of accounting.




Does the IRS really care if I keep separate bank accounts for my small business?

August 14th, 2018

In a word, no, the IRS does not care whether you keep separate bank accounts for your small business. What you have to be able to do is Show that you are seriously running a business for profit and Prove it by producing the records. It’s easier to do this if you are using different




The Joys of Bookkeeping

August 7th, 2018

Ok, I know numbers are not everyone’s favorite thing to play with, and they’re not mine either, but I really enjoy organizing things and that’s really what bookkeeping is, even if it is mostly with numbers. Bookkeeping is organizing everything – receipts, cancelled checks, invoices, monthly statements, etc. I love to see items all lined




Why is bookkeeping important to a small business owner?

July 26th, 2018

As a small business owner, it is important that you keep track of what you are spending as well as your sources of revenue. Not keeping track of your expenses would be like playing baseball without keeping stats, i.e. keeping track of what is going on; you’d constantly be wondering who’s batting now, how many