The Importance of Completing a Physical Year End Inventory
It’s time to start thinking about year end tasks. One task that can often be overlooked is completing a PHYSICAL year end inventory. What does that mean?
It’s time to start thinking about year end tasks. One task that can often be overlooked is completing a PHYSICAL year end inventory. What does that mean?
Bookkeeping is an essential part of owning & running your own business, but unfortunately, knowing how to do your own bookkeeping isn’t a skill that comes naturally the moment you decide to open for business.
So often, bookkeeping is a task that is ignored, until you can’t ignore it anymore (i.e. it’s time to file your taxes). But, by staying on top of your bookkeeping year-round, you can use the numbers to see where your money is disappearing to each and every month.
So, here’s a little guidance to help make your bookkeeping as simple as possible, so it can become a task that you dread a little less.
Imagine sitting down to tackle your taxes, and you feel READY. Here are a few of my bookkeeping organization tips to help you feel READY instead of stressed!
One of the biggest, and most common, mistakes I see retailers making when doing their own bookkeeping, is marking all of their Shopify deposits as “Sales/Revenue” in their bookkeeping software or spreadsheets. Today’s post is going to take a deeper dive to help you understand how you SHOULD be recording those Shopify deposits in your bookkeeping.
As a boutique owner, bookkeeping can be hard. But staying on top of your bookkeeping records throughout the year, will help you have a stress free tax season.
If you’ve been in business for any length of time, you may have heard about quarterly estimated tax payments, and maybe even thought to yourself, “What are quarterly estimated tax payments? And do I need to pay them?”
One of the best ways to protect yourself in the event of an audit is to save receipts & bills that show proof of what you’re spending money on.
A bookkeeping reconciliation, or reconciliation for short, simply means that you are comparing 2 sets of financial records to make sure that they match.
Keep reading to learn EXACTLY what (and when) you should be doing certain bookkeeping tasks to stay on top of it all!
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