Keeping track of income and expenses is essential, even if you don't own a business. And if you do own a business, things get even more complicated. There are paychecks to issue, taxes to track, and subcontractors to pay out. All of these details are a whole lot less challenging when you hire an accountant to oversee them. However, it is still important to know a little bit about accounting yourself. Dig into the articles on this website, and you'll gain a better understanding of accounting principles, what services accountants really offer, and the benefits of hiring these professionals to assist with your finances.
30 June 2020
Few mistakes in the world of business accounting can be as catastrophic as not fully understanding what profits are and how to achieve them. It's easy to think that profitability means simply taking in more money than you spend. More factors come into play, though. Let's take a look at what you need to know about profits. Receipts, Cash Flow, and Profits Aren't the Same Things One of the easiest traps to fall into is the blind belief that money goes into a business and profits come out.
15 June 2020
Your tax liability can really impact your ability to run your business at a profit. When it comes to your tax liability, as a small business owner, there are steps you can take to reduce the taxes that your business has to pay in a legal manner. Tax-Saving Strategy #1: Contribute to a Retirement Plan As a small business owner, the money that you contribute to your retirement account is something that you can deduct from your taxes.
7 May 2020
Controlling and reducing costs is one key goal of all accounting. One of the most important ways a business can achieve this goal is through cost accounting. Cost accounting is an area that focuses on determining how much it costs your company to create its products or services and how you can reduce that expense. Do you think that cost accounting might benefit your business? To learn more about this vital component, here is a brief rundown of the two types of cost accounting and what to expect from each.
2 March 2020
There are a few very popular small business accounting software programs out there. There are also quite a few online training options, like quickbooks online training, that will allow you to learn how to use these programs. Here are a few signs that you should think about signing up for an online training program so you can better use your accounting software. You Don't Think You're Making the Most of Your Software Program
10 February 2020
Working as an artist can present a host of issues that aren't common to other trades. If you're worried about your bookkeeping needs, consider these four issues that apply to accounting for artists. Segregate Personal and Business Finances When you are just starting to your art into a business, there can be a moment where it's challenging to keep personal and business money separate. Even if you've taken too long to learn how to properly segregate your finances, doing it late is still better than not doing it at all.