When it comes to tax deductible meals, business owners aren’t always clear on the IRS rules. One can be surprised to learn that only 50% of the cost of meals are deductible on their tax return and that it can only be deducted in certain cases. There is also the question of how much of … Continue reading Tax Deductible Meals
Category: Bookkeeping
Bank Reconciliation
One of the many important tasks we perform as bookkeepers is bank reconciliation. Keeping the numbers accurate for our clients helps them to function with real time data in their businesses. There are times when a business is having trouble collecting from its clients. It is during these times that a bank account can get … Continue reading Bank Reconciliation
Bookkeeping Tools
When it comes to bookkeeping tools today, probably the one thing that comes to mind first is QuickBooks. It has been around for so long that it has become synonymous with small business accounting. I have been using the software since 1995. I have seen a number of changes through the years, but for the … Continue reading Bookkeeping Tools
Importing Bank Statements Into QuickBooks
I was looking through some job offerings on Freelancer.com and noticed that some people were offering to pay to for someone to enter 12 to 20 months worth of bank statements into QuickBooks® Online Financial Software. That in itself is not so bad, but the bank statements were said to have anywhere from 150 to … Continue reading Importing Bank Statements Into QuickBooks
Costs of Goods Sold vs. Expenses
Understanding the difference between costs of goods sold and expenses can be a bit difficult at times. To better understand what you are dealing with, cost of goods sold is anything that is directly related to the cost of manufacturing a product or purchasing a wholesale product to resell. Let’s imagine that you are a … Continue reading Costs of Goods Sold vs. Expenses