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February 20, 2015

Top Payroll Penalties to Avoid

Payroll rules and regulations are an important management concern for any small business. Payroll services can help small businesses avoid any oversight penalties that may occur. There are several management concerns that each new business and established business may have regarding employee payroll. 1. RECORD KEEPING AND DATA GATHERING. Record keeping and data gathering are critical areas of business. Data gathering is especially important for the employees of a small business. There are local, states, and federal record keeping requirements for each new employee and for each employee that remains employed. Making sure that the correct information is gathered is vital to the longevity of any small business. 2. MANAGING PAYROLL. Payroll needs to be organized and managed effectively. The […]

February 16, 2015

Why Do Some Businesses Fail?

Everyone is having a really difficult time making ends meet in this economy. There are thousands of people locally that lost their jobs because of layoffs or business closings and they are truly lost. More and more often they are turning to a hobby or a talent and starting their own business. But they never seem to first seek the help they need from professionals such as a bookkeeper, accountant, attorney, insurance agent or, for sure their banker. They open a checking account and they’re off. What happens next is they discover they have omitted some basic and essential element, such as paying payroll taxes, or filing the wrong federal forms, or failure to get a license. They then start […]

February 2, 2015

Bookkeeping Tips For Startups

For many small businesses, the most common bookkeeping errors are also the easiest to fix. If you don’t have a bookkeeper Melbourne to help you out, use these six tips to help keep your business on sound financial footing. Use the right accounting system. Most businesses use either cash-based or accrual-based accounting. If you use the cash method, you count income when you receive it and expenses when you pay them. Under the accrual method, you count income and expenses when they happen, not when you actually receive or pay them. In practical terms, this difference in timing is relevant if your company keeps inventory on hand or handles transactions on credit. In these cases, the accrual method might be […]

January 26, 2015

The Seven Best Bookkeeping Tips for Small Businesses

Bookkeeping for Small Businesses Bookkeeping is probably not the most exciting part of your day, but it is crucial component of running your own business that cannot be ignored. Whether you hire someone else to do it for you or do it on your own, it needs to be regularly maintained and monitored. In order to make that process a little less daunting, we’ve compiled some quick and easy bookkeeping tips for your small business. Seven Best Bookkeeping Tips for Small Businesses: Organization is essential If you start right from the beginning with an easy-to-follow and organized system, it will be easier for you to maintain and adjust it as your business grows. Research various bookkeeping methods on the internet […]