financial bookkeeping tips for contractors
Preparing your income taxes is a yearly task that must be completed. Many people dread tax season because they are worried they will owe the government a large sum of money. Deductions can be used to help reduce your tax burden, but taxpayers leave a lot of deductions unclaimed each year.
Don't overlook these important deductions if you want to minimize the amount of money you owe or maximize your tax return this year.
If your kids are growing up and earning their own money, you're probably wondering how this affects both your taxes and theirs. It's a good question, and here's what you need to know.
When Is a Child Required to File Taxes?
If you're claiming your child as a dependent on your taxes, they may still be required to file their own return. Generally, this is based on how much money they earn.
Just as large enterprises are now using data to inform their business decisions, small businesses can leverage data for greater revenue. One of the easiest ways for a business to do this is to integrate its accounting solutions directly into its customer relationship management suite. Accounting and bookkeeping software manage the company's finances, while a CRM program manages their customer history. Together, they provide the business with all the information it needs to grow.
Deciding the best way to do your budget for the year is a process that will affect how much financial information you have at your fingertips. Many companies are beginning to set up rolling budgets to give them a better forecast of the year ahead. Here is the how and why to set up a rolling budget for your small business.
What Is a Rolling Budget, Anyway?
A rolling budget is a budget that is calculated to always include the upcoming year.
If you need to seek out some financial support for your business, you may be wondering whether it's best to seek out an accountant or bookkeeper. Both of these professionals can play a role in small business, so read on to find out what the major differences are.
What Bookkeepers Do
Bookkeepers play a role in the operational side of your business finances. They are the people to turn to if you need help with keeping your bank statements up to date, reconciling credit card bills, sending out invoices and accepting payments, and other related tasks.
As a renovation contractor, I have a lot of things to worry about each day. I have to think about my customers, my business, the insurance I need and even the employees that I have working for me. All of these things keep me busy enough without having to worry about keeping up with my financial bookkeeping each day. How do you keep up with the financial bookkeeping so that you don't make any errors that could cost you a whole lot of money? I have worked with my accountant to develop a process that has helped me and I have shared the tips he has taught me right here on my blog to help you.
Preparing your income taxes is a yearly task that …
If your kids are growing up and earning their own …
Just as large enterprises are now using data to in …
Deciding the best way to do your budget for the ye …
If you need to seek out some financial support for …