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Thought Leadership from the Leaders in Virtual Accounting and Bookkeeping Services
5, July
2022

The 7 Deadly Sins of Bookkeeping

Accounting is a tedious and often stressful task for business owners. When working on the bookkeeping for a business, mistakes can occur if it is not completed meticulously. When a bookkeeping mistake happens, it provides inaccurate financial data about the company’s finances and may lead to poor business decisions. Accounting errors can also lead to serious budget problems. The guide below provides insight on seven common deadly sins of bookkeeping and how to avoid them.

1. Not Keeping Track Of Receipts

Business owners are sometimes not aware of the importance of keeping their business receipts for accounting purposes. Receipts are crucial evidence that can support tax write-offs to the IRS. Without a receipt, a business may not be able to claim an expense on its tax return. Consider scanning all receipts into the computer as well as keeping the original copy locked in a file cabinet for safekeeping.

28, June
2022
17, April
2022

Depreciation: What Method to Choose and is None an Option?

Depreciation is one of the hardest accounting practices to get right, but avoiding calculating depreciation could cost.

28, October
2021
5, June
2021

Bookkeeping Basics for Your Small Business

Whenever you operate a small business, you need to know little something about the basics of bookkeeping. A little.

 
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