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Showing posts with the label Bookkeeping

Why A Company Should Outsource Its Bookkeeping from the Start

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Why does a company need to outsource its bookkeeping? Many companies think that bookkeeping is just an internal function of the company. The accounting is supposed to take care of the financial records of the company. However, the whole idea is to create more efficiency in running the company. It should be made easier for the employees of the company to handle their jobs better without having to worry about anything else. Bookkeeping is just one of the many areas where you can outsource bookkeeping help from. If you have a business and you want to increase your profitability, then outsourcing bookkeeping help is something that you should consider. This type of service will allow you to concentrate on other aspects of your business while your bookkeeper keeps track of your company's finances. You will be able to get more work done and save a lot of money. Why does a company get bookkeeping help? Outsourcing bookkeeping services has been very popular these days. Many small, med...

The Secrets You Will Never Know About Payroll For Small Business

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Did you ever think about how important the "secrets of payroll for small business " are? Well, did you? Did you ever imagine that there might actually be something in this "little" book? Or, did you just think that these "secrets" were made up by some "hairy book keeper" who has no idea what he's talking about?   The "secrets of payroll for small business" can prove to be very helpful to your business. So, let's get started. First, it will provide you with a very clear picture of how much money your business is bringing in. This is very valuable information to have. And, it will also show you how you can take advantage of the tax benefits available to small businesses. It will explain to you why it is so important to keep an accurate, up-to-date and current pay slip on every employee. Secondly, it will show you how you can maximize your tax benefits. In addition to the information provided above, this book will include hel...

The Truth about Payroll for Small Business is about to be Revealed

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  Payroll for small business is a hot topic. The "payroll nightmare" of the little guy is playing out like a video game in front of tens if not hundreds of thousands of small business owners. If you are considering outsourcing your payroll to an outside company, you should know that this is not the best decision for your business. In fact it could be the very thing that turns your business into a "one-shot wonder."   Payroll for small business is an incredibly complicated and intricate subject. The rules and the regulations change constantly and often at the drop of a hat. If you decide to outsource your payroll to an outside company, you risk losing or delaying payment to your employees, damaging your business reputation or even putting you out of business. This is why every company owner needs to have an honest and open discussion with their payroll company to get all the facts before making a final decision.   The very first thing that you need to do is ...

5 Things You Should Know About Corporate Tax Returns

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  There are many people that get confused about the differences between personal and corporate tax returns . They often wonder what they should have filed, if anything at all. This article will help clear up any misunderstandings you might have regarding tax forms and the difference between them. Here are the 5 things you should know about corporate tax returns .   First, it's important to note that many business owners fail to report their income on their personal tax return. There are many reasons for this, such as that business owners think that since they own their business, they don't have to report their personal financial information. Another reason is that some business owners may be unaware that they are allowed to take deductions for business expenses. However, there is a big difference between deducting business expenses and deducting them from your personal tax return. This is why you will often see business owners taking an effective deduction for their busine...

What is Accounts Preparation

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  What is accounts receivable preparation ? It is the process by which you prepare your credit report. The process starts when you send in your credit reports or the financial statements that your company filed with the credit reporting agencies. Upon receiving your reports, these agencies review them and determine if there are any errors.   If errors are found in your reports, they will contact you for your consent to correct it. With your permission, they will then debit your accounts receivable accounts with the money that you have agreed to pay. Your payments will then be debited from the appropriate account and credited to your credit report, which gives your credit score a boost. This process keeps your credit report in good standing and helps you secure a better credit score.   Why would you need to get what is accounts receivable preparation done? The answer is simple. Your company may have a problem when it comes to accounts receivable. You may find out ...

Financial Accounts For Small Businesses

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 When it comes to accounting and bookkeeping for a small business, there are two major types of accounts used: management accounts or financial accounts. The two account types share many similarities but are distinct too. The management accounts generally include: Payroll for the payroll department, accounts payable, accounts receivable, and taxes. The other type of accounts includes: Corporate tax returns, income tax returns, quarterly statements of earnings, and monthly statements of account. The accounting for a small business will cover the day-to-day financial activities of that business. The financial accounts usually include: Payroll for the payroll department, accounts payable, accounts receivable, and taxes. The other type of accounts includes: Corporate tax returns, income tax returns, quarterly statements of earnings, and monthly statements of account. The accounting for a small business will also cover the financing aspects of that business such as: Loans, leases, purch...

Subcontractors: Are you paying too much tax?

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Keeping on top of your taxes is one of the most important aspects of running a business, but for the self-employed, taxes often fall to the bottom of the to-do list when there are so many other things that need to be done. For many people doing their tax returns, their biggest worry is making a mistake when calculating how much they need to pay and end up getting a fine later down the line. However, what people don’t consider is whether they’re paying too much tax, which in some respects is an easier mistake to make. We spoke to Jason Jervis of J. Jervis Accounting, a firm that specializes in dealing with tradesmen, to understand how people end up paying too much and what they can do about it. Are you paying too much? “Many contractors use the Contractor’s Industrial Scheme (CIS)”, explains Jason Jervis of J. Jervis Accounting. “This means that they deduct 20% off what they pay to subcontractors—like carpenters, tilers, and electricians—and give it to HMRC on their behalf.” “Although t...