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(Free Template) The Month End Close Process And Cash Flow

Many business owners have either bookkeepers or staff accountants to handle the month end close process. Honestly, it’s not a savory activity if you are not used to dealing with numbers. Most business owners I know do not get involved much in the accounting practices of their businesses. What can occur is a gap…
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How To Use QuickBooks And Xero For Your Month End Close Process

Every business owner knows that managing their books is important. One of those tasks to keep their books in order is reconciling your accounts at month end. This is extremely important if you ever get audited by the IRS.  Do you still do it manually? If you are thinking of implementing a new accounting…
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4 Vital Questions Answered About An IRS Audit

How outsource accounting prepares clients for IRS audits Many business owners shudder at the thought of an IRS audit. To be honest, it’s no fun but it’s also not the end of the world. Have you ever been asked by your mom “What’s behind your back?”, knowing the whole time you…
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Top 7 Documents To Have When Getting Audited

How outsource accounting prepares clients for IRS audits What are the chances that you will be audited? I was wondering the same thing! According to a report published at nolo.com, “a person who earns $25,000-$100,000 per year being audited are less than 1%. Oddly, people who make less than $25,000 have…
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4 Vital Suggestions To Follow For An IRS Audit

How outsource accounting prepares clients for IRS audits   So you got the official notice from the IRS? Now what? Don’t worry – the process is not as bad as some make it out to be. A quote I read by Robert Baden-Powell describes thoughts on how to prepare: “Be Prepared……
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Is There A Difference Between A Calendar Year And A Fiscal Year?

How outsource accounting prepares clients for IRS audits When applying for your Employer Identification Number (EIN), you will be asked to choose your “tax year”. According to the IRS (www.irs.gov) and the U.S. Small Business Administration (www.sba.gov) here are a few guidelines: (more…)
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Small Business Bookkeeping Tips: Best Month End Reports To Use

Bookkeeping advice for small business owners One of the keys to successful small business bookkeeping is accurately capturing and analyzing the results of your Company’s operations.  While there are virtually unlimited reports and metrics available, it is easy to lose sight of the “big picture” by diving too deeply into the…
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How I Handle My Fear Of An IRS Audit

How outsource accounting prepares clients for IRS audits Before I was asked to start my own agency, I have to be honest, I was terrified of being audited. I am not so great on keeping track of things and it scares me silly picturing “the Tax Man” at my door asking…
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How To Prepare For Getting Audited

How outsource accounting prepares clients for IRS audits One of the letters that makes most business owner’s and accountants heart sink is that from an Auditor’s office (IRS, sales & use tax).  Getting audited can be time consuming and stressful.  However, there are some steps you can take to make the…
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Small Business Bookkeeping Tips: Important Items For Year End

  End of year bookkeeping tasks you should be doing How often do we come across something we push aside for another day? Wikipedia uses this definition of procrastination: ” is the practice of carrying out less urgent tasks in preference to more urgent ones, or doing more pleasurable things in…
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