Monthly Archives: June 2013

11 Reasons Why You Should Use Quickbooks

QuickBooks Pro is the ideal business accounting software for small to mid-sized business owners. Here are 11 reasons why you should be using QuickBooks Pro.   1. You can save hours of time on bookkeeping and stressful paperwork because many of simple bookkeeping tasks are handled automatically making it easier to run your business. 2. You can easily generate daily, weekly, monthly, or quarterly reports with the information you need, so you always know where your business stands. You instantly know whether you’re making money and whether your business is profitable. 3. You save money because QuickBooks Pro is so (more…)

Cash and Accrual Base Accounting Part I

The Cash Based accounting pertains to the management of individual’s personal monetary transactions. In this case, he keeps a track of the money he withdrew, deposited, gave or received from someone etc. This accounting comes to life when actual cash transactions take place. The Accrual Accounting requires an accountant who notes the transactions even if no money has been actually exchanged. This method works on the principle of comparing or seeing the ratio of the expenses to expenditure. If the expenditure is more, you need to cut down your luxuries, if not then its always good to have some savings (more…)

Cash and Accrual Base Accounting Part II

Continuation of the Key terms for the Cash & Accrual Bases Accounting……. The Assets- the assets are generally those possessions of an individual that have a good market value or are quite valuable. Assets are mainly classified into three types- Current Asset- the cash is the most basic asset of any individual. The money that is being held in accounts like the checking and savings accounts is also included in the cash. Also inclusive are the marketable securities in the form of bonds, stocks, shares etc. The money lent or payments due from clients even form a part of it. (more…)

Ten Ways to Organize Your Business Finances

Whether you are a new entrepreneur or a more experienced business owner, taking control of your finances can feel like a part-time job. Some simple tips can help you streamline your time, organize your finances and reduce the stress of business money matters. 1. Keep Your Bills in One Place When the mail comes, make sure it goes in one place. Misplaced bills can be the cause of unwanted late fees and can damage your credit rating. Whether it’s a drawer, a box, or a file, be consistent. Size is also important. If you get a lot of mail, use (more…)

Year-End Tax Strategies for Individuals – Part 1

It’s not too late to make these tax-saving moves. Before acting on our recommendations, be sure to gauge your 2012 income expectations. Moves you make this year may affect next year’s taxes, detailed in the table below. Game the Standard Deduction If your total annual itemized deductions are usually close to the standard deduction amount, consider the strategy of bunching together expenditures for itemized deduction items every other year, starting with this year. Itemize in alternating years to deduct more than the standard deduction. Then claim the standard deduction in the other years. Over time, this drill can save hundreds (more…)
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