How to Catch Up with Your Bookkeeping
When you are running a small business, your bookkeeping often tends to falls behind due to lack of time, staff or a small budget. Undoubtedly, maintaining your company’s bookkeeping updated is not an easy task, unless you have an expert doing it for you. In case you don’t, you are probably already panicking!
Have your accounts gone haywire and you are sure that it’s just too late to do catch-up bookkeeping? Calm down – It isn’t! In fact, if you are adamant enough, catching up with your bookkeeping will only take a couple of days.
Want to learn how? Keep reading to find out some simple ways to catch with your bookkeeping! Remember, the earlier you get done with the task, the less overwhelming it will be when a tax return deadline approaches.
What is Depreciation, and How Do You Calculate It?
Many assets lose their worth with time due to wear and tear or getting outdated. This process is described as, ‘depreciation’ and is a common term used in financial statements. Ironically, the word ‘depreciation’ seems like the antonym of “appreciate” and you’ll surely love the amount of tax relief it provides!
Still confused about what exactly does depreciation indicate, and what is the best method to calculate it? Keep reading to learn all you need to know about this!
Business Accounting: A Complete Guide
As a small business owner, you may often find yourself juggling between a lot of important tasks, including accounting. Understandably, the number game is pretty tricky and probably the last thing that you want to worry about. However, keeping an up to date record of accounting is inevitable for a business to prosper and succeed.
Small business accounting is all about managing cash flow efficiently where it particularly narrows down to:
Keeping record of financial transactions
Generating comprehensive financial reports
Filing of tax return
If your business accounting is out of order, so will be the rest of the operations. Hence, to prevent this from happening, here is how you can manage the task to help your small business dodge financial crisis:
Best Bookkeeping Software for Small Businesses
Are you tired of manually updating your financial records everyday? Do you need an efficient method of maintaining them in a timely manner?