Accurate bookkeeping is vital for a small business owner, as your time is limited but valuable. Your main focus should be on developing your business, acquiring new clients and providing a great service to them in order to retain them. 1. More time on operations The time that you spend on sorting your accounts can […]
Every entity needs to retain documents that shows income, expenses, deductions, and credits shown on your tax returns. These can include: · Receipts · Bank and credit card statements · Bills · Cancelled checks · Invoices · Proof of payments · Financial statements, etc. These documents need to be retained for at least 5 years.
Accounting versus Bookkeeping The misconception is that accounting and book-keeping are the same. But they are not! What is book-keeping? It is the process of financial records tracking, especially an entity’s income and expenses. This dates way back to a time where technology was not available and finances were recorded and tracked via paper. What is accounting? Accounting is the big process of financial […]