Fifty-seven million U.S. workers are freelancers, representing a shift toward self-employment. But the freedom of freelancing comes with one big disclaimer: you are responsible for everything, including your accounting books. Bookkeeping for freelancers might seem overwhelming, but it’s doable with the right knowledge and tools.
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Recordkeeping - Tips, Training, and News
Book Value vs. Market Value
As a business owner, you have many types of assets. Knowing how much your assets are worth is necessary for properly creating financial statements, obtaining outside financing, and selling your property. But, assets don’t retain the same value throughout their life cycle. You need to know the difference between book value vs. market value to […]
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How Long to Keep Business Receipts
If you find yourself tossing receipts left and right, you may want to think again. As a small business owner, keeping receipts is essential for your financial records. And not being able to locate a receipt can be problematic for your business. You need to know how long to keep business receipts to avoid complications […]
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How to Organize Business Receipts and Kick Clutter to the Curb
As a business owner, it’s easy to get caught up in the hecticness of running your company. Because of this, keeping accounting records like business receipts, invoices, and, expenses organized can be difficult. Learn how to organize business receipts with a few simple storage solutions.
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Month-end Closing Procedure and Checklist: Keep Your Books Shipshape
As a small business owner, you may find yourself struggling to keep up with your business’s books. As soon as you know it, another month has passed and you’ve fallen behind recording transactions.
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The Ultimate Guide to Agricultural Accounting: Mastering Your Farm’s Finances
Like any business, you need up-to-date accounting records if you run a farm, ranch, or related operation. But, some aspects of agricultural accounting, like livestock and land, are specific to farming businesses.
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Charitable Donation Deduction: What to Do After Giving to Your Favorite Charity
One of the great things about running a business in America is that your business can make tax-deductible donations to your favorite charities. Seventy-six percent of American businesses donate 6% of their profits on average. And, 85% of consumers have a more positive view of companies that donate. If donations are already at the heart […]
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The Gift That Keeps on Giving: How to Track Donations You Receive
If you run a nonprofit, you already know that donations and grants are your bread and butter. You also know just how complicated tracking donations can be. Nonprofit organizations are required to know how to track charitable donations they receive and supply donors with the proper documentation for the donations they’ve made. Read on to […]
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How Long to Keep Tax Returns for Your Business
As a business owner, there are many documents you need to keep track of for your company. Employee paperwork, bills, invoices, etc., are all essential documents to store in your records. Keeping records isn’t just a good business practice, either. There are specific IRS recordkeeping requirements you must follow. One of those requirements is maintaining […]
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What Is a Fiscal Year for Your Business and Books?
When it comes to pulling reports, establishing a business budget, and filing taxes, you need to know your company’s fiscal year. So, what does a fiscal year mean, exactly? When does the fiscal year start? And, how long is a fiscal year? Read on to get the answers to these questions and more.
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