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Account Reconciliation for Small Business Owners

Patriot Software

When you run a small business, one error in your accounting books can result in inaccurate financial statements, poor cash flow management, and even an IRS audit. To make sure your records are accurate, familiarize yourself with account reconciliation. What is account reconciliation?

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Friday Footnotes: Anyone Wanna Work in Hollywood?; Profit-Hungry CEOs Love Gen AI; KPMG’s SF Future | 1.19.24

Going Concern

TSG’s lawsuit filed last August in Los Angeles District Court said that Fox had promised TSG a share of defined gross receipts for pictures under the companies’ long-term participation agreement but that the studio used “nearly every trick in the Hollywood accounting book” to not pay. It didn’t specify which films were examined.

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Steps to Clean Up Accounting Records: A Checklist

xendoo

If that is not the case, you will need to take steps to clean up accounting records or use a catch-up bookkeeping service. . When and Why You Need to Clean Up Your Books. There are many reasons to have clean accounting books each month. Here are a few: Ensure Financials Are Up-to-Date. What Documentation Should You Have?

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What is an Expense Report and How to Create It – With Template and Example

Snyder

That’s what almost all accounting books are about. Be fully prepared for a tax audit. Even the smallest of businesses are concerned about the possibility of being audited by the tax authorities. The fear of being audited can lead to hesitation, indecisiveness and even stress among small business owners.

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Manual vs. Automated Accounting: What’s the Difference

Accounting Seed

Even in the 21st century, it’s still possible to do your bookkeeping with paper spreadsheets or account books. If manual accounting works for you, nobody can force you to change. Accounting standards are the same whether you use ledgers or laptops. If the IRS audits you, can you document every last expense and write-off?

Account 52
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Illinois Small Businesses: Upcoming Aug 5-14 Sales Tax “Holiday” Is Anything But One

Nancy McClelland, LLC

I just have to hope they don’t get audited by IDOR. You can just have your accountant book an adjustment after the correct amount of tax is paid to the state. They are stabbing in the dark and have no way to implement it at all.

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Finance and Accounting Outsourcing: Benefits for SMBs

Snyder

Here are a few reasons: You have a small business and no need for a full-time employee but you can benefit from an advisory specialist with accounting and bookkeeping expertise. You have an urgent need to get help with reports or reconciliation due to the looming IRS audit , tax season, or your previous bookkeeper is unavailable.