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What happens if you get audited and don’t have receipts?

xendoo

Most small businesses have a low probability of going through an IRS audit, but it’s possible. What happens if you get audited and don’t have receipts to back your expenses? The best way to avoid headaches during an IRS audit is to keep accurate business records and bookkeeping year-round , and that includes tracking receipts.

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article thumbnail

What happens if you get audited and don’t have receipts?

xendoo

Most small businesses have a low probability of going through an IRS audit, but it’s possible. What happens if you get audited and don’t have receipts to back your expenses? The best way to avoid headaches during an IRS audit is to keep accurate business records and bookkeeping year-round , and that includes tracking receipts.

audit 52
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8 Benefits of Online Bookkeeping

xendoo

They might even consider hiring a full-scale accounting department, depending on the size of their company. But these days, more and more companies are going digital, opting to use online accounting and bookkeeping services to handle their needs. For starters, accurate books can eliminate accounting errors.

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Finance and Accounting Outsourcing: Benefits for SMBs

Snyder

Managing finance and accounting in-house or outsourcing for SMBs? In-house accounting for SMBs Outsourcing for SMBs 2. Benefits of finance and accounting outsourcing for SMBs 3. When should I consider accounting outsourcing and bookkeeping services? Not every business needs outsourcing.

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Learn When Your Should Outsource Your Accounting

xendoo

Outsource accounting firms can often provide experience in unique areas such as: Personal financial planning and assistance. Forensic accounting. Managerial accounting. IT auditing. Non-profits. Tax preparation. Running your company is job number one.

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