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Year-End Bookkeeping and Accounting Checklist for Small Business Owners

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Between catching their breath after tax season and managing holiday traffic and sales, year-end bookkeeping and accounting tasks understandably fall to the bottom of the to-do list. . Our online bookkeepers provide catch up bookkeeping services , so you can focus on the future. . Xendoo is here to help.

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8 Benefits of Online Bookkeeping

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When you first started your company, it might have made sense to try to handle your own bookkeeping and accounting needs. Why not rely on an online accounting service to take these tasks off your plate so you can focus on your business? This is happening for good reasons, as online bookkeeping offers a host of benefits.

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The Top 5 Benefits of Catch Up Bookkeeping

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Whether they coach chess players or sell organic puppy food online, every small business owner shares a common driving force: a passion for growing their business. Consistent bookkeeping provides the financial insight needed to strategize for long-term success. Financial Accuracy Through Bank Account Reconciliation .

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Tax Changes for Payment Apps: What Small Business Owners Need to Know

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In the past, although all business owners were required to report their earnings on their Federal Tax Returns , only those who received payments of $20,000 or more through payment apps also reported their earnings using Form 1099-K. The good news is that this does not mean that business owners now owe additional taxes.

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

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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. Receipts are a paper trail for your business transactions and taxes. Without them, it’s harder to prove your tax deductions and other records are accurate.

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

xendoo

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. Receipts are a paper trail for your business transactions and taxes. Without them, it’s harder to prove your tax deductions and other records are accurate.

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How Do I Pay Myself and My Taxes as a Sole Proprietor?

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An online bookkeeping service will be able to take this task off your plate, saving you time and stress. Because of this, you are only required to file a personal tax return. Income and expenses related to your business are accounted for on your individual Form 1040, Schedule C. Xendoo is Here for You.

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