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How to Prepare Your Small Business for the New Year

xendoo

Review Financial Performance. Analyze your business’s performance from the previous year by reviewing your key financial statements. The Cash Flow Statement provides visibility into when cash flows into and out of a business, and how cash balances have changed over a specific time period. Prepare for Tax Season Now.

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Grab the Documents

FraudFiles

If you have access to any bank, credit card, or investment accounts online, it’s advisable to go into the accounts and download all available statements and supporting documentation. Do it right away in case you lose access to that account later. Financial statements. Pay statements.

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Year-End Bookkeeping and Accounting Checklist for Small Business Owners

xendoo

Reviewing bank and credit card statements to confirm that they match. . Accurate records ensure reliable financial statements. Our online bookkeepers provide catch up bookkeeping services , so you can focus on the future. . Review Your Financial Statements. 25% of business owners are behind on their books.

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The Top 5 Benefits of Catch Up Bookkeeping

xendoo

The best practice is to consult your updated accounting software or financial statements, which provide insight into your true financial position. The financial statements report revenue, expenses, and profitability, all of which contribute to the Opening Balance.

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Business Budgeting Software Guide: Budgeting Software for Small to Enterprise Business

Snyder

Usually, it takes all the three major financial statements – the income statement, the balance sheet, and the cash flow statement – to create a master budget. Static budget – the most basic type of budget that takes into account only fixed expenses – the ones that don’t depend on production or sales volumes.

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

xendoo

However, there are many records that businesses need to keep, including receipts, financial statements, payroll, and much more. Missing receipts could mean you have inaccurate records and tax returns, which could trigger an audit. Businesses can avoid audits with accurate and organized bookkeeping year-round.

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article thumbnail

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

xendoo

However, there are many records that businesses need to keep, including receipts, financial statements, payroll, and much more. Missing receipts could mean you have inaccurate records and tax returns, which could trigger an audit. Businesses can avoid audits with accurate and organized bookkeeping year-round.

audit 52