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The 5 Most Common Small Business Accounting Mistakes

VetCPA

Small businesses make accounting errors and oversights regularly. Here, we cover five of the most common small business accounting mistakes. Recording everything is an excellent rule to follow for bookkeeping and accounting for a small business.

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Free Yourself From Business Accounting by Outsourcing

Accounting Department

As the holidays approach, no business owner wants to be bogged down with accounting tasks, budgeting next year, or trying to prepare to close the books for 2022.

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3 Holiday Tips for Small Business Accounting

Basis 365

Holiday accounting requires special preparation. Every business was busy Other than us. This time of year is a great time for retailers, but it can also be slow for service businesses. These are three small business accounting tips that will help you get through.

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Why should you maintain Personal and Business Accounts Separately?

Simple Accounts

Business is business, and personal matters are personal; the two are not the same. Individual accounts for business and personal requirements are sometimes overlooked in the beginning. Advantages of keeping accounts separate. Start your Business Accounts!

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5 Small Business Accounting Trends for 2023

Basis 365

Technology is constantly evolving, so there are many small business accounting trends. Accountants must understand how to make the most of these new trends to provide clients with the best possible services. How many accounting firms are now automated?

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Small Business Accounting Software: A Skagit County Owner’s Guide

SkagitCountyTaxServices

For as long as trade has existed, so has accounting. And it wasn’t THAT long ago that electronic spreadsheets were considered “a big advancement” in accounting technology. Businesses put away those old ledger books and took to smudge-free financial data entry.

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The Essential Small Business Accounting Services’ Guide to QuickBooks

IgniteSpot

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In-House or Outsourced CFO: Comparing Business Accounting Services

IgniteSpot

Outsourced Accounting Services

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Remitr Launches Global Business Accounts For SMBs In Canada

PYMNTS

Toronto’s Remitr , which works in business payments, has launched a new solution for setting up international payments in a quicker, more efficient manner, according to a press release.

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Small Business Accountants: Should You Talk to Clients About a Retirement Savings Plan?

Patriot Software

According to a May 2022 report from the Center for Retirement Research at Boston College, only 48% of small businesses with fewer than 50 employees offer a retirement plan. Accountant Professional

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Wirex Rolls Out Beta Version Of Crypto Business Account

PYMNTS

Wirex, a cryptocurrency and fiat (real money) payments platform, is releasing a beta version of a regulated crypto-oriented business account, according to reports. The account will support both crypto and fiat payments, and users will be able to transfer funds using over the counter rates or using blockchain, SEPA or Swift. Cryptocurrency and business relationships have been slowly becoming more mainstream. to allow businesses to pay their corporate taxes in bitcoin.

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KPMG To Shutter UK Small Business Accounting Unit

PYMNTS

Corporate accounting and auditing firm KPMG is shuttering its small business services unit, reports in The Business Desk said Thursday (Feb. According to the publication, KPMG’s Small Business Accounting (SBA) service, which launched in 2014, will be closed in the U.K. In a statement, a KPMG spokesperson confirmed that the company is “proposing to withdraw the provision of our Small Business Accounting (SBA) service in the U.K.,

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How to Provide "View-Only" Business Account Access to Your Outsourced Accountant

FusionCPA

Accountants and bookkeepers are responsible for recording, organizing, and analyzing your business transactions. Most accounting institutions recommend that businesses pay invoices and receive payments directly through their banks.

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GreenBox POS Enables Same Day ACH Deposits To Business Accounts

PYMNTS

Payment solutions company GreenBox POS has announced a new Same Day ACH program to help businesses manage point of sale (POS) to business payments faster than usual, according to a press release.

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Small Business Accounting Software FreshBooks Rolls Out In UK

PYMNTS

With a continuation of its global expansion, small business accounting software maker FreshBooks has rolled out in the United Kingdom. The firm is also rolling out a new set of functions geared toward Biritsh business needs, Accounting Today reported.

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The Professional Association of Small Business Accountants Holds 16th Annual Awards Ceremony and Honors Six Members

Steve Feinberg

We’ve always been proud of the work we do at Appletree Business Services , from bookkeeping to payroll and tax-keeping packages, but it’s also satisfying to hear that your work has been recognized by some of the luminaries in your field.

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Paysend Wields Open Banking For Business Account Services

PYMNTS

9), Paysend announced the rollout of Paysend Connect, a business payment account that allows companies to open multi-currency business accounts, issue Mastercard corporate cards and initiate SEPA and SWIFT transfers. For banks, Paysend Connect supports access to Crassula’s open banking technology to augment their own offerings to business customers. For businesses themselves, users can white-label a range of FinTech services into their own platforms.

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Starling To Open Business Account Services Beyond Sole Traders

PYMNTS

“We started with a retail current account and then we launched business accounts, first for limited companies with a single director and now for sole traders as well, and soon for multi-director limited companies,” she said. ” Starling Bank first announced its plans to step into the business banking space last year, only four months after it launched its app-only current account services for individual consumers.

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HSBC Business Accounts Frozen After AML Misstep

PYMNTS

has reportedly frozen some small business (SMB) bank accounts, according to news reports from Reuters. The frozen bank accounts, which have occurred in the last two months, are a result of the broader effort to crack down on money laundering. Now, dozens of SMBs have reportedly been closed out from their accounts after answering questions from HSBC U.K. case, Martyn Fisher owns a company that does business across Asia that also saw its account frozen by HSBC.

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Experian API Enables Faster OCBC Business Account Opening

PYMNTS

Singapore bank OCBC is accelerating the bank account opening process for startups through a collaboration with Experian. 4) said Experian’s API will allow startups to open a business bank account with OCBC immediately following incorporation. The tie-up means startups will no longer have to wait one day to open a bank account following incorporation, the announcement noted.

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Inflation makes it seem small businesses are growing, but report says otherwise

Accounting Today

Xero Accounting Small business accounting software Technology Small business banking

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5 Financial Metrics and KPIs to Help Your Business Grow

AccountingDepartment

As a business owner, there are many different metrics and KPIs out there for you to follow that can give you insight into your company's current standings, along with assistance when it comes to future planning and goal setting.

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Become a Member of PASBA to Enjoy These Benefits

PASBA

Are you a public accountant, certified public accountant, or enrolled agent who would like to earn more business, learn new skills, and connect with fellow accounting professionals? If so, we invite you to learn more about the many benefits of joining the Professional Accounting Small Business Administration (PASBA). At PASBA, it’s our goal to transform the way our members think about their role as an accountant.

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Top Tips To Find A Good Accountant For Your Business

AccountingDepartment

From one-man-teams to small and medium-sized businesses, accounting services are now a mandatory requirement of operations. But you probably don't need to hire an accountant or bookkeeper internally; you just need a trustworthy professional to work with.

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Focus On Your Clients By Outsourcing Your Accounting

AccountingDepartment

Today, more and more businesses are outsourcing different areas and departments to run their business leaner. Today's business owners can ultimately outsource anything.

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How accounting software may hold the key to keeping on top of credit control

Accounting Insight

One of the first rules everyone learns about business is that you have to know how much money is flowing in and out. Speculations of whether the UK has been, or indeed will be in a recession may be placing many businesses in an uncertain position.

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Can Accounting Reports Really Be Beautiful?

DuctTapeMarketing

Consulting Business. Small Business Finances. Can Accounting Reports Really Be Beautiful? Can Accounting Reports Really Be Beautiful? As a small business owner, what is more rewarding than focusing on the area of your business that you are most passionate about? To invest your uninterrupted attention in doing the things that pushed you to start your own business in the first place?  Services Online Audit. Strategy First.

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What Are Client Accounting Services and Do You Need Them?

AccountingDepartment

And yet, there is some merit to the idea of pursuing client accounting services for your business—if you can figure out what it is that you’re looking for that is.

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Small Business Tax Deductions for 2021

xendoo

Tax season feels particularly overwhelming for small business owners. In this blog post, we will share popular small business tax deductions that you may be able to claim for the 2021 tax year! Business Travel Expenses . Business Use of Your Car. Business certifications

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How Long to Keep Important Financial Records

MazumaBusinessAccounting

Determining how long to keep financial records depends on several factors, including the record type and whether it’s for personal or business documentation. You will need proof of payments and any business financial activity in case of disputes, identity theft, or fraud.

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6 Helpful Accounting Tips For A Start-Up Company

AccountingDepartment

As with any type of business, proper management of finances, and having a dedicated team or staff to handle said finances, is a critical component to long-term success.

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AccountingDepartment.com Attends EO Alchemy 2022

AccountingDepartment

To kick off a month full of Entrepreneurs' Organization (EO) events, ADC Business Development Representative, Shawn Marcum, attended EO Alchemy in Huntington Beach, CA.

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Demand is Increasing for Accountants to Help with Human Resources Issues

PASBA

Today’s small business owner faces a significantly greater challenge in managing human resources regulations at the federal and state levels along with increased regulation in all aspects of their business. Accounting firms that can assist their clients with managing human capital and financial concerns at the same time can truly stand out from the competition. Clients Already Trust Their Accountants. Is Your Accounting Firm Considering Adding These Services?

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AccountingDepartment.com Co-Founder, Dennis Najjar, Featured On The AmiSights Podcast

AccountingDepartment

AccountingDepartment.com Co-founder, Dennis Najjar, had the opportunity to join Ami Kassar, Business Strategist, on the AmiSights podcast.

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How to Help Your Clients Gain Control of Their Cash Flow

PASBA

According to a recent study by US Bank, poor cash flow management is the reason for business failure more than 80 percent of the time, and it’s especially common with small businesses. That means there’s a good chance your clients may feel desperate for help when they visit your accounting practice. Some small business owners have no idea how much money leaves their company.

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5 Ways to Make Halloween Candy Tax-Deductible

MazumaBusinessAccounting

As a business, you can use Halloween candy as a tax write-off if you figure out a way to make it business-related. Attach your business card or a promotional flyer to packets of M&M’s and voila! Business Accounting Business Taxes Creative business taxes tax deductible

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Insights from the AICPA Engage 2021 Conference

AccountingDepartment

Small Business Advice and Tips accounting strategies small business bookkeeping accounting software small business tips accounting small business accounting tips accounting trends budget dashboard budgeting reports budgeting aicpa jirav engage 2021 forecasting

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Surviving a Cash Flow Shortage

AccountingDepartment

If you have a cash shortage with your business, it is important to have a strategic plan to survive and reverse the shortage. Keep in mind that over 80% of businesses fail due to a cash flow shortage crisis, so putting some of these tips in action may protect you in the long run!

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Is Office Furniture Tax Deductible?

MazumaBusinessAccounting

The Internal Revenue Service (IRS) understands that office furniture is a vital aspect of running a business, so they allow business owners to deduct those expenses from their taxable income. You shouldn’t be buying something personal and writing it off as a business expense.

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How to Stay Profitable With an All-Remote Team

PASBA

Onboarding is a crucial part of our business. Spend as much time vetting new hires as you do searching for new business. These great resources are provided by our partners at Jetpack Workflow, the leading workflow software provider for accountants and bookkeepers. With so many people working from home right now, here are some valuable tips for making the most of this situation for your firm and your clients. Customer experience is everything.

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Minimizing Accounts Receivable Process Time for Greater Cash Flow

AccountingDepartment

All businesses want to increase their cash flow rate, but sometimes cash flow delays come from within the company itself. Time-consuming manual processes and an Accounts Receivables (AR) staff that may be in the dark for some critical information can all be connected to a slow AR process.

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ADC’s Cathy Becker to Join Jirav at AICPA Engage

AccountingDepartment

This session promises insights from process innovators, sharing tips on how to develop a scalable forecasting and budgeting service offering for clients, opportunities to position it appropriately, and ultimately, create a new profit center within accounting firms and services.

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How growth can be a big challenge when a business becomes multiple entities

Accounting Insight

What started as a single business or nonprofit can become a web of connected entities. It’s quite likely that the different parts of the organisation will be using different accounting systems, which don’t speak to each other and may no longer be up to the job anyway.