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Receipt Organization Tips

billionphotos-1640822How to Organize Receipts For Taxes And Your Bookkeeper

As a business owner, you probably never say “no” when asked if you would like a receipt. It’s almost an instinct to accept a receipt for even the smallest purchases. This usually leads to an ever-growing pile of paper receipts that, at the end of the year, can seem impossible to organize. And while it’s not impossible, it definitely is time-consuming if you neglect simple tasks throughout the year.

This gathering of receipts isn’t usually a side effect of a business owner’s desire to spend hours and hours organizing them. It’s more of an automatic response that will hopefully help you to get more out of your tax return while also preventing that dreaded audit.

Even if you have immaculate books and records that detail exactly what your expenses were for the year, without receipts and documentation to prove these expenses, you can be at risk of an audit.

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Why Your Business Needs A Professional Bookkeeper

billionphotos-3511539Have you recently started a business, or are you thinking about starting one soon?

If your business has any money coming in or out of its account, you likely need a bookkeeper. Even in the start-up phases, it is unwise to spend your valuable time on monotonous tasks such as data entry. But perhaps more unwise is neglecting the proper recording of finances altogether. It can be easy to get overwhelmed by the constant demands of your business and, understandably, you’re probably more focused on bringing in customers than balancing the books. But it’s important to note that this failure to acknowledge and maintain your financial records can make it difficult for your company to succeed. In fact, it’s one of the leading causes of business failures.

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Bookkeeping Cost Savers

billionphotos-1873245Three Tips To Save Money On Your Bookkeeping Fees

Owning a business has many perks – the freedom to choose when, how and where you work, and the ability to make all of the big decisions about how the company runs and operates. But it also comes with many responsibilities that, if left ignored, can dramatically affect the efficiency of your business and increase your expenses. As a business owner, you’ve likely noticed that it doesn’t take long for the cost of these responsibilities to mount up and become hard to manage.

Thankfully, not every cost has to continually increase. Expenses like bookkeeping can be effectively managed and decreased with a little bit of ongoing effort of your end. The following tips will show you just what you can do to lower the costs associated with your company’s bookkeeping fees, allowing you to spend more of your money growing your business instead of just managing it.

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Small Business Finance Management Tips

billionphotos-16605388 Out of Ten Businesses Fail After Less Than 2 Years

It’s been estimated that roughly 80% of businesses fail within the first 18 months of operating. That’s an astonishingly high number, which is made worse by the fact that the cause of this failure is nearly always improper managing of finances. Especially in the start-up phase of a business, finances are extremely important and must be carefully managed to increase the chance of success.

If you’re striving to be one of the two out of ten businesses that actually make it, check out our list of financial tips that will help your business run smoothly and avoid costly mistakes.

 

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