Bookkeeping & Business Insights

Closing out the year? Ensure accuracy with these key steps: reconcile accounts, review financial statements, optimize tax planning, and prepare for the new year. Stay organized and set your business up for success!

Managing business debt wisely ensures financial stability and growth. Prioritize high-interest repayments, monitor cash flow, explore financing options, and negotiate better terms with creditors. Stay proactive to keep your business financially healthy!

BOI reporting requires businesses to disclose their true owners to prevent financial crimes. Under the Corporate Transparency Act, U.S. companies must report to FinCEN by January 1, 2025 to stay compliant.

Protect your business by implementing clear expense policies, using automated tracking tools, requiring detailed receipts, enforcing multi-tier approvals, and encouraging whistleblower reporting. Stay proactive to ensure financial integrity!

Cash basis records transactions when paid, ideal for small businesses. Accrual basis records when earned, providing a fuller financial picture. Cost accounting tracks expenses to help with pricing and cost control.

Closing out your books? Reconcile accounts, review outstanding invoices, update records, and prepare financial statements. Analyze performance, consult a tax expert, and set goals for the new year. Stay organized for a smooth tax season!

Prepaid expenses are recorded as assets and adjusted over time. Each period, a portion is expensed by debiting the expense account and crediting the prepaid asset account. This ensures accurate financial reporting.