DIY Bookkeeping Lesson No. 3 Meals expense is something else that is very important to understand when it comes to business deductions. Meals are only 50% deductible but that is not the main issue. The main issue when it comes to meals is that your meals have to be with a client in order for … Continue reading Meal Expenses
Category: Bookkeeping
Automobile Expenses
DIY Bookkeeping Lesson No. 2 If your business requires you to travel from point to point to provide services and or deliver products to your customers, you can keep track of your automobile expenses to deduct on your tax return. There are two methods: Actual Expense Method If you are tracking actual automobile expenses, then … Continue reading Automobile Expenses
You Can Do Your Own Bookkeeping
DIY Bookkeeping Lesson No. 1 As much as I enjoy working for my clients and getting new clients I understand that not every small business needs a bookkeeper. Some businesses are small enough that the owners cannot justify paying someone else to do the small amount of record-keeping that they can do themselves. If you … Continue reading You Can Do Your Own Bookkeeping
Best Bookkeeping Practices
I thought I would put together a list of what I consider to be best bookkeeping practices. These come from many years of experience. Some of these I have learned from others and some I have learned by constantly looking for better ways to operate as a bookkeeper. Keep a monthly checklist This is a … Continue reading Best Bookkeeping Practices
Month End Closing
Performing month end closing will keep you from getting behind in your bookkeeping. Leaving things open or unresolved for a few months or even until the end of the year can lead to problems. You might forget to reclassify transactions that need correcting or you might have failed to enter them in the books in … Continue reading Month End Closing
