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Using Outside Accounting Services

  Many firms elect to use outside bookkeeping and accounting services to handle the major aspects of the record keeping, especially as it relates to government tax filings. This may be the most efficient use of a business owner's time. … Continue reading

Oct, 30 Comments are off for this post

IRS Reporting Requirements For Payments

  Businesses may be required to send notification to the IRS and state tax authorities for payments made in diverse areas. These are usually called "information returns" in which the business discloses to the government the nature of the payment, … Continue reading

Oct, 25 Comments are off for this post

Features Of An Adequate Book keeping System

  Whether single entry or double entry is selected, a bookkeeping system should have as a minimum the following component parts: 1) Income Register: This records and details money received by the business. It's especially important from a tax audit … Continue reading

Oct, 21 Comments are off for this post

Requirements Of A Good System

  For most businesses, especially privately-owned ones, an adequate recordkeeping system should be relatively simple to use and understand, accurate, designed to provide timely information, consistent in its treatment of income and expenses, reliable, and exportable in its context. The … Continue reading

Oct, 20 Comments are off for this post
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