Wed May 10, 2023 | Alan Lefkowitz | Bookkeeping Services
Are you looking to unlock the power of bookkeeping? If so, you’ve come to the right place! Today, we highlight the four steps of the bookkeeping process and show you how to manage your finances successfully. With a little guidance from experienced professionals and your commitment, you can ensure your books are in order and you never miss a deadline. So let’s jump in and go over each step of the bookkeeping process! Recording Business Transactions Recording business transactions is the most critical and foundational part of bookkeeping. Without properly recording transactions, a business can’t maintain accurate financial records. It must be recorded whenever money enters or exits a business, whether via cash, check, debit card, credit card, invoice, inventory sale, etc. When entering financial data into the books, you must always note the transaction date and record it in the correct account. The accuracy of your data entry will directly impact how well you can analyze your finances. Poorly validated entries could lead to inaccuracies in the financial statements. With today’s technology, there are more automated ways that businesses can quickly and efficiently record their transactions. Using the software, business owners can accurately log their data with detailed descriptions of each monetary activity. This gives them an up-to-date view of their business performance and trends in financial activities over time. Entering transaction data Entering transaction data is the next step in unlocking the power of bookkeeping. After recording business transactions, this stage involves entering pertinent information—such as invoice numbers, […]
Read More Wed Mar 17, 2021 | Alan Lefkowitz | Bookkeeping Services, Cash Management, Construction, Financial Reporting
Construction accounting has unique challenges compared to many other business bookkeeping and management types. Construction businesses frequently travel, incur specialized job costs for each construction project, and use unique processes to keep track of financial transactions. Unfortunately, construction accounting errors can be costly, so contractors must hire professional, knowledgeable accountants to manage their finances.
Read More Sat Dec 26, 2020 | Alan Lefkowitz | Bookkeeping Services, Business, Cash Management, Financial Controller Services
In the U.S., the survival rate for small businesses is bleak, with 20% going under in the first year and 50% failing after five years. These businesses shut down for various reasons, including a lack of customers for the product or service or having difficulty hiring the right people. But insufficient cash flow is frequently the reason for these closures.
Read More Sat Nov 28, 2020 | Alan Lefkowitz | Bookkeeping Services, Business, Virtual Accounting Services
Virtual bookkeeper services are a popular and cost-effective strategy for managing your business’s accounting. Here’s how to get started and hire the right company.
Read More Wed Sep 16, 2020 | Alan Lefkowitz | Bookkeeping Services, CFO Services, Virtual Accounting Services
Most companies invest significantly in bookkeeping and accounting within their operation. Keeping correct records is critical to making wise business decisions and knowing where your company is at any given point. Yet, hiring and maintaining an accountant within your business is costly and may not always be the best choice. Virtual accounting and CFO services can be an excellent option for many organizations.
Read More Wed Sep 16, 2020 | Alan Lefkowitz | Bookkeeping Services, CFO Services, Financial Controller Services, Virtual Accounting Services
The value of investing in virtual business accounting changes from one organization to the next. In nearly all situations, companies can benefit from making the switch to this more advanced, more hands-on form of accounting and financial management. If your company hired a bookkeeper or is managing the books independently, it may be beneficial to make the switch. The benefits that come from professional services like this are outstanding.
Read More Wed Mar 18, 2020 | Alan Lefkowitz | Bookkeeping Services
Bookkeeping is not a priority for many small businesses. Few business owners get thrilled at the idea of sitting in front of a computer and processing. However, ensuring that your business complies with the latest IRS rules is a tedious, full-time job.
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