Accounting Archives
2024 January Accounting Checklist for SMBs The start of a new year is an exciting period for SMBs. It’s a time for planning, setting goals, and gearing up for the year ahead. But it’s also important for accounting and reviewing your financial position. We’re going to cover some of the basic items your list should
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2024 IRS Numbers Every year the IRS comes out with updated numbers. Rather than having you sift through all of them, we have put together a blog that details out a few numbers you should be aware of. Here are the updated 2024 IRS numbers. Personal Tax Changes The standard deduction deduction is $14,600 for
Closing the Books: A Year End Bookkeeping Checklist The end of the year is a busy time for your business from an accounting perspective. Along with closing the books, you need to prepare for the next year and maybe do a little catch up bookkeeping. You have a lot on your plate already. It’s easy
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How to Manage Cash Flow in a Small Business Cash flow can make or break a business. In fact, a U.S. Bank study found that 82% of failed businesses cited cash flow as a contributing factor to their demise. We don’t want your business to be another statistic. Learning how to manage cash flow in
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Protecting Your Finances: How to Prevent Accounting Fraud Accounting fraud impacts small and large organizations, and it’s estimated that 5% of revenue is lost annually due to fraud. Businesses with less than 100 employees are at higher risk of being a victim of multiple schemes, including: Check tampering Billing schemes Fraudulent wire transfers Inventory theft
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Small businesses often face unique accounting challenges that differ from those of larger businesses. The differences between small business accounting and large business accounting are mainly due to the size, complexity, and regulatory requirements of the business. Small businesses have simpler accounting needs, while large businesses are more complex. Small businesses typically have fewer employees
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Avoiding Costly Mistakes: Common Accounting Errors Accounting errors often happen innocently. In fact, out of the 64% of small business owners using DIY accounting, it’s not uncommon for some to miscategorize a transaction. Over time, these can add up and create major issues that impact the health of your business, cause you to make poor
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Is Outsourcing Your Accounting Tasks Beneficial? The decision to outsource your accounting tasks depends on various factors such as the size of the business, the complexity of the accounting tasks, the available resources, and the expertise required. Whether outsourcing accounting is worth it depends on the specific needs and circumstances of each business. It may
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Business Financial Software Vs Personal Financial Software On the surface, the question of business financial software vs personal financial software may seem self-explanatory. However, there are some businesses that are using personal financial software for their business needs. The team at Redmond Accounting does not recommend that. At all. We’re here to shed some insight
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What is a Balance Sheet? A balance sheet is a financial statement that provides a snapshot of a company’s financial position at a given point in time. It is used to show the company’s assets, liabilities, and shareholder equity. The balance sheet is referred to by this name because it must always balance; meaning, the
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