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Ways to Protect Your Business from Fraud and Scams

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According to surveys , over two-thirds of small businesses in the US fall victim to fraud and employee theft each year! The loss of revenue, time, and customers is devastating for business owners, making it difficult to regain ground after such a setback. In today's highly competitive marketplace, companies must continuously innovate to stay competitive. This is made even more challenging when your business is hit by fraud or scams. Luckily, there are some things that you can do to protect your company from fraud and prevent it from ever happening again, such as hiring an outsourced forensic bookkeeper. Keep reading to find out how businesses can prevent fraud from happening to them! Securing IT Systems Cybersecurity is one of the most important aspects of running a business and protecting customer data. Cybercriminals are using sophisticated phishing scams to obtain sensitive information about your customers and employees. Make sure to invest in top-of-the-line security software t...
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Inflation Reduction Act Impact On Small Businesses

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  On August 16th, the Senate passed the Inflation Reduction Act (IRA),  which will reduce prices across the board and benefit small businesses the most in today's inflationary economy. Although it has been around for a while, many business owners are still not aware of the bill or the impact it will have on their business. Let's take a look at what the bill does and how it will help small businesses: Inflation and Taxes Impact on Small Business The IRA bill includes over $80 billion in funding to the IRS for tax reductions, tax credits, and additional deductions, as well as overall simplification of the tax system. Excise tax is 1% on corporate stock buybacks, and lastly, corporations that make $1 billion or more per year will only pay a 15% federal corporate tax rate . For small business owners, the above provisions wouldn't affect them directly, but it will help them by simplifying the tax code and making costs cheaper. Increased funds to IRS will directly translate into ...
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The Importance Of Filing Small Business Taxes On Time

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  Taxes For Small Businesses Many small business  owners hesitate to file their taxes because of concerns about cash flow. Various financing options available will help cover these costs if necessary. Even though filing taxes seems like a time-consuming and resource-intensive task, it is something that smaller companies should do. The sooner, the better! Businesses enter tax season as soon as the year starts in January and have until March or April  to file their taxes. By completing business taxes as soon as possible, people can get a complete picture of the company’s financial liabilities. Waiting until the last minute can increase the likelihood of an unexpected expense. Furthermore, rushing to find the necessary files, receipts, and reports can leave you with an expensive last-minute error. This is why small business bookkeeping  firms are important and need to be employed to take care of the major details for you. Failing To File On Time If you cannot file ...
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A Complete Guide To Accounts Receivables

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  It's no secret that the success of a business depends on its ability to generate revenue. To do that, business owners need to maintain a healthy cash flow and keep records of all the data. This is where accounts receivables come in. To put it simply, accounts receivables are loans or advances given to the company by the customer. When a customer buys a good or service, the business owner records that payment as accounts receivable. Accounts receivables are a current asset, meaning they have near-term value (i.e., the customer will pay the amount once they receive the service or product promised). A lot goes into accounts receivables, and every business owner must learn how to manage them to run the operations smoothly. The following guide by an outsourced bookkeeping firm  will walk you through everything you need to know about accounts receivables. Types of Accounts Receivables There are two main types of accounts receivables that you should learn about, i.e., current and l...
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How to Know When It’s Time to Hire a Bookkeeper

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  Many business owners make the mistake of self-managing their bookkeeping needs. While this may seem like an affordable and effective option initially, it does more harm than good in the long run. Here’s when you know you need to outsource bookkeeping . Your Books Aren’t Updated How frequently do you update your books ? Take a look at your current records. Do they accurately represent your present financial health and cash flow, or have you missed out on a few entries in the last few months? Unless you have an accurate record, you cannot make informed financial decisions for your business. Poorly maintained records can also prevent you from determining your company’s progress and profit margins. If you’re using stale data, it’s a sign you need to outsource your bookkeeping needs. This will help you maintain your financial records throughout the year and allow you to track where your money is being spent or coming from. You’re Having Trouble with Your Taxes Proper bookkeeping helps...
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Outsourcing Bookkeeping: A Guide

  Outsourced bookkeeping  for small and big corporations alike is very important. Regardless of the company's size, keeping track of the cash flow, total revenue, and other accounting-related matters is critical for the growth and performance of the business. Without proper bookkeeping, your customers' services and sales will suffer. If you're a small startup that is having a hard time handling the transactions and other bookkeeping tasks, it's best to hire an outsourced bookkeeper  who can handle all the matters. Here's all that you need to know about outsourcing bookkeeping services: Why Should You Outsource Bookkeeping? Unless you can afford a strong team of accountants and bookkeepers, an outsourced bookkeeper is a perfect option for your small business. This way, you wouldn't have to deal with the boring and time-consuming process and focus on other aspects of business that you're good at. A professional bookkeeper is better equipped to file your taxes,...
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