Bookkeeping Archives - Accounting, Bookkeeping & Tax Prep Services in Virginia

Best expense trackers for small business in 2024

Expense trackers are software applications designed to help small business owners keep a close eye on their expenditures. They provide features to record, categorize, and analyze expenses, enabling owners to make informed financial decisions. Small business owners can identify cost-saving opportunities, optimize their spending, and ensure they are well-prepared for tax season. Here are the […]

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How to catch up on Bookkeeping

Bookkeeping / Jamila Afridi

In the whirlwind of running a business, maintaining meticulous bookkeeping often falls by the wayside. Yet, staying on top of your financial records is crucial for making informed decisions, meeting tax obligations, and ensuring the overall health of your enterprise. If you find yourself behind on your bookkeeping tasks, and need to catch up on

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How to calculate COGS?

Bookkeeping / Jamila Afridi

COGS serves as a vital indicator of the direct expenses incurred in producing goods for sale. This includes the cost of materials, labor, and other expenses directly related to creating the product. COGS do not include indirect expenses such as overhead, rent, or salaries of non-production staff. The formula to calculate COGS is: Beginning Inventory

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What happens if I don’t do my bookkeeping?

Bookkeeping / Jamila Afridi

What happens if I don’t do my bookkeeping? Neglecting your bookkeeping may seem harmless in the short term, but the long-term consequences can lead to serious financial challenges for your business. Your records become a jumbled mess, and good luck trying to make sense of your financial standing. Cash flow troubles: One of the biggest

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Bookkeeping

Best expense trackers for small business in 2024

How to catch up on Bookkeeping

How to calculate COGS?

What happens if I don’t do my bookkeeping?

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