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What Is A Business Asset?
What is a Business Asset?A business asset is something valuable that’s owned by the company. There are different types of assets, but the one encountered the most is a physical asset like a piece of equipment or a building. So what’s the threshold between an expense and an asset? Some say $500, some say $1200.…
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How Do I Pay Myself?
Many business owners ask when they’re starting out, “How do I pay myself?” This depends on what type of company you chose when registering your business. If you have a Sole Prop or Single Member LLC, there is no set schedule or amount required. You pay yourself what you choose. This can be done by…
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Three Reasons To Keep Your Books Updated
Three benefits of keeping your books up to date: 1. Revenue Building Strategy – in order to be able to increase high profit customers and weed out low profit customers, you need to know which of your customers fall into which category. 2. Similar to #1, to be able to eliminate projects, product, or services that are not bringing…
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Why You Should Never Mix Business And Personal Finances
It’s common practice for new (and sometimes experienced) small business owners to make both personal and business purchases on the same cards. However, this can cause a lot of confusion for both you and your bookkeeper year round, and your accountant at tax time. Keeping your finances separate can not only make life simpler for…
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Do Bookkeepers And Accountants Do The Same Job?
There is a common misconception that “accountant” and “bookkeeper” are interchangeable terms. However, most people go to their accountant only for tax filing and financial projections. If you don’t have a bookkeeper who works in your books regularly, this could mean you’re missing out on valuable day to day insights that could help your business…
