BookKeeping Tips
Online Payment Systems: They Are Not All the Same
Collecting money from customers is a key function in any business, and the more automated this process is, the easier it is to collect many payments. The payment function varies by type of business, but more and more, there are online options available for collecting money over the internet. Here…
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Keep Your Profits on Track with Variance Reporting
While there are literally hundreds of accounting reports that can help you run your business better, one of the most popular – and greatly underutilized – reports is the variance report. This is one of Your Favorite Orange County Bookkeeper’s favorite tools! A variance report helps you compare how you…
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4 Easy Ways to Get your Clients to Pay You ON TIME from Your Favorite Orange County Bookkeeper
It happens all the time. A customer fails to pay on time, the credit card expires, or the check bounces. What can you do as a business owner to spend as little time as possible on these items, but still get the cash collected? Your favorite Orange County Bookkeeper is here…
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Your Favorite Orange County Bookkeeper with Six Items to Look for Every Month in Your Accounting Reports
While Net Profit and your cash balance are probably the first two numbers you look at on your monthly Profit and Loss Statement, don’t stop there. Below are six items to review in your monthly accounting reports from Your Favorite Orange County Bookkeeper. There are a lot more gems you…
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5 Accounting Reports You Don’t Want to Be Without From Your Favorite Orange County Bookkeeper
While business owners are directed to keep their monthly books up to date for tax and other compliance reporting purposes, you should never stop there. Your books hold a wealth of information that you can utilize to run your business better. Below, Your Favorite Orange County Bookkeeper reviews the five…
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Re-Imagining Your Chart of Accounts from Your Favorite Orange County Bookkeeper
The Chart of Accounts is the backbone of your accounting records. It is a list of all of the accounts – bank, loan, asset, income, and expense – in your General Ledger, which holds all of your accounting transactions. Below Your Favorite Orange County Bookkeeper examines various ways to restructure…
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Your Favorite Orange County Bookkeeper Discusses the Importance of Internal Controls
In accounting, a key term to know is “internal control.” Internal control is the series of processes and procedures that are performed within the organization to ensure the integrity and accuracy of the financial information and reporting of that organization. Internal control is very important to consider in order to…
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The Concept of Independence in Accounting From Your Favorite Orange County Bookkeepers
Why is independence important in the accounting world? Your Favorite Orange County Bookkeepers expand on what autonomy looks like in accounting and why it is important. While Team One Accounting does not provide the CPA services described below, we are presenting this helpful information to further our quest to be…
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Your Favorite Orange County Bookkeeper with Ten Places to Look to Find More Profits
A great way to start 2021 is to take a fresh look at your business finances. 2020 brought us innumerable changes and if you are in the habit of spending on the same items year after year, now is the perfect time to decide what is essential and what can…
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Your Favorite Orange County Bookkeeper breaks down The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act
The Consolidated Appropriations Act, 2021 (CAA 2021) became law on December 27, 2020, and among many other things, provided for a second round of potentially forgivable Paycheck Protection Program loans to small businesses that were financially impacted by the effects of the pandemic. The Act not only provides funds and…
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