BookKeeping Tips
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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The 13-Week Cash Flow Forecast Recommended by Your Favorite Orange County Bookkeeper
One of the best tools to forecast cash requirements is the 13-week cash flow forecast. It can help a business owner predict what their cash balance will be 13 weeks in the future. It helps to answer whether there will be enough cash to cover payroll and bills for a…
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Watch Out for These Five Common Accounts Payable Errors from Your Favorite Orange County Bookkeepers
Paying bills is never fun,but paying bills that you should not pay in the first place is even worse. There are many risks that can part a small business owner with their hard-earned cash. Your favorite Orange County bookkeepers have listed five common mistakes to watch out for when it…
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5 Signs You Need to Upgrade Your Accounting System From Your Favorite Orange County Bookkeepers
To maximize profits in your business, all of your business functions need to run smoothly, including your accounting department. Your accounting system is at the core of your accounting function. If it is old or lacks the features you need, your business may suffer. Here are five warning signs you…
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Your Favorite Orange County Bookkeepers Discuss Mobile Accounting
That’s right: The future is here! Now that it is officially 2020, it may be time to jump on that accounting app bandwagon if you haven’t already done so. The exciting news is you can actually do many of your accounting tasks from your phone instead of your computer. Below…
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