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 reports you should never be…
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 your chart of accounts to…
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 protect the business owners, employees,…
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 particular week. If you are…
At the beginning of 2020, you might have thought that developing a business continuity plan was not a top priority. Or maybe you thought it was only for large businesses. Fast forward to today, and a business continuity plan has become an essential staple in business planning. There are more business risks than ever before…
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 comes to your bill-paying process.…
A great way to make a wonderful start to 2020 is to wrap up 2019 feeling organized and on top of the world. Below is a checklist of items that you can start on now to make your year-end close go smoother than ever before. And don’t worry if you don’t know how to do…
Artificial Intelligence (AI) has arrived in the accounting field and it’s huge! AI is helping to streamline the Orange County bookkeeper‘s accounting tasks, find patterns in data you can take action on, and generally making workflow more efficient. Here are just a few places we’re seeing AI impact accounting. Transaction Coding Most systems have incorporated…
Setting customer expectations in your business are essential to gain the trust of your customers, avoid conflicts, and maintain a high level of customer service. One way to set customer expectations is to clearly state policies that are customer-facing. Many of these are accounting policies that your favorite Orange County Bookkeeper can help you with.…
We just had a call last week from a client who was buying a new truck and asking a question about that purchase. When you purchase a new vehicle, you enjoy riding around in a new car with the new car smell! But, our job has just begun – to get your new asset recorded…