OSYB Blog: Number Crunch!
News and Views from OutSource Your Books, LLC
Keys to Business Success – Not Knowing Whether you’re Making or Losing Money
September 15, 2013 by OSYB Staff
Many business owners only see their financial status once a year for annual reports. This is not enough information to know if you are making or losing money. With easy access to accounting software business owners have the option of control and knowing the status of where your financials are at any given moment.
Expert Thrown Out After Claiming Major Report “Typos” on Cross
September 15, 2013 by OSYB Staff
Expert witness caused case to be lost upon describing process to prove defendant incorrect. He testified that he did not follow the procedures in his report, claimed that his change in story and report could be a typo. Offering no evidence of the softness of the contact lens left no case. Read full story here.
Cash is King For Home Purchases
September 15, 2013 by OSYB Staff
All-cash purchases of homes have risen from 35-40% in July. There are a few factors that are causing this trend. A low inventory of home available for sale, home prices are increasing, and interest rates on the rise. Many investors choose to purchase in cash to avoid appraisals and other contingencies. More information.
THIS JUST IN – FROM THE NJ DIVISION OF TAXATION
September 15, 2013 by OSYB Staff
The New Jersey Division of Taxation will be sending 2012 benefit applications in early October. But they also want to inform residents of an Annual Corporate Records Form that is being sent out by a private company soliciting a fee of $125 for recording. This is not a state form nor requirement. To read more.
It’s time to eliminate many tax-exempt status designations
September 15, 2013 by OSYB Staff
The Internal Revenue Service is discussing how to revamp the tax-exempt status designations. There has even been a suggestion of totally removing all designations and starting over. Which may seem drastic. But there are some legal implications also in the works with a suit against a large university having exempt status but still making a lot […]
How to Set Up a Chart of Accounts
September 6, 2013 by OSYB Staff
Once you have your accounting system set up, and you have hired a bookkeeper now you need some basics in accounting. Starting with your chart of accounts set up, it is not nearly as scary as you think. Chart of accounts are basically your files for financial activity. Read more here.
How to Start The Bookkeeping Process
September 6, 2013 by OSYB Staff
Setting up a bookkeeping process can seem confusing. But even if you have chosen to hire a bookkeeper you need to have something for them to work with. It is very important to track all of your financial information in an organized fashion. These are some great tips for getting started.
How old is too old to start a small business?
September 6, 2013 by OSYB Staff
Think you are too old to start a business? This is the story and lessons of one couple who decided to retire with a new business venture. They did their research and laid out business models to ensure they were making an investment that would supplement their retirement. Read their story.
