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OSYB Blog: Number Crunch!

News and Views from OutSource Your Books, LLC

Should I Hire a Payroll Service or Do it Myself?

August 22, 2012 by Ed Becker

Unless you are a payroll expert, we strongly recommend using a payroll service.  Here’s why: A small business owner who is concerned about growing his or her business doesn’t have the time to keep up with the rules & regulations of payroll, especially in a multi-state environment.  Yes, all new businesses are concerned about the cost of a […]

My Business Has Cash, Why Aren’t We Profitable?

August 7, 2012 by Ed Becker

Many small business owners do not understand the key difference between cash and profitability. How are these two critical financial barometers different? Cash Flow Cash flow is the money that flows in and out of the company.  It is the money used in normal operations (day to day functions), financing activities (purchase of new machinery), […]

How Do I Close My Year-End in QuickBooks?

July 20, 2012 by Ed Becker

Closing the year in QuickBooks is a “must do” step once your year-end is complete and/or once you have sent your file to your CPA. You want to ensure that data does not change and more importantly, make sure you don’t enter data into the wrong period inadvertently.  It happens  frequently and often creates more […]

Should I Hire a QuickBooks Consultant, Bookkeeper or Accountant?

July 9, 2012 by Ed Becker

When you realize you need bookkeeping help, how do you identify what is the best resource for your business? Call in your accountant (CPA)?  Hire a bookkeeper?  Engage a bookkeeping service, or bring in a QuickBooks consultant to evaluate your situation? Each option has different skill sets and different pricing.   You don’t want to end […]

Do Small Businesses Pay Taxes When Bartering?

July 6, 2012 by Ed Becker

As cash flow gets tighter and tighter many small business owners look to the oldest form of commerce, the exchange of goods and services in lieu of cash.  The fair market value of property or services received through barter is considered taxable income and the IRS wants to know about this and requires you to […]

How Long Should I Keep My Accounting Records?

June 13, 2012 by Ed Becker

Are you ever confused about how long keep financial records before discarding them? It’s a common question that small business have. Here are some basic guidelines, but keep in mind that the rules around record keeping can differ. In case of doubt, always check with your accountant or attorney. With the ability to scan documents […]

Do I Hire a Bookkeeping Service Or A Bookkeeper?

May 27, 2012 by Ed Becker

Let’s assume that you decided to hire a bookkeeper as opposed to a bookkeeping service like Outsource Your Books LLC How would you interview and select such a bookkeeper? There are many variables involved that you as a business owner may or may not be capable of making. Recruiting is more of an art than […]

I Am Behind In My Bookkeeping, Now What?

May 19, 2012 by Ed Becker

Let’s assume that you are 12 months behind with your QuickBooks tasks. You haven’t entered  data, reconciled the bank accounts or done anything of substance. Your CPA is asking for year end information to make estimates. Your Accounts Payable and Accounts Receivable are outdated and you don’t have the smallest idea if you are making […]