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OSYB Blog: Number Crunch!

News and Views from OutSource Your Books, LLC

How Long Should I Keep My Records?

December 10, 2012 by Ed Becker

As a follow up to my post on How Long Should I Keep My Accounting Records?, I am still receiving many questions on this topic.  This post will hopefully clarify some of your questions and provide more insight for our clients and followers. Here are some sample examples and timelines for record retention.  Each person’s situation […]

Public Relations Approaches for A Small Business

December 6, 2012 by Ed Becker

Here are 4 tips for the small business owner who may not have the resources (time or money) to engage a PR firm.  Public relations can be very expensive, but as outlined in the Intuit post linked to below, there are some simple steps you can implement.  Intuit recommends: Contribute to trade publications. Pitch trend […]

Are Holiday Bonuses Taxable?

December 5, 2012 by Ed Becker

Every year I receive questions on what to do for bonuses for employees.  It appears that everyone has there own ideas on how to handle bonuses and whether they are taxable. Short answer: Bonuses are taxable to your employees, but deductible expenses for your business.  For a longer answer, including the best way to handle […]

What Expenses Can I Deduct as a New Business?

November 30, 2012 by Ed Becker

New business owners want to sleep soundly at night, but sometimes an endless array of questions circles in their heads as they prepare the logistics of operating a new business. Typical questions that startup business owners ask are: What type of entity do I set up? Where do I incorporate? Can we hire subcontractors? Does my […]

How To Update A Memorized Transaction in Quickbooks

November 17, 2012 by Ed Becker

Many QuickBooks users use memorized entries to save time with daily tasks.  Our consultants at OSYB are always looking for opportunities to implement a memorized transaction for this reason.  If you can save key strokes, you can save time, and who couldn’t use a little time in his or her busy day? As a reminder, […]

You Can Help Employees Hit By Hurricane Sandy-Tax Break.

November 13, 2012 by Ed Becker

As a small employer located on Long Island the devastation and impact on people’s lives here can not be explained in words. The goodness in people is abundant everywhere you look, neighbors taking in neighbors, charities being created, food and clothing centers springing up over night, and now the time for employers to step in […]

What Size CPA Firm Is Best for My Business?

October 31, 2012 by Ed Becker

As your business starts to expand, the need for expertise from an outside advisor, either a CPA or accounting services firm, becomes more critical.  You can no longer piece together your accounting records once at the end of the year and know what is going on with your business. You need useful, accurate information every […]

How To Clean Up Accounts Receivable in QuickBooks?

October 19, 2012 by Ed Becker

Ever scratch your head while looking at a  journal entry made by your CPA, especially one that leaves items unmatched within your A/R ledger? You may see a corresponding invoice and payment in the A/R ledger that net to a “zero” balance, so why are they even sitting there on an A/R report?  Shouldn’t they […]