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OSYB Blog: Number Crunch!

News and Views from OutSource Your Books, LLC

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 Your Accounts Payable and Accounts Receivable are outdated and you don’t have the smallest idea if you are making […]

Avoid Risky Business – Review Your Bank Statement Monthly

May 15, 2012 by Ed Becker

A client of ours (before becoming a client) lost $118,000 because they weren’t reviewing monthly statements.  I’m going to tell you this story – one that is all the more heartbreaking because the business (a bakery) was already on the brink – but first, some basics every small business owner should know (but many don’t): […]

Is QuickBooks Right For Your Business?

April 25, 2012 by Ed Becker

If you ask business owners why they chose QuickBooks for their bookkeeping needs, you get several basic responses.  Some who say “I didn’t give it much thought but I have a friend who uses it.” Others will say “my CPA uses it” A  very select group will who rationalized their decision: talk about features, ease […]

Is Your QuickBooks File Too Large and Slow?

April 20, 2012 by Ed Becker

Are you asking yourself “Why is QuickBooks slow?” If so, you’re not alone. Many businesses reach a point where their QuickBooks files become too large and too slow, turning daily tasks into tediously slow chores. The definition of “too large” in QuickBooks is not always clear. You can hit a ceiling based on the size […]

Quickbooks Audit Trail – Who Needs It?

April 12, 2012 by Ed Becker

A few years ago, the QuickBooks Audit Trail feature could be turned on and off. However, in the most recent versions of QuickBooks, the feature is always on. Even the administrator can’t turn it off. It has its drawbacks, but for the most part, it is a very useful feature, albeit under-utilized. What does the […]