OSYB Blog: Number Crunch!
News and Views from OutSource Your Books, LLC
Branding 101 for Small Businesses
December 3, 2019 by OSYB Staff
TechPluto shares some smart tips for small businesses to create personalized branding: Perform thorough research find out all about your potential customers and understand how and why they spend their money know everything you can about your competition research on-line and talk with as many people as you can to gather data 2. Choose a […]
Self-employed and FICA Taxes
November 28, 2019 by OSYB Staff
Federal Insurance Contributions Act (FICA) taxes are are collected to fund Social Security taxes and Medicare tax. Company’s manage their employees’ FICA tax payments and the process of FICA payments are more complicated for the self-employed. Both social security and medicare taxes have specific regulations and company’s hire experts who will ensure that company’s are […]
Light-hearted Office Gift Ideas
November 26, 2019 by OSYB Staff
Holiday season is around the corner and office parties are a common team building activity. And sometimes a white elephant gift exchange is included in the festivities. Small Business Trends shares a few fun office gift ideas that you may want to consider. Here are a some of them: Magnets with pictures of co-workers Ugly […]
Cash or Accrual Accounting? Part 2
November 21, 2019 by OSYB Staff
As a business owner, you have two accounting methods to pick from, either cash basis accounting or accrual basis accounting. Intuit QuickBooks shares a quick summary of accrual basis accounting since you learned about cash basis accounting in the previous blog: Accrual basis accounting: outlined by the Generally Accepted Accounting Principles (GAAP) provides a clearer […]
Cash or Accrual Accounting? Part 1
November 19, 2019 by OSYB Staff
As a business owner, you have two accounting methods to pick from, either cash basis accounting or accrual basis accounting. Intuit QuickBooks shares a quick summary of cash basis accounting that you should familiarize yourself with: Cash basis accounting: simpler of two methods and does not consider accounts payable or receivable applies payments only upon […]
Accounting Principles 101, Part 4
November 14, 2019 by OSYB Staff
Here are some financial terms that Intuit QuickBooks shares that you should get well-acquainted with for when you implement accounting principles in your business: Accounts payable – monies owed to vendors and creditors Accounts receivable – monies owed to the business from clients and customers for services rendered to products sold Amortization – process of […]
Accounting Principles 101, Part 3
November 12, 2019 by OSYB Staff
Though only public companies are required to follow Generally Accepted Accounting Principles (GAAP), it is wise to follow them. if you have even a tiny inkling of going public. Changing over from non-GAAP to GAAP standards is quite time consuming and challenging. Intuit QuickBooks shares some GAAP principles that you should know and implement: Matching […]
Accounting Principles 101, Part 2
November 7, 2019 by OSYB Staff
Intuit QuickBooks shares that the “Financial Accounting Standards Board (FASB) establishes a set of Generally Accepted Accounting Principles (GAAP) so that businesses in the United States can maintain uniformity with their financial information”. Do keep in mind that only public companies are the only businesses required to abide by GAAP. If you are a small […]
