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OSYB Blog: Number Crunch!

News and Views from OutSource Your Books, LLC

Independent Contractor or Full Time Employee? Bookkeeping Tips and Strategies

October 23, 2013 by Ed Becker

In terms of bookkeeping, the difference between full time employees and independent contractors is essential knowledge for small business owners. Incorrectly classifying your workforce could lead IRS penalties, costly lawsuits, or both. How to Classify an Independent Contractor The primary identifying feature of independent contractors is their ability to control the method in which work […]

Audit Trail Within QuickBooks

January 25, 2013 by Ed Becker

The QuickBooks audit trail is a great tool for business owners, CPA’s, forensic accountants and anyone who is concerned about the integrity of the accounting files they use. Unfortunately, there are dishonest employees who look for weaknesses in systems and perpetrate fraud everyday. My bookkeeping firm, Outsource Your Books LLC, has been brought in on […]

Bookkeeping Year End Checklist

January 7, 2013 by Ed Becker

The year has come and gone and now is time to get information to your CPA for tax return purposes.  In reality, a small business should be performing all of its essential accounting functions during the year and on a day-to-day basis. Let’s face the facts:  small business owners get sucked into daily fires and it’s […]

Sales Tax Penalty Abatements

December 21, 2012 by Ed Becker

An honest mistake can be viewed differently by a sales tax agency, so don’t just pay the penalty without talking to an expert.  OSYB suggests using a professional such as Mark Stone of Sales Tax Defense, check out his comments on sales tax abatement.   He really knows his stuff.

Memorized Transactions in QuickBooks – What Options Do I Have?

December 15, 2012 by Ed Becker

Most users of QuickBooks have heard of  memorized transactions as a way to save time and effort.  These functions are a great way to simplify usage of QuickBooks and when set up correctly can be used for a variety of functions (bills, invoices, deposits, debit card activity, journal entries, etc). I have guided many of […]

Are Your Books Cooked?

December 13, 2012 by Ed Becker

It appears as though the SEC is spending much of their efforts going after ponzi type schemes and missing a much bigger picture pertaining to accounting fraud. For a great post on financial statement revsions happening as a result of fraud, check out this post called “Cooking The Books: Financial Statement Revisions”

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 […]

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 […]