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OSYB Blog: Number Crunch!

News and Views from OutSource Your Books, LLC

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 […]

Football Season is Here and so are Taxes on Gambling

September 12, 2012 by Ed Becker

With the start of the 2012-2013 football season comes office football pools, trips to Las Vegas, Superbowl grids and Fantasy football.   This is an exciting time for football fans and also a time when the casual gambler needs to understand the tax rules as it pertains to betting. Gambling winnings are fully taxable on your […]

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 […]