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OSYB Blog: Number Crunch!

News and Views from OutSource Your Books, LLC

Are You Self-Employed and Worried About Your Personal Finances?

May 7, 2019 by OSYB Staff

If you are self-employed and are concerned about your personal finances, don’t worry you are not alone. QuickBooks surveyed 1,026 self-employed people for their 2019 Personal Finance Survey and discovered that “1 in 3 admitted to always thinking about their personal finances, 2 in 3 said they think about personal finances at least once per […]

Bookkeeper vs. Accountant-Why Your Small Business Needs Both

July 24, 2017 by Ed Becker

“Bookkeeping is designed to generate data about the activities of an organization,” said D’Arcy Becker, CPA and chairwoman of the Department of Accounting and Finance at the University of Wisconsin. “Accounting is designed to turn data into information.” As a small business owner, you may or may not have a bookkeeper on staff. You may […]

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 […]

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 […]

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), […]

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 […]