OSYB Blog: Number Crunch!
News and Views from OutSource Your Books, LLC
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 […]
How To Update A Memorized Transaction in Quickbooks
November 17, 2012 by Ed Becker
Many QuickBooks users use memorized entries to save time with daily tasks. Our consultants at OSYB are always looking for opportunities to implement a memorized transaction for this reason. If you can save key strokes, you can save time, and who couldn’t use a little time in his or her busy day? As a reminder, […]
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 […]
Is Your Email Account Secure?
September 26, 2012 by Ed Becker
When sending sensitive reports and files to your clients, family, attorney or CPA, are you comfortable that your data is secure? If you answered NO or MAYBE, then you should act now to implement a safer method. You must go above and beyond in safeguarding your email account and the data you send or you […]
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 […]
