Velisa Bookkeeping Services, a dedicated and reliable Accounting and Tax firm, serving Maryland since 2017.
Bookkeeping is important for helping you maintain accurate financial records. Yet still, many businesses fail to implement this integral process. Besides the fact you are required under law to maintain accurate books and records, doing so will save you frustration later on. In fact, “poor accounting” is one of the top reasons businesses fail. Without …
If you are thinking about starting a small business, you most likely already know what a business plan is and have heard that you need one. But do you truly understand the purpose of a business plan? Does it really matter if you have one for your small business? And how can you create a …
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Managing your personal finances does not require much work. You probably have at least one checking and savings account, a retirement account, a few investments, perhaps a few monthly payments and a file to save receipts for tax records. When it comes to bookkeeping and accounting for business purposes, however, there is a lot more …
Continue reading Top 12 Bookkeeping Best Practices for Achieving Business Success
Determining the type of company structure best for your small business can be a confusing exercise. Is an S Corporation advantageous for your small business? A little insight into the pros and cons of becoming an S Corporation may help in your decision-making process. S Corporation An S Corporation (Small Business Corporation) is a business …
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As a small business owner, you know that January signals you’re about to get knee-deep in your tax year: that means diving into 1099s, W2s, payroll taxes, sales taxes, reconciliations, and business taxes. You also schedule frequent visits to see your accountant. You may even dread “year-end wrap-up” conversations that make you want to run …
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Bookkeeping is one of the main accounting services. It ensures your taxes are done properly and your finances are in order in the event you’re audited. But maintaining your books isn’t something you should do solely as a tax-savings strategy. If done right, it can also prevent you from losing your sanity and help you …
If you are a small business owner, you may think your accountant or bookkeeper is responsible for all book and financial related services. While their responsibility is to handle this, it doesn’t mean you are resolved from all responsibility. As a business owner, if you don’t understand your books, how can you grow your business? …
Continue reading 5 Accounting Tasks All Small Business Owners Should Do
You’re probably at least generally familiar with the concept of leasing versus buying from car shopping. But on top of considering whether you want to rent or buy, you also need to think about which one is best for your accounting. Here’s what you need to know. Upfront Cash Flow You generally need more cash …
Continue reading Leasing vs. Buying for Small Business Owners: How Does it Help Your Accounting?
An accounting system is how a business plans its operating budget and tracks its expenditures and receivables, or income. An accounting system also may handle payroll, taxes and other business accounts, including workers' compensation, health-care coverage and other benefits. Functions of accounting can be handled in house or contracted out to a certified public accountant. …
Continue reading How Does a Small Business Fail With Lack of a Proper Accounting System?
Accounting is an important component of business operations, regardless of the size of the company. However, smaller businesses often face unique accounting challenges that larger businesses may not encounter. Below are some of the most common accounting challenges small businesses can face. 1. Payroll. Payroll is a big job for businesses of all sizes. Every …
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