Velisa Bookkeeping Services, a dedicated and reliable Accounting and Tax firm, serving Maryland since 2017.
Managing income and expenses accurately is an important aspect of running a business successfully. Unfortunately, many small businesses make mistakes in their books, without even realizing the impact those mistakes can have on their long-term viability. No system is foolproof, but whether you’re running your books through an accounting system like QuickBooks Online or Xero, …
Continue reading How to Avoid the 5 Most Common Small Business Accounting Mistakes
Business owners know that most of their expenses are deductible. But it might surprise you to learn how many leave money on the table by not claiming all allowable write-offs. Overlooked Business Deductions Here are the most commonly overlooked deductions. Carryovers Your tax activities in prior years sometimes yield deductions in the present. So check …
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You may have a great CPA, but if you wait to talk to him until your tax year is over, there's little he can do to lower your tax bill. To reduce your taxes, take these steps before the end of the year. Pay All Outstanding Payables If you use the cash-basis accounting method and …
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As small business owners, we’re resourceful and take pride in doing things ourselves. This resourcefulness is helpful when we start our business as we can minimize costs and run a tight ship. But as our business grows, so to do our responsibilities. With so many tasks and limited time in the day, A DIY approach …
Continue reading 9 Signs Your Business Needs Bookkeeping Services
Is your business leaking profit, but not sure how or where? Fix these four bad business habits or plug those costly leaks. Unbeknownst to even the savviest of small- and medium-sized business (SMB) owners and operators, some common and seemingly insignificant business habits can creep into day-to-day work. All told, these bad habits can seriously …
Continue reading 4 Bad Business Habits That Could Be Costing You Time and Money
The phrase "keeping the books" refers to maintaining the general ledger, the main accounting record for your business if you use double-entry bookkeeping. It's the primary tool that allows you to keep track of all transactions and sort them into subcategories so you—and your accountant—can find a comprehensive, interlocking record of your business finances all …
Continue reading Constructing the General Ledger for Your Small Business
Many small business owners make the mistake of relying solely on their business for their retirement, but there are better ways to secure a comfortable financial future while building a going concern. They include taking advantage of new tax laws, picking the right savings plans and even hiring your children. Keep reading for valuable information …
Continue reading 13 Personal Finance Tips for Any Small Business Owner
The difference between profit vs cash The difference between accrual basis vs cash basis How to recognizing the purchase of assets You didn’t get into business to be an accountant, so why do you need to know basic accounting concepts? For starters, understanding basic accounting concepts can help you make predictions about your company’s future …
Continue reading 3 Basic Accounting Concepts Every Small Business Owner Should Know
Of all the aspects of running a small business, accounting is one that is usually not well understood. With the wide range of options, tax regulations, and reporting standards, this area is its own field of expertise for a reason. Most small business owners hire bookkeepers and accountants (and rightly so) to manage this part …
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Although taxes are a fact of life, especially for a small business owner, there are ways to maximize your deductions so that more of your hard-earned money winds up in your pocket, and not with the IRS. The good news is that figuring out business tax deductions is pretty straightforward. However, because of important changes …
Continue reading Save money with a small business tax deductions checklist
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