Why Your Small Business Needs Clean-Up Accounting Services
As a small-business owner, you’re used to calling the shots and managing all aspects of your business. But, at times, wearing many hats can be overwhelming, especially when it comes to the finances of your business. At Norton Financials, we’re passionate about helping small business owners focus on growing their business, while we handle the…
Read MoreEnd-Of-Year, Tax Season Accounting Guide
The year is almost coming to an end, and as of January 1, we will be in tax season. If your business runs on a calendar year, have you been keeping your books up-to-date and preparing your tax documents? We all know how important business planning is, but it’s easy to put off these critical…
Read MoreClient Refusing to Pay?
Being in business has many rewards. We needn’t tell you that but due to the subject matter, it’s always good to remember why you started your business – because it’s rewarding! But entrepreneurship also has its annoyances, like when a client won’t pay up. You’ve done your best to get that invoice paid. You’ve sent…
Read MoreWhy Must I Document Deductions?
It’s about that time – tax time! That means it’s time to make sure you’ve got everything you need to file a return that’s coherent and fully documented. If you’re planning on claiming a deduction, then corresponding documentation must be attached to your return. If you can’t prove the deduction, then you open yourself up…
Read MoreTax Changes to Expect in 2019
The new changes to federal income tax regulations are the most monolithic in over 30 years. The Tax Cuts and Jobs Act passed at the end of 2017 by Congress, encompasses over 600 changes. While tax season usually starts at the end of January, this year’s tax season has been heavily impacted by the recently…
Read MoreYour 2019 Taxes: What You Need to Know About the Tax Reform Bill
Breaking out in a cold sweat at tax time is nothing new and you’re certainly not alone. But this year’s a little special, with the new Tax Reform Bill. We’re offering this post about your 2019 taxes: what you need to know about the Tax Reform Bill, so you can come out the other side…
Read MoreSource Documents Provide Accounting Paper Trails
Your accounting practices are vital to the success of your business. When you don’t get them right, there can be problems. And source documents provide accounting paper trails which ensure that you know exactly what’s coming in and going out. Source documents like canceled checks and receipts need to be retained in a coherent manner…
Read MoreWhat to Look for in a Bookkeeping Service for Your Business
You may look at the title of this blog and see just one more business expense. But there are so many advantages to hiring a bookkeeping service and one of them, you’ll be pleased to hear, is reducing your costs. But hiring a bookkeeping service that delivers is what you’re after. So, this post is…
Read MoreTips and Guidance for Creating a General Ledger for Your Business
The record you create with double-entry bookkeeping is the basis for your general ledger. The general ledger is a compilation of all the financial records you’ve kept since the inception of your business. Your general ledger acts as a complete archive of all the financial transaction you’ve made for your company since you started out. …
Read MoreWhich is Best: Single-Entry or Double-Entry Bookkeeping?
Good and transparent accounting is the bedrock of any successful business. Keeping your books straight is a major priority whether you like it, or not. Somebody’s got to do it! But an important question you need to answer is: which is best: single-entry or double-entry bookkeeping? It’s a crucial decision but one which needs to…
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