Bookkeeping Tips

So, you’re not a bean counter.  That’s OK.  It’s not like everyone can be like the financial wizards at Norton! No one is born knowing everything and sometimes, the language used in the world of finance can be bewildering – even alienating. In this episode of New Jersey Bookkeeping Basics:  6 key financial terms everyone…

Robo advisors may seem like a futuristic way to invest your money, but they’re quite practical.  If you’re an investor who wants to avoid the high price of a human advisor, a robotic one would seem to be just the ticket. We’re offering this New Jersey Bookkeeping tip:  things you need to know about robo-advisors,…

Taxes.  They can make your head spin.  And one of the most challenging features of the US taxation system is the fact that things can change in a heartbeat. If you’re new to doing business taxes, you can often feel like Dr. Livingston – hacking your way through the dense underbrush using only a machete. …

When it’s time to get your taxes in to the IRA, all your hard work over the year can come to naught in the heat of the moment. When you’re under intense pressure mistakes happen.  But they needn’t. We’ve compiled these small business tax preparation mistakes to avoid from the pros.  These are key areas…

Perhaps you have just started a new business and you’re wondering how to choose the right accounting year for your business. Basically, there are two kinds of tax years: the fiscal tax year and the regular calendar year. The choice of your accounting year will significantly affect your accounting strategy and business taxes as you…

Contrary to what many people think, payroll is not a simple bookkeeping function or an annoyance that business owners or accountants have to take care of every month. It plays a crucial role in attracting, motivating and retaining employees. If miscalculation leads to errors, employees may become demoralized and dissatisfied. Errors in calculation aren’t the…

When it comes to managing your business’ books, one of the most important decisions to make is choosing which accounting method to use. Thankfully, there are only two options: accrual accounting and cash-basis accounting. While cash accounting recognizes expenses and revenues only when money changes hands, accrual accounting recognizes expenses when they’re billed and revenue…

Understanding financial statements is a great skill to have as a business owner. The numbers can tell you a lot when they’re subject to expert analysis. But when you’re a busy entrepreneur, your plate already good and full.  You don’t always have time to track performance, or for the kind of data analysis you need…

Entrepreneurs are known for wearing numerous hats when it comes to managing their small business. At the same time, the most important thing to a small business owner is their time. Your time is precious and irreplaceable. The last thing you’re looking to do at the end of a busy day is to sit down…

Why Create A Projection? Forecasting revenue & expenses for the year is crucial for your small business. Projections serve as a yardstick, which helps business owners plan and budget as the year progresses. The goal is to estimate Income & expenses for each month of the year. Once this is laid out, you will get…