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The necessity to keep good financial records should be a business requirement.


Definitions: Bookkeeper:


Bookkeepers handle day-to-day cash flow man- agement by recording transactions such as pur- chases, payments, sales and receipts.


Accountant:  Do you employ staff?  Have a complicated invoice system?


Too often, this is the area that is left last and not using accounting software for business analysis is the downfall of many small business entrepreneurs.


This is what I have found:


 The Small Business Entrepreneur is self funding


 There usually isn’t any budgeting plan or projections


 Why use accounting software?


 The entrepreneur decides to “learn” QuickBooks after they are in business


 A tax accountant isn’t in the picture


 Utilizing the business bank account for ONLY business isn’t happening, instead of giving themselves an owners draw, they just pay a personal bill in the business account


 Lack of filing sales tax


 A lack of understanding what an Independent Contractor is and filing the 1099


 A lack of understanding of what an Employee is (defined by the state)


 Keeping accurate track of inventory


 Need help navigating the increasingly intricate payroll accounting and reporting system?


 Are you changing you company's ownership structure?


 Need an accountant's advice?


 Looking for additional funding in the form of a bank loan ~ then it is essential that you get your books in immaculate order


What do you need? A good bookkeeper works as a team member with your tax accountant and together they can make sure that whatever your accounting software is, it is set up correctly.


Knowing your business deductions is key to maximizing your tax expenses.


Mileage ~ 2010 Rates:  50 cents per mile for business miles driven


 16.5 cents per mile driven for medical or moving purposes


 14 cents per mile driven in service of charitable organizations


Mileage ~ 2011 Rates:


 51 cents per mile for business miles driven  19 cents per mile driven for medical or moving purposes


 14 cents per mile driven in service of charitable organizations


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