contact me today to discuss the best way to deduct your auto expenses! email me or set-up a free 15 minute phone call WASHINGTON — The Internal Revenue Service today issued the 2022 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning…
What are you supposed to keep (or throw away) on a day to day basis, and what should you do with all the papers that accumulate in your files or pile-up in other places throughout the year? There is a simple way to organize it all so you have what you need when you need…
The definitive guide to retaining records, straight from the IRS How long should I keep my records? The length of time you should keep a document depends on the action, expense, or event the document records. Generally, you must keep your records that support an item of income or deductions on a tax return until…
Implementing an information management system is a lot like painting a house. When you paint a house, the success of the job is dependent on the preparation of the surface before the paint is applied. Even if you use the most expensive paint available, if the surface has not been scraped and sanded, the paint will just peel off.
Likewise, the most expensive system will not deliver the results expected by a distributor unless it is operating in a business environment that ensures inventory accuracy.
No matter what cash register, software, or point of sale system you may be using for the store, you should be pulling daily reports from it that can be used to reconcile your daily sales and enter other critical financial information into your Quickbooks company file.
This not is the only way to get accurate financial statements that will present a complete picture of your retail operation’s profitability and value, but it’s the most cost effective and common way for small businesses to manage their day to day bookkeeping.
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