These Nine Things Are Essential to Preparing Your Tax Return

On February 16, 2018, Posted by , In Taxes, By ,,, , With Comments Off on These Nine Things Are Essential to Preparing Your Tax Return

For most businesses, using an accountant to prepare their tax return is the best option. Tax mistakes can be costly, and many business owners simply don’t have the time to become tax experts on the side. What you can do is have all of the required information gathered prior to…

Cash Accounting vs. Accrual Accounting

On October 8, 2017, Posted by , In Bookkeeping, By ,,, , With Comments Off on Cash Accounting vs. Accrual Accounting

Even if you don’t handle your own financial reporting, it is vital for you to know the difference between cash and accrual accounting. The variance lies in the timing of when sales and purchases are recorded, but the method you choose can significantly impact your taxes. Cash Method When using…

Take Control of Your Bookkeeping This Year

On February 8, 2017, Posted by , In Bookkeeping, By , , With Comments Off on Take Control of Your Bookkeeping This Year

Every January you promise to get your bookkeeping under control, but the reality is that you are just too busy, right? You’re too busy, you don’t enjoy it, and you don’t see much value in it. That means that every year your bookkeeping is pushed to the back burner until…

The Value of Monthly Bookkeeping

On January 19, 2017, Posted by , In Bookkeeping, By ,, , With Comments Off on The Value of Monthly Bookkeeping

We get many prospects this time of year who believe bookkeeping is only beneficial for filing taxes. Typically a small business owner will come to us and say something along the lines of “I need a bookkeeper so I can file taxes.” BOSS can, and will, certainly assist in catching…

Reminder: IRS Changes W-2 and 1099 Filing Deadlines

On January 11, 2017, Posted by , In Taxes, By ,,,, , With Comments Off on Reminder: IRS Changes W-2 and 1099 Filing Deadlines

New Filing Deadline The Protecting Americans from Tax Hikes (PATH) Act, enacted last December, includes a new requirement for employers. They are now required to file their copies of Form W-2, submitted to the Social Security Administration (SSA), by January 31. The new January 31 filing deadline also applies to…

Bookkeeper or CPA? Here’s What to Know.

On December 1, 2016, Posted by , In Bookkeeping, By ,, , With Comments Off on Bookkeeper or CPA? Here’s What to Know.

Many small business owners consider hiring a professional to help them understand the financial responsibilities included when owning a business. For many individuals the terms “bookkeeper”, “Accountant”, and “CPA” are interchangeable. However, there is a difference between these positions. Bookkeepers The term “bookkeeper” is a literal one: A bookkeeper keeps…

Dates to Remember in the Final Quarters of 2016

On August 25, 2016, Posted by , In Uncategorized, By ,,, , With Comments Off on Dates to Remember in the Final Quarters of 2016

It’s hard to believe that October 1st marks the start of the final quarter of 2016. We know life can get a bit hectic during this time of year, but that won’t stop a deadline from quickly approaching. Here are some of the most important dates to mark on your…

BOSS Is Proud to Announce the Launch of Our Home Accounting Assistant Program

On August 17, 2016, Posted by , In Home Accounting Assistance, By ,,, , With Comments Off on BOSS Is Proud to Announce the Launch of Our Home Accounting Assistant Program

At BOSS, we believe that personal finances should be handled with the same care and attention to detail as a large business.  The Home Accounting Assistant program, whether it is for your personal finances or the finances you manage for another family member, allows clients to have a worry free…

Balance Sheet vs P&L – What’s The Difference?

On July 28, 2016, Posted by , In Bookkeeping, By ,, , With Comments Off on Balance Sheet vs P&L – What’s The Difference?

Balance sheets and income statements (P&L’s) are the two most important reports business owners need to run their business efficiently. These reports aid in measuring the performance and financial health of the company, and it is vital that these reports are accurate when making certain decisions. While both statements are…

How Much Should a Small Business Owner Pay Him/Herself?

On July 21, 2016, Posted by , In Bookkeeping, By ,, , With Comments Off on How Much Should a Small Business Owner Pay Him/Herself?

For most small business owners, their own salary is one of the easiest expenses to overlook, with only about 51% actually getting paid. If you’ve started a small business, it is important for you to know that your time is valuable, but it will come with many questions. When should you start paying yourself? What do…