Bookkeeping News & Tips

Top 5 benefits of updating books daily

Daily bookkeeping is key for small business owners who need to track up-to-date financial records. Taking the time each day to enter expenses, bills and invoices as they are received has many benefits.

From experts at TaxSlayer Books, here are the top 5 benefits of updating books daily: [More]

The Importance of an Income Statement

The most important metric when measuring the financial health of your company is shown on an Income Statement. An income statement, often referred to as a Profit and Loss statement, is a financial statement that shows the revenues and expenses of a company during a specific period. This allows you to quickly quantify your company's profitability during any week, month, quarter, or year. The statement enables you to keep a finger on your company's pulse. [More]

Advantages of Our Cloud Based Bookkeeping and Payroll Program

You may have noticed a trend in computer technology towards cloud computing and away from client/server technology. This is a movement towards greater flexibility. As it pertains to our TaxSlayer Books Online, there are a slew of benefits to you, the user. We’re going to delve into a few of the top benefits right now. [More]

Small Business Taxes: The Virtual Workshop

Have you just started your small business and are unsure of how to meet your small business tax obligation? Are you a seasoned business owner who is just a little unclear on what you small business tax obligation is? If so, the IRS has a workshop just for you.The IRS offers Small Business Taxes: The Virtual Workshop which is a series of videos that walk you through what your tax liability may be and how you can take care of it properly. Also the videos touch on topics such as setting up employee retirement plans, payroll taxes, tax deposits, and hiring people who are not U.S. citizens. [More]

The Paying Yourself Series: Shareholder Loan Or Officer's Compensation?

The procedures for compensating yourself for your efforts in carrying on a trade or business will depend on the type of business structure you elect. In the Paying Yourself Series we will cover topics that frequently arise when new business owners ask questions about paying themselves. The series will cover corporate officers, partners, dividend distributions, treating employees as nonemployees, reasonable compensation, draw account and this week’s topic shareholder loan or officer’s compensation. [More]