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3 PRACTICAL STRATEGIES TO MANAGE SMALL BUSINESS OWNER FINANCES

02/02/2024 1- Understand Your Goals: Understand your business’s financial goals and objectives thoroughly. This insight will guide your bookkeeping approach and help tailor your services to their specific needs. 2- Maintain Detailed Records: Implement meticulous record-keeping practices to accurately track all financial transactions, including income, expenses, invoices, and receipts. Utilize bookkeeping software like QuickBooks or […]

Who needs a 1099?

01/24/2024 From Instr. for Forms 1099-MISC and 1099-NEC (Rev. 01-2024) File Form 1099-NEC, Nonemployee Compensation, for each person during your business to whom you have paid the following during the year. • At least $600 in: 1. Services performed by someone who is not your employee (including parts and materials) (box 1). 2. Payments to […]

S-Corporation Annual Report

11/17/2023 All S-Corporations in Massachusetts must file their Annual Report before 03/15/2024 to ensure your business entities remain in good standing with the state office and avoid potential fees and state penalties. Failure to file an annual report may result in: 1. State-imposed fines and penalties. 2. Possible suspension or involuntary dissolution of your businesses. […]

Are Receipts Required in Case of an Audit?

10/16/2023YES, receipts are required in case of an audit. The tax authorities or auditors may ask for receipts and other supporting documentation during an audit to ensure accurate tax returns or financial statements. Receipts serve as proof of transactions and expenses claimed on tax returns. They contain details such as the transaction date, parties involved, […]

Will AI substitute a professional bookkeeper?

AI cannot substitute a professional bookkeeper because bookkeeping involves not only data entry but also complex interpretation, judgment, and decision-making. Professional bookkeepers bring their experience, knowledge, and personalized service to handle unique business needs, communicate effectively with clients, and navigate complex financial transactions. They possess the ability to exercise judgment, assess credibility, and provide tailored […]

Why Do My Business Needs a Bookkeeper

05/02/2023Having a professional bookkeeper is crucial for your business. It can help with financial tracking, provide valuable insights, and ensure tax compliance. This saves time and reduces errors, contributing to long-term growth and success. Patricia de Oliveira Bookkeeper Professional 508-221-1874 Maple Bookkeeping Services Please leave or read ratings and reviews on my ProAdvisor listing!

Profit and Loss (P&L) 101

A Profit and Loss (P&L) Report, also known as an Income Statement, is a financial statement that tells you how well a business did financially. The report shows how much money a business makes (revenue) and how much it spends (expenses) during a certain period. If the business made more money than it spent, then […]

Fillable Power of Attorney Form Now Available

The Power of Attorney form, M-2848, is now fillable. The DOR webpage POA and Third-Party Authorization has been updated with the new form. Additional changes include removing the notary section and including electronic signatures (when submitted via PDF email). Patricia de Oliveira Bookkeeper Professional 508-221-1874 Maple Bookkeeping Services

Bookkeeping – Accounts payable

Accounts payable is an essential function of any business that involves managing the payment of debts owed to vendors, suppliers, and other creditors. Proper accounts payable management is critical to maintaining good relationships with these entities, which can directly impact the business’s success. Efficient accounts payable processes also help to minimize the risk of errors […]