How To

5 Small Business Bookkeeping Tips

Unless you’re one of those folks who loves working with numbers, balancing the books is never a fun part of having a business. It is, however, an extremely important part of your business… This is especially true for small businesses, where everything is done in house and even the smallest of errors can have a […]

How To Calculate Payroll Taxes | Learn Payroll Accounting

Learn how to withhold, remit, and calculate payroll taxes! If you are a small business owner with employees, you know paying them is not as simple as just writing out a check. The paycheck calculation can get a little tricky. What Are Payroll Taxes? Payroll taxes are the taxes paid from the employees’ wages earned

How to Set Up a Trial Balance

Trial Balance Reports One of the biggest challenges faced by any small business owner is balancing the books so you can create accurate financial statements during the accounting cycle. Unlike in larger companies, this is one of those routine but necessary tasks that you’ll have to handle yourself unless you’re lucky enough to have an

Step-by-Step Payroll Guide

Need a step-by-step payroll guide to establish your small business’s payroll? As a small business owner, if you just need a small payroll, you can do it yourself with minimum time and effort… even if you do not have any accounting experience. However… be aware that there are many laws governing employee pay. If you are unsure

Mileage Log Sheet: What Must Be Included Many business owners incorrectly track their mileage, which could be an expensive mistake. Find out how to comply with IRS regulations and legally deduct business mileage expenses with our free mileage log template. Some business owners don’t track their mileage because they don’t think it’s worth the effort.

Setting up Users In Quickbooks

If you plan to have multiple employees using QuickBooks, you can limit their access to specific areas. Controlling access to your QuickBooks company file is easy when you’re a one-person accounting department. You simply use one password to protect your data. But when you add new employees to the mix, do you want them to

Sale Discounts Returns Accounting

Accounting for sale discounts returns is not too difficult if you understand the basic accounting concepts behind the journal entries involved. Sales discounts returns are common occurrences with most small business owners. These discounts given vary depending on the type of discount, such as rebates, discount coupons, trade discounts, early payment discounts, and settlement discounts.

How to Set Up and Maintain a Petty Cash Account

A petty cash account is simply money kept on hand to pay for minor cash items such as stamps, office supplies, tips, parking tolls, etc. It is easy to set up and will save you from writing a lot of small checks or using your personal funds. See some petty cash journal entries below. What

Keeping Track of Business Receipts

The first step in effectively keeping track of business receipts is in knowing what qualifies as a business expense. Check your country’s revenue or small business site for examples of qualifying business expenses. For those of you living in the US, see this page for some examples of small business tax deductions. Tips on Efficiently

W-2: IRS Payroll Tax Form

If you have paid employees, you must prepare IRS payroll tax forms W-2 and W-3 each year. Your IRS payroll tax form W-2 tells the IRS, the Social Security Administration, and the employee the amount of wages and withholding for the year. The transmittal form W-3 is the cover page for all the W-2s that