For Sanity, Keep Accurate Financial Records
We begin this post with a discussion on the necessity of keeping accurate financial records, the first of a two-part series on “Keeping Accurate Financial Records And Avoiding Common Bookkeeping Mistakes.” Keeping accurate financial records is essential for maintaining a business’s financial health (performance,) decision-making, compliance and legal requirements, financial management and planning, investor and […]
Understand Your Financial Statements
The importance of understanding your financial statements. Financial statements, i.e., income statement, balance sheet, statement of owners’ equity (or shareholders’ equity), and cash flow statements, reveal the heartbeat of a business. Or it could be said that a business manager finds these statements indispensable in assessing the pulse of his company. https://www.youtube.com/embed/fb7YCVR5fIU?feature=oembed Income Statement The income statement, also known as, […]
Bookkeeping in GAAP Accounting Cycle
Bookkeeping plays a significant role in the accounting cycle as delineated by the Generally Accepted Accounting Principles (GAAP) accounting cycle. The accounting cycle is a structured procedure for recording, summarizing, and reporting financial transactions per GAAP. By following the GAAP accounting cycle, companies can ensure that their financial statements are accurate, consistent, and reliable, thereby fostering […]
Small Business Tips For Minimizing Tax Liabilities: Independent Contracting And Outsourcing
Independent Contracting And Outsourcing Small businesses can use independent contractors and outsourcing to limit their tax liabilities. Both strategies, differing in relationship, scope, and execution, enable businesses to complete work outside their employee base. Independent contracting involves hiring an individual or individuals to perform a specific service or task. The business contracts directly with the contractor(individual.) The independent contractor […]
Efficient Bookkeeping System For Your Business
On the way to implementing an efficient bookkeeping system one must consider the nature of bookkeeping systems, the risks and benefits, and workflow, amongst other considerations. First then, a bookkeeping system is the method a business uses to record, organize, and manage its financial transactions. It helps keep track of income, expenses, assets, liabilities, and equity […]
GDPR, Something Stringent Building Sway, Part VIII-d
Social Media and GDPR As expressed before, the General Data Protection Regulation (GDPR) is a comprehensive data protection law that came into effect in the European Union (EU) on May 25, 2018. It was designed to give individuals control over their data and to simplify the regulatory environment for international business by unifying the regulation within the […]
GDPR, Something Stringent Building Sway, Part VIII-c
Email Marketer/Marketing and GDPR Last time, under the umbrella of the General Data Protection Regulation (GDPR), we took a close look at the use of “cookies” (http cookies/web cookies) and cookie consent banners. This time we consider, for emulation sake, the implications, precautions and procedures, and protocols of the GDPR for email marketing/marketers, which has a heavy focus […]
GDPR, Something Stringent Building Sway, Part VIII-b
Cookies And Cookie Consent Banners For GDPR In the last issue of this GDPR series, we considered the practical implications of the General Data Protection Regulation (GDPR) for websites and website development, with respect to professional services. This time we take a closer look at “cookies” (http cookies/web cookies): its history, implementation, and the subsequent recourse to […]
GDPR, Something Stringent Building Sway, Part VIII
GDPR Compliant Websites Previously, we examined the implications for professional services firms regarding the imminent and pervasive institution of state data privacy laws. This time, on a related issue, we consider the practical implications of the General Data Protection Regulation (GDPR) for websites and website development, as professional services firms’ websites are required to be compliant with the data […]
GDPR, Something Stringent Building Sway, Part VII
Professional Services Firms And GDPR Last time we considered the absence of federal legislation in the US that matches the General Data Protection Regulation (GDPR) and, as a consequence, some US states have legislated or proposed their own data privacy laws. Now we examine the responsibilities of professional services firms concerning the imminent and pervasive institution of […]