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Record-keeping Best Practices: Organizing Financial Records for Tax Purposes

Outsourced Bookeeping

In this piece, we delve into the significance of proper record-keeping for tax-related reasons and discuss the optimal techniques to achieve it. By adhering to effective record-keeping procedures, companies can enhance their tax strategy, guarantee precise monetary recording, and simplify their billing and payment services.

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How to Prepare for an Accounts Receivable Audit

Fidesic blog

Whether internal or external, financial audits can be an extremely stressful time. Accounts receivable auditing is among the most critical of financial audits. An internal AR audit will give deep insight into the business' incoming cash and can be a determining factor in planning the financial future of the company.

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Small Business Accounting Guidelines: Steps For Running & Scaling Your Business

Outsourced Bookeeping

Keeping track of revenues and expenditures to maintain a proper cash flow must be cautiously organized so that you are not off track on your funds or financial records when you are filing taxes. However, in today’s world, you can hire a freelance accountant or a bookkeeper to help you focus on developing other aspects of your business.

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Your 10-step checklist for end of financial year in 2024

Xero

Save time on sending invoices and reminders in the new year by using an accounting software that does it for you. Get up to date with GST If your business is GST-registered, you’ll need to sum up and pay any GST you owe at the balance date for the end of the financial year.

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Accounts Payable Automation in Sage Intacct

Nanonets

This is especially true for the accounts payable (AP) department, which manages a company's financial obligations to suppliers. Automation in accounts payable refers to using software to digitize, streamline, and optimize the end-to-end process of managing payables. This repetitive task is prone to errors.

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What the 2023 Autumn Statement Means for Making Tax Digital

Xero

Note – your clients will still be able to use three-line accounts with the new MTD rules in place. The existing design of MTD for ITSA could create challenges for joint landlords, who would need to calculate their portion of the expenses and income every quarter, and transfer financial records between each other.

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What’s the Difference Between Bookkeepers and Accountants?

Counto

What’s the Difference Between Bookkeepers and Accountants? In the realm of business finance, distinguishing between bookkeepers and accountants is essential. Here’s a breakdown of these two roles: The Role of a Bookkeeper Tasks: Records transactions, manages payroll, and balances ledgers.