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5 Common Bookkeeping Mistakes You Must Avoid

Stephanie Peterson

Creating a separate bank account for your business will make it easier to identify the difference between personal and business expenses and help your case if the IRS ever audits your business. In order to establish a budget, all expenses should be audited, and any unnecessary expenses should be cut.

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5 Bookkeeping Errors that are Costing Your Business

Stephanie Peterson

However, in case of an audit, you won't want to answer to the IRS without the proof to back up every penny spent on business-related purchases. I have a degree in accounting and am an Advanced Certified QuickBooks ProAdvisor. At the same time, some might not find it to be a big deal and record transactions without receipts.

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How To Start a Bookkeeping Business in 2022 [Step by Step]

Future Firm

My bookkeeping might not be totally accurate, but it’s just not a big priority for me. You: Seeing as you say your books not be fully accurate, how would it make you feel if the government audited your books? When you run a fully virtual bookkeeping business, honestly, there’s not much need for a phone.

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Value Pricing Accounting Advisory Services

Cloud Accounting Podcast

Sponsors AccountingSuite: [link] LivePlan Bootcamp: [link] BQE CORE: [link] Show Notes 04:33 – One of this week's voicemail messages – Shana 06:40 - Increase your restaurant profits by tracking fiscal weeks in QuickBooks Online Advanced – Intuit QuickBooks 08:16 - Xero and TriNet provide full-service HR solutions to U.S.