Category Archives: Bookkeeping
Accounting for Crowd Funding: What You Need to Know Before Starting a Kickstarter Campaign
Crowd funding, through sites like Kickstarter, can seem like the easiest way to find money for unusual projects — like building two 10-story tall Tesla coils — as well as for more common projects that are just hard to finance, … read full post
PayPal 1099K Question: What do I do when my 1099′s don’t add up?
Wait! There is no way you brought in that much last year. The number is almost double what you usually sell in a year. If you suspect the villain in this story is that new 1099K you received from PayPal you are correct. read full post
Why should you care about Cost of Goods Sold?
This guest post is brought to you by Jackie B. Peterson, author of Better, Smarter, Richer: Seven Business Principles for Creative Entrepreneurs and Solopreneurs. Cost of goods sold. This number often seems to be confusing to creatives. But, when entering expenditures … read full post
Got Passive Income? Stay Out of Trouble with the IRS
There are plenty of people out there, ready to sell you some sort of product that guarantees that you can create a passive income stream — you can just kick back and collect money. No matter whether you’re convinced that … read full post
CPA, Enrolled Agent, Bookkeeper What’s the Difference?
You may hear the terms accountant or bookkeeper thrown around quite a bit, especially around tax time. I want to help you understand some of the distinction between the terms Certified Public Accountant (CPA), Enrolled Agent (EA) and bookkeeper. read full post
Selling Your Company? Getting Your Books in Order is Step One
Selling off a business can be a good thing, putting a solid number on your hard work and letting you move on to something else. But it does require that you get your books in perfect order. It makes it … read full post
What is a Chart of Accounts?
As small businesses we each have different needs. The accounting systems we choose may be different, the specific reports we use to make decisions may be different, even how often we do our accounting may be different. But at the … read full post
What are Accounts Payable?
Most entrepreneurs create accounts payable (AP) in the normal course of operating their business. Working with vendors that offer you credit in the form of accounts payable, can be a great way to manage the cash flow of your business. read full post
How to Account for Store Refunds in Outright
Today’s Outright Guest Post is brought to you by friend of Outright George Sleeman, known in the Outright Community as Tax Man to You. Lately on the Outright Community we’ve been seeing an increase in questions about how to deal … read full post
Why Is it Important to Categorize Expenses Properly for the IRS?
You might could save some valuable time if all your expenses could just be lumped into the “other” category. The IRS really does care about your expense categories. read full post