Small restaurants, if they last any length of time, are always super busy preparing and serving meals, pouring drinks and cleaning up the mess. With customers continually coming in and out, a small restaurant owner’s time is at a premium. But when it comes to accounting a restaurant shouldn’t skimp. Our helpful hints for keeping accounting records for a small restaurant detail the right way to keep track of your books.
Businesses and individuals begrudgingly pay interest, because it appears little is to be gained. This is not entirely true. Interest expense, in certain cases, is tax-deductible.
Don’t allow your tax refund check to burn a hole in your pocket. Instead, let your money grow. If you receive money back from the government this year, try one or more of our five ways to invest a tax return for your future.
Like old wives tales, IRS audit myths, often with little basis in reality, have been handed down through generations of American taxpayers.
Construction contractors typically work on different type, size and length contracts. Depending on these variables, recommended contractor accounting methods may differ. Before filing a Federal tax return, construction contractors of any business structure (sole proprietor, partnership or corporation) must choose a method of accounting.
So, why not start with your business tax planning and preparation now?
Unlike many other industries, accounting for the construction companies does not just include a regular series of debits and credits. Instead, a construction accountant uses a system that is designed to match income and expenses to the varying length and size of construction contracts.
Like a contractor accountant, a construction accountant is trained to serve its industry’s specific accounting requirements. This type of accounting includes mostly the categories of: contract revenue, contract costs, trade receivables, gross amount due to/from customers, advances from customers and retention money.
A restaurant profit and loss statement displays a business’ revenues and costs over a specific period of time. This important ledger can effectively track business growth, if you know exactly what items belong in a profit and loss statement. Since understanding a profit and loss statement is difficult, we’re here show you the way.
Opening up a business as an independent contractor can be an exciting ordeal. After many long years of exams, countless apprenticeships and some real world experience you finally get to call your own shots. You get to take the projects you want to do and, at the end of the day, you have a business that you can call your own. It’s a great job, but like any small business owner, being an independent contractor carries a certain amount of financial responsibility. Most contractors choose to hire out-of-house accountants to help them manage their finances. Though it is a perfectly acceptable method of financial management, not all accountants are equipped to handle your situation. Here’s how a contractor accountant can help meet your very specific accounting requirements.
While winter may be a bit of a down season for landscapers in terms of physical work but, that doesn’t mean it has to be entirely unproductive. It’s tax season which means you’re probably working together with your office manager or your accountant to make sure your taxes are filed correctly. Regardless of who does your taxes, it is still a relatively painful process but, there are ways to alleviate some of the financial stress associated with filing. Listed below are some of our money-saving small business tips for landscapers that you can use this tax season.