KPMG Spark Blog
The variety of services offered by KPMG Spark allows our clients to grow, develop, and focus on things that matter most. Our services take the responsibilities of bookkeeping and give you all your necessary financial information at the touch of a button or from a quick call to your dedicated bookkeeper. Our contributions not only help you save time so you can focus on other aspects of your business, but it also gives you the information you need in an efficient, presentable, and tax-ready format.
Starting a business can be a busy time for any entrepreneur and to some, worrying about bookkeeping can seem like an unnecessary task. But, as intimidating as it may be to have a bookkeeper, there are many benefits to online bookkeeping and a strong accounting platform; and several problems can arise when a business does not keep their bookkeeping up to date.
Picking up the skills of bookkeeping and accounting can be time-consuming and difficult. Understanding the difference can help you focus your spending on what is most necessary, what you can do yourself, and what KPMG Spark can help you with. Here, we’ve laid out the differences between bookkeeping and accounting so you can get back to your business and do the things you enjoy.
So, your company has grown and you’ve reached the point where you can take a couple hats off, huh? That’s exciting! We’re happy for you. We know, however, that hiring your first employee can be pretty hard to navigate including finding the right person and getting through all the red tape. We’re here to break it down!
When people enter the world of not-for-profit work, they typically do so to support a cause and find fulfillment in their work. While non-profit organizations are important to a healthy society, they still have to follow strict regulations like any for-profit organization, with an additional few actions and exceptions along the way. This blog will highlight those differences and lay out a framework to give your non-profit a healthy start. Here’s a quick overview:
The spread of coronavirus has resulted in job loss, reduction in income, and unforeseen financial challenges for many. The U.S. Congress has passed legislation signed by the President that helps small to medium-size businesses.
If you don’t understand how to read financial statements, the numbers and columns scattered across the pages can seem like an unsolved puzzle, broken into hundreds of meaningless pieces. Yet, with some basic knowledge, those pieces can tell you a brilliant story about where your business has been and where it is going.
The term "bookkeeping" might conjure up scenes from a classic gangster flick, with back-alley deals, horse betting, and offers "you can't refuse." But the reality is that this couldn't be farther from the truth. Sure, we have our fair share of excitement—an unreconciled transaction or an uncategorized charge (we kid, we kid). Bookkeeping is an arduous and time consuming process, a marathon that begins the day you open for business, to the day you (hopefully never) close your doors.
"Write offs for independent contractors are the frosting on the freelancer cake," says us, right now.
Are you newly in business for yourself as an independent contractor? An independent contractor is defined as a person or business that provides goods or services to another entity under a verbal agreement or specified contract. Some examples of independent contractors include truck drivers, writers, real estate brokers, and web designers. It's important to know what tax deductions you qualify for so you can keep detailed records like receipts and invoices as proof for when it is time to file your itemized deductions.
All new businesses received a standard letter from the IRS outlining EFTPS - the Electronic Federal Tax Payment System.
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