Understanding financial jargon is critical for running a successful business. Terms like “amortization” and “depreciation” frequently arise in discussions about assets and their worth over time. As perplexing as they may appear, understanding these variances can reveal valuable insights into your company’s financial health. What is Amortization? In accounting, amortization refers to the gradual reduction of any amount over a predetermined period. This term commonly applies to intangible assets such as patents or trademarks, goodwill from an acquisition, lease agreements, or expenditure on rese ..read more

Managing your business’s finances is essential for establishing and maintaining success. However, increasing revenue is not the only goal; effective expense management is also critical. Our guide will reveal eight practical tips that small businesses can embrace to manage their expenses impeccably. Consider this a road map to financial discipline, focusing on several factors you may need to pay attention to for your business. What is Expense Management? Expense management is a vital aspect of business operations. It entails establishing robust systems to handle the processing, payment, and aud ..read more

Nonprofit organizations drive positive change through charity drives, volunteerism, and other heroic efforts. Yet, the financial hurdles these organizations navigate often go unnoticed, especially to those outside of the organization. Unfortunately, even skilled bookkeepers aren’t fully familiar with the rules and regulations the nonprofit sector must follow. If you manage books for a nonprofit organization, this guide will provide insights, tips, and tricks from skilled bookkeeping professionals at Remote Quality Bookkeeping. The Basics of Nonprofit Bookkeeping Understanding the core principl ..read more

We have talked about the need for you to be able to reach your remote bookkeeping service in times of need but we haven’t talked about the need for that company to be accurate. It may seem like an obvious thing but some companies don’t have the manpower to keep up with demand, or didn’t do the right hiring themselves to start. Always vet your bookkeeping service for accuracy, these are just some of the reasons why, and specifically to do with payroll. Taxes Keeping track of where your money is going and coming from is the essential part of your business. If you are not careful, your numbers co ..read more

When you are a business owner, there are a lot of things to consider about your business. The type of business, color schemes, and even the type of people that you want working for you are big issues. Something like whether or not to hire in-house bookkeeping is a big decision that you shouldn’t make blindly. Here, you’ll find a list of qualifications to think about when hiring a bookkeeper that will keep you protected and correctly informed. Knowledgeable As we have mentioned before, in this blog, hiring someone to keep track of the books requires a certain skill. They have to be very knowle ..read more

As a business owner, you know that you have a ton of responsibilities. You have to make sure that all of your employees are doing what they need to do to make your company run smoothly, you have to make sure your customers are happy with everything. Who has time to do the bookkeeping? For most businesses, bookkeeping is a necessary evil that they would rather pay someone else to do. That is where Remote Quality Bookkeeping comes in. At RQB, we have the ability to do all of your bookkeeping remotely while you take care of your business. We can handle all of your accounting and payroll needs all ..read more

When Rosemary McLaughlin decided to become a business owner by opening a massage studio franchise, it was less a career change than the next step in a career evolution. With nearly two decades of experience in healthcare, and having recently earned her MBA from Babson College, McLaughlin was armed with the tools to make an even bigger impact on the health and wellness industry. But starting a new business is an overwhelming process, and it’s challenging to become proficient in all phases of management. McLaughlin launched her first Elements Massage studio in Hingham, Mass., in 2011. Early on ..read more

One of the many ongoing challenges for business owners is making sure the books are balanced. Within the chiropractic industry, that element of running a practice can be a particular pain point. In a blog entry on Chiroeco.com, an online resource for the chiropractic community, Drew Stevens identified three prime areas – independent of the medical component – to which chiropractors must remain attentive in order to stay afloat. Number one, he indicates, is reviewing and understanding monthly expenses. As Stevens, a chiropractic coach and consultant, says, “The issue is that not one chiropracto ..read more

When it comes to a bookkeeper vs full charge bookkeeper, who is the better for your business? Company owners everywhere deal with countless struggles involving their business, from the various employees they hire and deal with to the tracking and managing of their budget so that way their business doesn’t go under. The management of money is always especially important, because no matter what type of business you own, you want to be able to keep track of all money to pay expenses, expand profits, and increase/improve inventory. That’s what bookkeeping is for; bookkeeping helps you manage all i ..read more

When it comes to calculating sales tax in the state of New York, the former website Taxrates.com spelled it out bluntly and without pulling any punches: New York sales tax has numerous local taxing levels that must be monitored and maintained on a regular basis. It is complex and time consuming due to the volume of jurisdictions. As a comparison, Connecticut has a single, state-wide sales tax rate, with no additional county or city sales taxes being imposed. For a business owner like Alex Modica, who operates ShelfGenie New York and Connecticut (NY/CT), such a disparity presents an ongoing cha ..read more