Many micro businesses wear many hats including bookkeeper. Outsourcing is great but when you are at the beginning stages of your business outsourcing your bookkeeping doesn't seem practical especially if there is more expenses than revenue.
One thing I've found though is that many businesses are simply left out on critical Tax benefits and deductions because they simply do not know which expenses are deductible nor how to manage their books on a daily basis to ensure they don't miss out. The tax code changes many times during the year most of them under our noses and thus leaving many of us out the loop in money saving tax deductibles. For your small business, you want to deduct as much as possible.
The IRS reported that hundreds of millions of dollars in tas refunds and deductions were taken by americans each year but that it's a gross underestimate of the deductions that they COULD have taken.
Do you manage your own books? Do you have questions about saving receipts, managing your books, reading your financial statements you'd like to ask? Are you a new business with questions on how to properly setup your records and books? Which accounting system to use? Ask here and I'll answer!
Katrina
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