Major Takeaways Before we dive in fully, if you’re new to running a business and need a quick overview of income and expenses, here are a few major takeaways: Deductible Business Expenses Keeping track of all business expenses is crucial for maintaining financial health and ensuring long-term success. Accurate expense tracking provides a clear picture […]
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Processing an employee advance in Gusto involves a few straightforward steps. We do recommend getting terms of the advance and repayment in writing before processing the payment to the employee. This is especially important if the resulting pay check after reimbursement will bring the net pay below minimum wage. Gusto is an online payroll and
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As part of the year-end closing process, we generally get asked a ton of questions regarding 1099 filing requirements for hiring contractors. Here are some answers to some of the most frequently asked questions we get regarding 1099s, filing requirements, and related topics. Accounting Best Practice for Requesting W-9 Keep in mind, our general guidance
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Accessing Shared Documents Here’s a quick step-by-step guide for accessing Shared Documents on QuickBooks Online. Step 1: Sign in to your QuickBooks Online account. Step 2: Click “My accountant” Step 3: Make sure North Pacific Accounting is selected if you have multiple accountants Step 4: Click “Shared documents” Thats it! You will see the folder
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If you are a retailer in Seattle’s competitive market you are likely looking to stay ahead of the game and thrive amidst tough competition. One key aspect that can make or break your success is bookkeeping. While it may not be the most glamorous part of running a retail business, proper bookkeeping is essential for
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If your business is growing and you are looking to hire or outsource financial tasks, you’ve probably come across the terms “bookkeeping” and “accounting” many times. While these two terms are often used interchangeably, they actually represent very distinct roles in the financial management process. In this blog post, we’ll delve into the differences between
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Bookkeeping is often the first service construction-industry entrepreneurs look to outsource when they begin to scale, and for good reason. This service is a cornerstone of every business, but the intricacies of bookkeeping for construction businesses are well worth the cost of outsourcing to professionals. Why growing construction businesses are quick to outsource their bookkeeping Accurate
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As a business owner, your plate is already overflowing with responsibilities that it can be daunting to add HR tasks to the list such as onboarding employees, managing benefits, and ensuring compliance with employment regulations. While outsourcing your bookkeeping is clearly a novel idea to have your books in order, did you know it can
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Are you a general contractor or small business owner in the construction industry? If so, then you know how detrimental disorganized finances can be to your business. As with most necessary parts of running your business, bookkeeping can be a time-consuming and tedious task; more importantly, if it’s not done right, it can lead to
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There are a few methods to account for reimbursements from customers in QuickBooks Online. Here is our primary method for accounting for customer reimbursements. If you are using QuickBooks Online, you can follow these steps: By following these steps, you will account for the reimbursement from the client in QuickBooks Online by categorizing it under
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