Recordkeeping Archives - Patriot Software

Recordkeeping Archives - Patriot Software Mon, 28 Oct 2024 20:55:36 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.2 https://www.patriotsoftware.com/wp-content/uploads/2020/01/cropped-site-favicon-32x32.png Recordkeeping Archives - Patriot Software 32 32 What Is Zero-Based Budgeting? How it Can Help Small Businesses https://www.patriotsoftware.com/blog/accounting/what-is-zero-based-budgeting-example-process/ Fri, 05 Jul 2024 20:08:00 +0000 https://pslohio.wpengine.com/uncategorized/what-is-zero-based-budgeting-example-process/

Notebook, pen, and coffee on a purple background.

To stay on top of your business expenses, you need to constantly plan and update your small business budget. When you make a traditional budget, you use the previous budget and tweak it. This might not be the most effective way to make a budget, especially for small companies. Another option is zero-based budgeting. What […]

]]> Common Tax Scams in 2024: IRS “Dirty Dozen” Highlights https://www.patriotsoftware.com/blog/accounting/common-tax-scams/ Mon, 06 May 2024 19:04:32 +0000 https://www.patriotsoftware.com/?p=68037

Shocked business owner looking at tax scams on her phone.

Although the 2024 “Tax Day” is over, tax scams live on. The IRS compiles an annual list of common scams known as the “Dirty Dozen” list. Read on to learn about the most common tax scams in 2024 to avoid falling victim to them. And, find out how to protect your business and report tax […]

]]> Strategies for Minimizing Data Entry Errors in Accounting https://www.patriotsoftware.com/blog/accounting/data-entry-errors/ Thu, 11 Apr 2024 17:15:44 +0000 https://www.patriotsoftware.com/?p=67747

Woman talking to a co-worker over the phone about data entry errors.

Mistakes happen all the time—just look at your phone the next time you’re texting someone or putting in your password. Entering numbers in your books is no different. Data entry errors are common, but unchecked mistakes can quickly tank the accuracy of your books. A data entry error can lead to incorrect financial statements, inaccurate […]

]]> Your Guide to Accounting Software for Sole Proprietors https://www.patriotsoftware.com/blog/accounting/sole-proprietor-accounting-software/ Wed, 20 Mar 2024 16:54:00 +0000 https://www.patriotsoftware.com/?p=67541

sole proprietors on the phone while using accounting software

Being a sole proprietor is a rewarding, but challenging, journey. Many sole proprietors view managing finances as one of the most challenging tasks. But thanks to accounting software for sole proprietors, financial management (and analysis) has gotten faster and easier. This guide dives into the different aspects of sole proprietor accounting software, including benefits, features […]

]]> Receipts for Taxes and Your Business: What Do You Need to Hang Onto? https://www.patriotsoftware.com/blog/accounting/business-receipts-taxes/ Thu, 09 Feb 2023 16:52:49 +0000 https://www.patriotsoftware.com/?p=61468

Woman looking at business receipts for taxes.

Tax season might be once a year, but preparing for tax season is a year-round process. To back up your tax deduction claims, you need to keep business receipts. But, what kind of receipts for taxes do you need? And which small business receipts can you pitch? Read on to learn about types of business […]

]]> IRS Audit Triggers—and How to Avoid Them https://www.patriotsoftware.com/blog/accounting/common-irs-audit-triggers/ Thu, 05 Jan 2023 18:15:15 +0000 https://www.patriotsoftware.com/?p=60891

You have a lot to deal with to keep your company operating. One thing you don’t want to have to handle? An IRS audit. While some audits happen randomly, others trigger from red flags in your records. What are these IRS audit triggers, you ask? There are common red flags that could trigger an audit, […]

]]> Simple Recordkeeping for Small Business: Must-have Tips https://www.patriotsoftware.com/blog/accounting/simple-recordkeeping-small-business/ Thu, 22 Dec 2022 15:42:12 +0000 https://www.patriotsoftware.com/?p=60657

For 40% of small business owners, handling bookkeeping and taxes is the worst part of owning a business. Sound familiar? If so, you might consider shirking your recordkeeping responsibilities. It’s not a big deal, right? Wrong! Recordkeeping is one of the most important things you can do. And to make things easier on yourself, there […]

]]> Top 5 Accounting Errors You Might Be Making [+ Tips to Find Them] https://www.patriotsoftware.com/blog/accounting/how-to-find-accounting-errors/ Thu, 17 Nov 2022 14:05:00 +0000 https://www.patriotsoftware.com/?p=49217

Two workers looking for accounting errors.

Accounting errors are inevitable, especially if you’re rushing to add information into your small business accounting books. To detect accounting errors sooner rather than later, learn which ones to keep an eye out for and how to find them in the first place. 5 Types of accounting errors Some accounting mistakes are small, while others […]

]]> Small Business Recordkeeping for Seasonal Companies https://www.patriotsoftware.com/blog/accounting/small-business-recordkeeping-seasonal/ Wed, 09 Nov 2022 20:00:58 +0000 https://pslohio.wpengine.com/uncategorized/small-business-recordkeeping-seasonal/

Seasonal business owner arranging flowers

All companies need to record business activities to avoid an IRS tax notice or penalties, and to track progress. But, do seasonal companies have the same rules for small business recordkeeping as year-round companies? What records do seasonal businesses need to keep? You need to track accounting, file government forms, and pay taxes. Seasonal businesses must […]

]]> How to Organize Your Business Finances: Top 5 Effective Ways https://www.patriotsoftware.com/blog/accounting/5-ways-to-organize-your-small-business-finances/ Wed, 09 Nov 2022 16:37:00 +0000 https://pslohio.wpengine.com/uncategorized/5-ways-to-organize-your-small-business-finances/

Employer and employee learning how to organize business finances.

The lifeblood of any business — large or small — is financial integrity. Efficiently managing your small business accounting can help determine your success. If you don’t know where to start, consider leveraging accounting software. By getting your finances in order, you will save a lot of hours, headaches, and dollars. Getting your books organized takes […]

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