As the year draws to a close, it's an opportune time for businesses to get their financial affairs in order, especially when it comes to taxes. At Ten Key, Inc., we understand that tax preparation is more than a mere compliance ritual; it's a strategic step towards your business’s financial health and growth. This year, with the introduction of the ASC 842 lease accounting standard, there's an … [Read more...]
1099 and 1096 Forms: Why and when does your small business need to file them?
Proper preparation is a must for all taxpayers but if you own a small business, there are a few additional steps you need to take to get ready for tax season—and, depending on your business, that may include IRS Forms 1096 and 1099.But what, exactly, are IRS Forms 1096 and 1099? Does your business need to submit both forms or even either to the IRS? And, if so, how do you fill out the … [Read more...]
How Bookkeepers Help File Your Small Business Tax Returns At The End of the Year
The end of the year is a busy time for tax preparers and bookkeepers. Accountants must have all tax records for their clients gathered to file timely tax returns. Since tax laws constantly change, tax preparers must stay on top of changes throughout the year in order to be sure that tax forms will be correct by the time tax season comes around again. At the end of the year, this task becomes even … [Read more...]
Bookkeeper vs Accountant, What’s the Difference? Who do you need?
The Differences Between A Bookkeeper and Accountant While a bookkeeper and accountant work with numbers, their jobs are very different. Bookkeepers keep records of and classify an organization's financial transactions such as sales, payroll, payment of bills, etc.. The majority of the job is typically spent recording, posting, and verifying transactions in an organizations' accounting software … [Read more...]
Virtual vs Traditional Bookkeeping, Which is right for your company?
What Is A Bookkeeper? A bookkeeper’s job is to maintain complete records of all money that has come in and gone out of the business. Bookkeepers record daily transactions in a consistent, easy-to-read way and their records enable the accountants to do their jobs more effectively.A bookkeeper typically does all of the following:Records financial transactions Posts debits and credits … [Read more...]