Goode Bookkeeping & Consulting Blog

Owning and running a small business is an exciting and rewarding endeavor, but it also comes with a lot of responsibility—especially on the subject of taxes. It's important to stay organized with receipts, invoices, past payments and expense records. It's easy to...

Filing a tax extension can be a good choice for many taxpayers. For one, a tax extension gives you more time to file your taxes without incurring a late filing penalty. But while it can be a great way to buy extra time, there are some potential drawbacks to consider....

Virtual bookkeeping services have become the go-to for businesses of all sizes and industries—and for good reasons. They are cost-effective, reliable and provide businesses with the financial insights they need to make informed decisions. That said, there are still a...

Having a bookkeeping expert for your business is an essential part of success. Such a strategy keeps your business compliant and tax-ready. Bookkeeping is the process of recording and tracking business transactions to ensure accurate financial records. On-time...

As businesses become increasingly digital, tracking business transactions is a key part of managing your finances. Apps like Venmo are becoming increasingly popular for managing business transactions, but do you actually need to track your transactions over such apps?...

What Can Automating Payroll Do For You? All business activities can now benefit from digital technology, from production to marketing. That includes all accounting functions, such as payroll preparation. Even so, some businesses still use manual methods when preparing...

What’s the purpose of preparing a loan submission package? When applying for a loan, you must provide the lender with a loan package. Alongside a business plan, a loan package is a documentation presented to a lender for review in order to determine whether to approve...

There are a few crucial benefits to accepting credit card payments. For one, doing so puts your business on a level playing field with competitors. The process is relatively inexpensive and can improve your business cash flow as the proceeds are deposited in your bank...

It's the end of the month, and you're scrambling to update your books, evaluate expenses, and track outstanding invoices. But you'd rather be managing client relationships and implementing strategies to boost sales. Even so, bookkeeping is one of those business...

Time is the most valuable resource available to any entrepreneur. That’s why it sometimes feels like 24 hours in a day just isn’t enough. As a small business owner, you’re constantly looking for ways to secure the financial future of your enterprise. This requires...

Do you have a strategy for creating, sending, and tracking company invoices? An efficient invoice management strategy can save your business time and money. It can also ease the administrative workload and make work easier for you and your employees. At its most...

Two things are certain in business: you'll make money and spend money.  As a small business owner, you're familiar with juggling several tasks and responsibilities at once, from sales and marketing, planning and strategy to customer service and paying business bills....

If you run a growing business, you can only get away with do-it-yourself bookkeeping for so long. Soon enough, DIY bookkeeping will take longer than you can reasonably afford. You also can't afford to neglect your books; you might miss out on some tax write-offs or...

It happens to small business owners everywhere.  Running a business takes time and dedication. You're trying to hit targets, strategizing for the upcoming business year, and striving to keep your customers happy and satisfied. It's easy to run out of time and push...

Accurate, up-to-date bookkeeping is integral to the success of any small business. QuickBooks is regarded as the top accounting software for small businesses for a reason. It's affordable and can be customized to all types of business transactions – no matter the...

Let's say you already know it's time to hire a bookkeeper for your growing business. Now, what's the next step? Bookkeepers help with day-to-day accounts, but they do a lot more too. A professional bookkeeper will: Save you a ton of time, allowing you to focus on the...

A chart of accounts (CoA) is a small business accounting tool that lists all the financial accounts in a company's general ledger. It's somewhat like a filing cabinet for your company's accounting system that organizes transactions into groups. Put simply; it's an...

Budgets are structured financial plans that help business owners make informed decisions, track performance, and achieve business milestones. A budget is a roadmap that gives your company a clear direction on what you'd like to achieve.  Budgeting can take a different...

Money matters never end when you own a small business.  As a business owner, you can only get away with DIY bookkeeping for so long, especially if your business is undergoing growing pains. In addition, it can be challenging to keep up the pace of financial management...

Many small business owners resist outsourcing accounting functions, and it’s easy to understand why. It can be challenging to let go of the reins and delegate when you’ve built a business from the ground up.  There’s also the misconception that outsourced bookkeeping...

Nobody knows your business the way you do. You run your operations and manage your employees. You do sales and marketing and you put in the 24/7 effort it takes to grow your brand. As a small business owner, you do the front end tasks and the back office bookkeeping...

Businesses are built on documents. And this is especially true when it comes to bookkeeping and accounting processes.  The purpose of bookkeeping is to maintain a systematic record of financial activities and transactions. Paperless bookkeeping involves transaction...

Technology has transformed bookkeeping into one of the building blocks of small business growth. Software advancements have empowered many small business owners to do a lot of bookkeeping functions themselves, from invoices to cash management.  However, if you spend a...

Many companies raking in millions in revenue have gone bankrupt due to financial mismanagement. Companies are created to generate profit, but how you manage your books can determine the worth and longevity of your business. Pushing numbers to the bottom of your to-do...

The main points of owning a business are relatively universal. You want to save money, save time, and make better financial decisions.  Often, business owners fail to outsource non-core functions like bookkeeping because they want to maintain complete control of their...

When you're a small-to-medium business owner, your day never ends. You lock up at night, and you might even go home and go to bed. Often, as you drift off to sleep, a big pile of undone tasks crashes into your dreams.  When you're honest with yourself, you realize...

If you're like many small business owners, you spend long days and nights doing a little bit of everything. You prefer professional bookkeeping, but you feel you have little choice. You perform critical tasks yourself because it cuts costs. So, naturally, you've added...

If you're like many owners of small to medium-sized businesses, you handle a long list of business-related tasks. Unfortunately, you probably have far too many things on your to-do list to perform all of your daily money management tasks. As a busy entrepreneur,...

Professional bookkeepers talk a lot about time. As fellow business owners, we understand that your time is valuable. You want your business to thrive, so you put in a lot of DIY effort. You work hard to succeed, but there are only so many hours in the day to make that...