Category Archives: Bookkeeping

Deductible Business Expenses

Business Expenses – don’t we love them!

In fact, many people love them so much because they think they get something for free. That’s a big mistake because business expenses still come out of the business’ pocket. Neither are they taken ‘off tax.’ Rather, it’s taxable (gross) income and revenue that are reduced by the amount of the expenses. Tax is then calculated on the smaller final amount.

Another general confusion seems to persist around two different types of expenditure, READ MORE

Outsourcing Accounting

Should you outsource your accounting?

Fact is that virtually all small and medium size businesses outsource at least some of their accounting services. It just doesn’t make sense to hire a full-time in-house accountant for their year-end tax returns and similar tasks rather than use independent accountants.

But how far should businesses go? To what extent should they outsource their accounting services? When does it make sense to do the work in-house, and when should they outsource READ MORE

Record Keeping (1) – General Rules

Record keeping is the ugly little duckling among business activities. No one likes it. But without good business records, no business is able to succeed. And that apart from the fact that bad records make the tax man unhappy, which is definitely not desirable because it can lead to fines, penalties and tax investigation.

From a business perspective, good records make it possible to READ MORE