As a business owner, it’s essential to keep supporting financial documents for up to 7 years, depending on the circumstances. Receipts of all expenditures must be kept in case of an audit. However, over time, receipts can get lost, ink can fade, and the nature of the purchase can be forgotten. If you want to...

A Clear Chart of Accounts for Tax Season

When it comes to tax season, a clear and organized chart of accounts can make your accountant very happy. While no one-size-fits-all template exists for a chart of accounts, many categories are standard. It’s important to remember that when setting up your chart of accounts in QBO, you will be offered a generic list of...

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Keeping Your Receipts Organized

A Clear Chart of Accounts for Tax Season