Are you receiving meaningful, accurate, and timely financials? Do your reports provide the information you need to grow?

The Bowden Group is a Montclair, NJ based bookkeeping business that is focused on providing bookkeeping, clean-up, and outsourced controller services to small and mid-size businesses in the suburban Essex County area. I typically replace the services of an in-house bookkeeper or controller and I strive to always bring value to my clients. 

 


The biggest mistake you can make as a business owner is to think your bookkeeping is not important. This is especially true if you are in the trades - I've seen so many contractors over-extend, spending materials advances for payroll or owner draws... if this is you, STOP right now! 


Business tax deadlines are quickly approaching - are you ready? I'm a Certified Gold Level QuickBooks ProAdvisor, and I am here to help! I can prepare your year end close, and then coordinate with your CPA or refer to an amazing local CPA or I can prepare your taxes (includes e-filing) and save you money.

 #bookkeeping #taxprep #bookkeepingtips #taxdeadline #smallbusiness #localbusiness 

I've seen it many times - that glazed look in my client's eyes as I start using terms like revenue, cash flow, equity, retained earnings. Bookkeeping and accounting seem, from the outside, to be filled with dry arcane language - but understanding these terms brings a clearer understanding of your business.

SO. Revenue. Revenue is one of my top votes for most misused term. Revenue is, simply, ALL of the income earned by your compay in a given period. ALL of it. Whether an invoiced sale, a cash payment from a client, an interest credit from the bank, earnings from an investment account. It is often used, incorrectly, as interchangeable with Sales. Sales may be only one part of a company's Revenue.

Profit. Profit is Revenue minus the costs of doing business. This is often broken down into Gross and Net. Gross Profit is Revenue minus only "Cost of Goods Sold" (ie, if you sell widgets your gross profit is Revenue minus the direct costs of producing widgets). Your Net Profit is your Gross Profit minus all of your other costs. 

#bookkeeping #proadvisor #quickbooks #xero #bookkeepingtips

Tax prep is exactly that - preparing a return. Yes, a good tax prep professional - whether a bookkeeper or CPA or EA - will ensure you maximize deduction... heck, you can run your return through any of the "free file" software packages and they will "optimize" your return. But that is based on what you have already done for the year. Running a return optimizer is not the same as analyzing your business and personal returns and creating an action plan to reduce your future tax burden. Tax planning looks forward. 

#accountingtips #taxtips #taxplanning #bookkeeping