Loans are a regular part of most businesses, and you need to make sure your books are in order before you meet with your potential lender. But what exactly do you need? Basic financial documents First a lender will want to look at your tax return and other fairly obvious financial documents. If you really…

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Financial reports can sound confusing. There’s a whole list of numbers, acronyms and terms that you might get thrown at you, and they’re different depending on who’s asking. What really matters, though, is what do you need to run your business. Usually this boils down into three categories: taxes, lending, and management.

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Technically speaking, anyone can perform bookkeeping services, and that includes a CPA. You obviously want someone who knows what they’re doing. That usually includes four options: a CPA, a general bookkeeper, a niche bookkeeper, and a regular person. Given those options, how do you decide who should be doing your books? Let’s take a look.

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When you’re building a business, you have to wear a million hats. You’re the one in charge of marketing, operations, administration, and finance. You’re the CEO, CFO, COO, and probably more! However, you’re going to be better at some of those jobs than you are others. For the ones you aren’t good at, you’ll either need to hire someone or get training to have the right system in place.

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A controller is very similar to an accountant. But in most cases, they have more responsibilities. Imagine a laser-focused bookkeeper in charge of building reports, monitoring purchasing decisions, collecting rent, paying bills, and so on.

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When a bookkeeper “prepares” a financial statement, what are they actually doing? You might be under the common misconception that we’re just trying to make the report look nice. In reality, preparing a financial statement for accounting is an important process used to document transactions onto the final statement. Quickbooks should already be doing a…

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If you aren’t well-versed in accounting, the word “audit” can sound pretty scary! Financial statements can be audited, but they aren’t always. What is an audit of a financial statement and why would you need one?

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Looking to outsource your bookkeeping? For most, the whole point of outsourcing bookkeeping is to avoid having someone on salary. If you didn’t have to pay a full time employee for your bookkeeping, why wouldn’t you do that? Especially if you think you don’t have the volume that would require that salaried position. That is the problem outsourcing solves.

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Looking to do QuickBooks work yourself rather than outsource it? Well, you’re going to need to know a few things first. For our purposes here, we’ll focus on real estate investors in the one to five units or deals range.

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There are three groups of services that we provide here at Lionshare Bookkeeping, but one of them can sometimes be a mystery. Let’s look at those services, then dive deeper into what an outsourced controller actually does.

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