Bookkeeping Services

Offer-in-Compromise vs. Bankruptcy – The Pros and Cons of Both

March 3, 2023 | Bookkeeping Services

Tax resolution can be a complex process. Taxpayers facing unmanageable tax debt have two primary options: bankruptcy or Offer-in-Compromise. Each option has its own set of pros and cons that must be considered carefully when making a decision. Bankruptcy is a legal process that helps taxpayers get rid of their debt including tax debt in under certain conditions. Taxpayers who file for bankruptcy receive an automatic stay and can discharge their tax debt quickly. However, filing for bankruptcy will remain on a person’s credit report for several years and may affect their ability to get future loans or lines of credit. An Offer-in-Compromise (OIC) is an agreement between the taxpayer and the IRS to settle a tax debt for less than the full amount owed. Taxpayers can submit an OIC if they can prove that they cannot pay the full amount of tax due. An OIC allows taxpayers to reduce their tax … Continued

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How Bookkeeping Services Are the Key to Business Growth

How Bookkeeping Services Are the Key to Business Growth

February 1, 2023 | Bookkeeping Services

As a business owner, you know that the key to growth is the successful management of your finances. That’s why Edgewater CPA Group offers professional bookkeeping services. Having someone who understands the complexities of bookkeeping can be the difference between success and failure. So, let’s look at some ways our team can help improve business profits and keep your company competitive.

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How to Keep Your Bookkeeping Organized

How to Keep Your Bookkeeping Organized

December 1, 2022 | Bookkeeping Services

Good financial organization is key to a stress-free tax season. By keeping track of your income and expenses throughout the year, you’ll make it easy to find everything you need when it comes time to file your taxes. You’ll also be able to avoid any potential penalties from the IRS. So, Edgewater CPA Group walks you through how to keep your business bookkeeping organized for all your tax filing purposes.

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Top 4 Secrets Financial Statements Can Reveal

Top 4 Secrets Financial Statements Can Reveal

November 1, 2022 | Bookkeeping Services

Do you know what your financial statements are telling you about your business? Unfortunately, many business owners don’t take the time to read and analyze their financial statements, which can be a big mistake. So, Edgewater CPA Group is here to discuss four secrets your financial statements can reveal about your business.

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5 Common Bookkeeping Mistakes

5 Common Bookkeeping Mistakes

October 15, 2022 | Accounting Services

Small business owners are often overwhelmed with the task of bookkeeping. The responsibility of tracking income and expenses and ensuring that all financial records are accurate can be daunting. However, making mistakes in your bookkeeping can have severe consequences for your business. So, let Edgewater CPA Group help you avoid these five common mistakes that small business owners make in their bookkeeping.

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Preparing for Your Business Audit: What You Need to Know

Preparing for Your Business Audit: What You Need to Know

October 1, 2022 | Bookkeeping Services

No business owner looks forward to a business tax audit. The very word conjures up images of stern government officials searching through your records with a fine-toothed comb. But the reality is business audits can be a helpful exercise for any business, as long as you know what to expect and how to prepare. Below, Edgewater CPA Group discusses what a business audit is, what to expect during the process, and how to prepare yourself and your company. By the end, you will have a better understanding of how to approach an audit and come out on the other side successfully.

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5 Steps to Preventing Expense Fraud

5 Steps to Preventing Expense Fraud

August 15, 2022 | Accounting Services

According to a recent study, businesses lose an average of 5% of their annual revenue to expense fraud. That’s a lot of money! Thankfully, Edgewater CPA Group is here to help you mitigate this risk through expert accounting services. So, let’s look at five steps you can take to prevent expense fraud in your business.

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Signs It's Time to Hire a Bookkeeper

Signs It’s Time to Hire a Bookkeeper

April 15, 2022 | Bookkeeping Services

Are you a small business owner who is feeling overwhelmed by bookkeeping tasks? Are you struggling to keep track of your expenses and income? If so, you may need to hire a bookkeeper. A good bookkeeper can help you get your finances in order and ensure that your business is running smoothly. In addition to feeling anxious about your bookkeeping, here are three signs it’s time to call Edgewater CPA Group.

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3 Strategies to Survive a Cash Flow Crisis

3 Strategies to Survive a Cash Flow Crisis

March 15, 2022 | Accounting Services

One of the best things you can do as a business owner is to improve and grow your cash flow. Still, no matter what you do right, the market will fluctuate, and cash flow issues always come up. But, what can you do to prepare and even navigate them? With proper bookkeeping from Edgewater CPA Group and having the right strategies in place, you can survive any ups and downs that might come your way. Here are three of those key cash flow strategies.

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5 Ways to Remove Distractions and Focus On Your Business

February 21, 2022 | Bookkeeping Services

Being a business owner is tough, especially in today’s environment. Wage pressures, staffing shortages, and supply chain issues represent just a few of the challenges you face daily. Sometimes, you find yourself putting out fires all day, going home exhausted, and then realizing you didn’t accomplish anything substantial. Would you like to refocus, reduce the noise, and focus on your business? In this post, Edgewater CPA Group provides five ways to do just that. 

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