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How to Keep Track of Business Expenses: Setting Up a System to Save Time at Tax Season

inDinero Tax Tips

Audit Preparedness The Tax Cuts and Jobs Act included funding for increased audits of high-net-worth individuals. Even if your chance of an audit didn’t increase, there’s always an outside chance that bad luck could strike. Record keeping can prepare you to pass an audit without too much stress or major fines.

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Getting Paid 101: Accounts Payable and Accounts Receivable

xendoo

Your accounts receivable and account payable should be efficient. That way, you will avoid issues during auditing and prevent getting caught up in fraud by unethical suppliers. When managing your accounts payable, ensure all entries are accurate by minimizing accounting errors in your business.