Author: Alice Le
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What Is an Income Statement (P&L) and Why Freelancers Should Care?
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As a freelancer, you’ve likely asked yourself the question: “Am I actually making money?” The answer lies in your Income Statement, often called a P&L or a profit and loss statement. Think of it as your business’s financial health report, providing a snapshot of your revenue, expenses, and ultimately, your net profit over a specific…
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How Can I Use AI to Automate Bookkeeping?
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Most business owners didn’t start their company to spend evenings sorting receipts, labeling expenses, or trying to remember what that mysterious “STRIPE 8392” charge was for. Yet for many founders, bookkeeping quietly becomes a second job, one that’s tedious, easy to postpone, and incredibly stressful when tax season rolls around. The problem isn’t that bookkeeping…
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AI vs. Traditional Bookkeeping: What Should I Chose?
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What is Bookkeeping Bookkeeping is the process of recording financial transactions. It tracks every dollar in and out of your business. This includes sales, purchases, payments, and receipts. Accurate bookkeeping provides a clear picture of your financial health, helps with budgeting, and is essential for tax compliance. Traditional Bookkeeping What It Is Traditional bookkeeping is…
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Expense Tracking for Small Businesses and Freelancers: What Actually Matters at Tax Time
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Many small business owners and freelancers approach expense tracking as a necessary evil, a task simply to be “done.” However, efficient expense tracking isn’t just about recording transactions; it’s a strategic shield against audit risk, a lever for maximizing deductions, and a pathway to significant savings on accounting fees. When you understand what truly matters…
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4 Easy Ways Small Businesses Avoid Costly Accounting Mistakes and Stay Tax-Ready
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For many small business owners and freelancers, the phrase “tax season” evokes a familiar dread—often tied to the sheer volume of bookkeeping tasks. The reality is, small business owners dedicate approximately 4.3 hours per week to bookkeeping alone, contributing to roughly 20 hours total on all accounting tasks annually, according to a 2024 Cornerstone Advisors…