The end of the year can sneak up fast — especially when you’re busy running your business. But closing out your books properly before the year wraps up makes tax time easier and gives you a clear picture of how your business performed.

Here are five key bookkeeping tips to help you finish the year strong and start the new one on the right foot:

If your bookkeeping feels messy or confusing, there’s a good chance your Chart of Accounts (COA) could use some love. The Chart of Accounts is the backbone of your bookkeeping system — and when it’s set up right, everything else flows smoothly.

Here’s what you need to know about what it is, how it works, and why it matters.

If you’re running a business, you’ve probably heard the terms cash basis and accrual basis accounting thrown around. But what’s the difference — and which method is right for your business?

Here’s what you need to know to make the right call for your bookkeeping and tax strategy.

Let’s be real — keeping track of receipts probably isn’t your favorite part of running a business. But if you want clean books, fewer headaches at tax time, and peace of mind if you’re ever audited, organizing your receipts and records is a must.

The good news? With a few easy habits and the right tools, it doesn’t have to be a hassle.

If you’re self-employed or run a small business, there’s a good chance you’re responsible for paying quarterly estimated taxes. But what exactly are they, and how can you make sure you’re paying the right amount (without overpaying or getting hit with penalties)?

Here’s your quick guide to understanding estimated taxes and staying on top of them.

The balance sheet is one of the three key financial statements every business should review regularly (along with your Profit & Loss and Cash Flow reports). But let’s be honest — most business owners glaze over when they see one.

The good news? Reading a balance sheet doesn’t have to be painful. Here’s how to break it down so it actually makes sense:

One of the biggest mistakes small business owners make is mixing personal and business finances. It might seem easier to use one account for everything — especially when you're just starting out — but trust us, keeping things separate is one of the best moves you can make.

Here’s why opening a dedicated business bank account is so important (and how to do it the right way):

A lot of business owners start out handling their own books. And for some, it works — until it doesn’t. As your business grows, your time becomes more valuable, and bookkeeping mistakes can cost you more than the price of outsourcing.

Here are five smart reasons to consider outsourcing your bookkeeping — even if you’re pretty good at math.

One of the biggest mistakes business owners make is assuming that profit and cash flow are the same thing. While they’re both important, they tell two very different stories about your business.

Here’s why understanding the difference between the two is critical for making smart financial decisions:

When it comes to tax season, every deduction counts. But many small business owners leave money on the table simply because they aren’t aware of what they can write off.

Here are five commonly missed tax deductions that could help lower your taxable income and keep more money in your pocket:

The new year doesn’t just bring resolutions — it also brings tax filing deadlines! If you work with independent contractors, employees, or vendors, January is the time to get your tax forms in order.

Here’s a quick breakdown of what you need to know about 1099s, W-2s, and filing requirements:

Choosing the right business structure is one of the most important financial decisions you’ll make as a business owner. Two of the most common options for small businesses are the Limited Liability Company (LLC) and the S Corporation (S Corp) — but which one is right for you?

Let’s break down the key differences and help clear up the confusion.

Running a business without reviewing your numbers regularly is like driving with your eyes closed. Monthly financial reports aren’t just for your accountant — they’re a powerful tool that helps you make informed decisions, stay ahead of issues, and understand how your business is truly performing.

Here’s why monthly financial reports should be part of your business routine:

The end of the year sneaks up fast — and if your books aren’t ready, tax season can quickly turn into a stressful scramble. But with a little planning, you can close out your year smoothly, avoid costly mistakes, and walk into the new year with confidence.

Here’s a simple year-end bookkeeping checklist to help you stay organized and prepared:

When you're busy running your business, bookkeeping can feel like one more thing on the never-ending to-do list. But ignoring your books — or not setting things up properly — can lead to big headaches down the road. At Wrap Up Bookkeeping, we’ve seen firsthand how a few small mistakes can snowball into costly problems.

Being self-employed offers the freedom to be your own boss, set your own hours, and take control of your financial destiny. However, it also comes with responsibilities, particularly when it comes to taxes. Unlike traditional employees who have taxes withheld from their paychecks, self-employed individuals must manage their own tax obligations. One crucial aspect of this is filing and paying quarterly estimated taxes.

As a property management company, you're responsible for overseeing various aspects of rental properties, from maintenance to tenant relations. However, one of the most crucial responsibilities that often gets overlooked is the requirement to issue 1099 forms to contractors and service providers. Ensuring compliance with these IRS requirements is not just a best practice—it’s a legal obligation.

In today’s digital age, selling online has become easier than ever, opening up opportunities for businesses to reach customers nationwide. However, with this expanded reach comes the complex responsibility of managing sales tax, which can vary significantly from state to state.

As a small business owner, managing your taxes effectively is crucial for sustaining and growing your business. Understanding and implementing the right tax strategies can save you money, reduce your taxable income, and ensure compliance with tax laws. Here are some key tax strategies every small business owner should consider:

Accounting is a complex industry that offers many benefits to business owners and individuals. One misconception people have is that being an accountant automatically makes someone proficient in taxes. This article aims to breakdown the difference between a bookkeeper’s skillset and a tax professional.