Why is bookkeeping needed for my business and taxes?
Bookkeeping is the process of tracking your business's financial transactions to create key business reports, such as your income statement (also known as profit and loss), balance sheet, and general ledger. A business's books and financial statements can be used to make informed business decisions, formulate budgets, apply for loans, and provide insights into your business's financial health.
Bookkeeping is also a crucial first step to filing an accurate tax return and capturing business deductions to maximize your tax savings. When it comes to business taxes, bookkeeping is how the business activity is reported and how taxable business income is determined.
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How do I do bookkeeping for my business?
Bookkeeping is an essential part of managing your business finances. Most of Vyde's memberships include bookkeeping as part of our service, which means our team will take care of your bookkeeping and financial reports for you. However, if you are on ...
What is the status of my bookkeeping?
The status of your bookkeeping can be viewed at any time on the home page of your Vyde dashboard! Log in at myvyde.io to view the status of your books, taxes, and financial reports. If you have questions, don't hesitate to reach out to your dedicated ...
Can I deduct business expenses from a personal account?
Yes! It's important to capture all business deductions, regardless of what account they came from. Qualified business expenses made out of a personal bank/credit card account can be added individually into your bookkeeping, ensuring you get the ...
Why is it important to separate business and personal expenses?
Keeping your business and personal expenses separate—meaning, running all your business transactions through a dedicated account—is important for many reasons! Having to sort through business and personal transactions within one account complicates ...
How do I get started with Vyde's bookkeeping services?
If bookkeeping is included in your plan, getting started with our bookkeeping service is easy—link up your business bank account to your online dashboard or send us your business bank statements, and we'll get to work recording your income, capturing ...