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Embracing My Destiny: A Journey into the World of Accounting
I always say that I was born to be an accountant. That career found me so early; childhood memories for some kids involve playing doctor or pretending to bake pies, but for me, it was all about numbers. I remember vividly having an old checkbook of my grandmother's,...
Why an Accounting Checklist Matters for Small Businesses in Bermuda
Are you a small or medium business owner in Bermuda? Do you feel like there are never enough hours in the day to get everything done? Well, we have some good news for you: by implementing an accounting checklist, you can save yourself time, money, and headaches down...
How To Correctly Project Cash Flow (and Why This Matters)
If you’re a small business or start up and you’ve yet to master the art of cash flow projection, then you’re not alone. Many small and medium enterprises (SMEs) struggle with planning and managing cash flow. But what does projecting cash flow truly mean? And why does...
Key Bermuda Payroll Tax Updates from the Government’s Budget Statement for 2023-2024
Significant changes to Bermuda’s payroll tax code were recently revealed in the Government's Budget Statement. As an accounting firm. Abacus are committed to keeping you updated on the latest developments that may impact your business operations. The Government has...
Be Audit You Can Be: How to Prepare for a Government Audit
In our recent blog posts, we dove into the various types of audits, first focusing on external audits, then providing tips on conducting your own self-assessment. Now, we’ll walk through how to prepare for a government audit. Getting ready for a government audit with...
Be Audit You Can Be: How to Conduct an Internal Assessment
In our previous blog post, we dove into the various types of audits, first focusing on external audits. Today, we’ll turn the spotlight to internal assessments and give you some helpful tips on conducting these worthwhile exercises. An internal assessment is review of...
Be Audit You Can Be: How to Prepare for an External Audit
Audits can be stressful and time consuming, and it can be tempting to kick the can down the road. But, like many things in life, the more you ignore an audit, the bigger and scarier it becomes. The key to a successful audit is preparation. By working out a system in...
10 Benefits of Outsourcing Your Accounting and Bookkeeping Services
Why does your business need outsourced accounting and bookkeeping services? For small and medium-sized businesses and start-ups, particularly, this may seem like an unnecessary additional expense. What does an outsourced service offer, that you don’t get from an...
Journey into Outsourced Accounting
Small and medium-sized businesses, as well as nonprofits, share a few characteristics. One such characteristic is that they usually have limited budgets and, as a result, limited specialized resources. Business Owners Know Accounting Is Important, But Finding the Time...
The Basics of Bermuda Payroll Tax – Part 5: More Frequently Asked Questions
At Abacus, our ongoing commitment is to you as a fellow business owner. Our goal is to help take the stress of your accounting tasks off your shoulders so you can focus on running your business. We know that payroll taxes are complicated, and we hope this blog series...
The Basics of Bermuda Payroll Tax – Part 4: Frequently Asked Questions from Business Owners
As a business owner, especially in the early stages of your company, it’s likely a lot of the payroll tax tasks rest on your shoulders. That doesn’t mean you have to figure it out alone! Not only do we offer a wide variety of services surrounding payroll and benefits,...
The Basics of Bermuda Payroll Tax – Part 3: Good News! Payroll Tax Calculators Are Here to Help
At Abacus, we understand that calculating your payroll taxes can seem daunting, and we want to help. In the first two parts of this payroll tax blog series, we’ve covered what does and doesn’t qualify as taxable remuneration as well as defining the two key components...