Mark had been poring over his profit and loss statement for hours trying to figure out where he was losing money. He could see his sales were down and his costs were up, but because his sales and direct costs fluctuate so much each month, it was difficult to see any type of trend or [Read More]
Category: Bookkeeping
What is cash management?
Cash flow has a profound impact on the entire business – but there’s still some confusion surrounding the concept and its practical application to your business. Understanding cash flow and cash management goes hand-in-hand with business success while ignoring can lead to disastrous results. Cash Management Cash management occurs when a person or process manipulates [Read More]
QuickBooks Online – Still Our Top Pick for Small Business Accounting Software in 2021
Often times I am asked by new (and not so new) business owners, “What do you recommend I use to keep track of my business transactions?” Do a search for accounting software and you will be overwhelmed by the options. However, despite the wide array of options out there, QuickBooks Online is still my top [Read More]
Accounts Receivable: How Much Do Clients Really Owe?
If I asked you how much money your customers owe you, would your answer be accurate? When your Accounts Receivable numbers are accurate and up to date, you become more confident making business decisions. You can base decisions on financial statements that you can trust. Identify Balance Sheet Inaccuracies Basically, Accounts Receivable is a line [Read More]
No. 1 bookkeeping task? Reconciliation
I’ve come to identify the No. 1 bookkeeping task you don’t want to leave out. Unfortunately, your financial reports are unreliable if you do. What bookkeeping task could be so important?
Paycheck Protection Loan: A Wolf in Sheep’s Clothing?
If I had a dollar for every time I heard, “Nothing in life is free,” I would be a rich woman. It was a phrase that echoed in my head time and time again as we waded through the relief options offered to small businesses last spring in response to the pandemic. While my clients, [Read More]
End-of-Year Employee Checklist
Verify employee data: Verify employee full name Verify employee address Verify employee Social Security number File W-2 It’s important to review employee data at the end of the year, particularly with employee names, addresses, and Social Security numbers. Improperly filing this could lead to penalties for each misfiled W-2. Check with your employees to make [Read More]
End-Of-Year Contractor Checklist
Verify contractor information: Verify contractor name Verify contractor address Verify contractor identification number File 1099 You’ll want to make sure all your contractor information is in one place. Like with employees, you’ll want to verify your contractor’s name, address, and identification number. The ID number can be a contractor’s SSN, ITIN, ATIN, or EIN. The [Read More]
It’s Almost Time for 1099’s
January is fast-approaching, and that means it is almost time to send out 1099’s to some of your vendors. Check out my latest video for more information or continue reading below! To whom are you required to send a Form 1099-MISC? As a general rule, you must issue a 1099-MISC to each person to whom [Read More]
How to Pivot Business Networking Strategies in a Pandemic
Many small businesses rely on word-of-mouth referrals as their main source of new business. However, obtaining referrals has become more difficult since the onset of Covid-19. Social distancing guidelines have greatly decreased the number of business networking events. Conventions, trade shows, and group gatherings have been canceled. While some business networking events have gone virtual, [Read More]
