A new relationship with money
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]
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]
If you haven’t already, you will be receiving a letter from the Wisconsin Department of Workforce Development stating what your state unemployment insurance rate is for 2021. This rate changes annually for most businesses and needs to be updated in your payroll system. I have included an image example of what to watch for. Failure [Read More]
Myth: If I make a personal purchase from my business accounts or with a business credit card, I can exclude the purchase from my bookkeeping. Fact: In order to properly reconcile your business accounts, all transactions should be recorded, even if they are personal in nature. Whether you routinely make personal purchases from business accounts [Read More]
Oftentimes we get asked this question, “If I take an owner’s draw, will I pay taxes on it?” Without getting too deep into the weeds of different types of legal entities (LLC, Partnership, S Corp and C Corp) and the difference between a salary versus a draw (yes there is a difference), the short answer [Read More]
Prosperity Bookkeeping created this little quiz to help determine how well your current bookkeeping system adds up to success. Take a few moments to answer these 10 questions about the key elements of bookkeeping. Response: Disagree Neither Agree or Disagree Agree 1. Has a good grasp of accounting concepts and knows the accounting software I [Read More]
It is still a wonder to me how in a matter of a week’s time, my conversations with clients turned from thrive, to survive. When the stay-at-home order was put into effect in our state due to COVID-19, my bookkeeping clients were no longer asking me for advice on how to expand their business. They [Read More]
Small businesses owners face a variety of financial challenges, big and small. Recently a client told me, “I’m probably the lowest paid person in this company.” He wasn’t complaining or even bringing it up as a concern necessarily, yet it was something he felt may be true about his business. I could relate, because at [Read More]
Upcoming Tax Deadline: July 15, 2020 To some it was a blessing, to others, not so much. However you see it, the April 15 deadline for filing your 2019 tax return was extended from April 15 to July 15 based on President Trump’s declaration during the Coronavirus pandemic. (Please check with your tax preparer to [Read More]
A Guide to Soften the Financial Impact of the Coronavirus Outbreak By Kristie Van Pay, Prosperity Bookkeeping LLC March 19, 2020 “Profit is not an event. It’s a habit.”― Mike Michalowicz, Profit First: A Simple System To Transform Any Business From A Cash-Eating Monster To A Money-Making Machine “So, I am going to sound super [Read More]
