While running your own business, you pay bills online, deposit checks with your smart phone and check your bank balance using the internet. So far you are managing quite well. Then something unexpected happens - an automatic bill payment you set up clears the bank and suddenly you are overdrawn.
Recently I converted a client from Sage Accounting software to QuickBooks Online. It was a learning experience that I thought would be beneficial to share. There are important steps to take when converting a file to QuickBooks Online. I'll outline them here.
How are you doing now that spring has sprung? Feeling lighter, brighter and refreshed? We hope both you and your business are bouncing along nicely into Spring. How do you know if this year will blossom, or if parts of the business are late bloomers and dragging you down?
A year ago I fell, hurt my knee badly, and needed a cane to get around. I set about managing my own recovery using old physical therapy techniques (learned from prior injuries) to mend my knee. Fast forward a year and my hips start hurting, badly. Eventually I sought out a physical therapist for assistance. The therapist told me I wouldn’t be having hip troubles if I had fixed my knee properly.
The second draw of PPP funds is a life raft for many small businesses. There are a lot of great changes to the eligibility rules and uses of PPP-2 funds. Unfortunately, there are a few changes that many deem unfair.
When it comes to bookkeeping for small businesses it is important to have a year-end checklist to make sure everything is in order. Here is our year-end checklist:
- Backup of data made before correcting transactions
- Review Trail Balance
- Balance changed? Review Audit Trail, Voided/Deleted and Retained Earnings QuickReport for prior year.
A budget is evidence of your mission and values in numbers and tells you if your dreams are viable. A budget is an important feature of your initial business plan and helps lay the foundation of your future business operations.
So many small businesses think chasing the biggest companies with the largest accounts is the answer. Just because you earn a lot of business from a client doesn’t necessarily mean they are the most valuable or most profitable.
I heard this advice at a JumpStart EXPO from a very successful entrepreneur. When it comes to small business bookkeeping there are two things a business owner should never do:
Budgets can feel like a chore or a forgotten item on the to-do list when you are caught in the throes of running your business. But, how often do your goals come alive if you don’t have a plan or if you don’t measure your results?