BudgetEase Blog - Making YOU Profitable™

Video: Understanding the Chart of Accounts in QuickBooks Online

The chart of accounts is the set of accounts that show up on your balance sheet and profit and loss statement that you put your transactions into. In this video, learn how to set up a quality, but high-level chart of accounts in QuickBooks Online.

10 Small Business Bookkeeping Tips for New Businesses

  1. Determine the best type of business entity to conduct your business. The major choices include sole proprietorship, partnership, limited liability company LLC, corporation, and non profit.

Our Favorite QuickBooks Apps

There are so many apps out there, that it can be difficult to filter through the ones that will actually be valuable to you. We did the work for you below, and are including our favorite apps, which are the ones we use ourselves to provide our QuickBooks bookkeeping services.

5 Bookkeeping Mistakes to Avoid

Our clients are amazing. Every day we applaud their tenacity, dedication and drive. We hear it all: the successes, the families they support, the struggles and the ugly! Sometimes the simplest decisions and the seemingly smart “shortcuts” aren’t the right answer.

Attorneys: Are you Accounting for your Interest on Lawyers Trust Account (IOLTA) Correctly?

A law firm has a responsibility to not only represent their clients in a just way, but also to manage their clients’ advances/deposits for court fees, fines and other potential payments. Interest on Lawyers Trust Account (IOLTA) is an account in which lawyers hold funds that do not belong to the lawyer right now or are disputed. Without taxing the public, and at no cost to lawyers or their clients, interest from IOLTA is pooled to provide civil legal aid to the poor and support improvements to the justice system. Due to the timing and sensitivity of lawsuits, a client’s funds are held in escrow by their attorney and are protected in a special type of bank account, called an IOLTA.

How Vacations Make YOU Profitable

It is known that most Americans leave several days of vacation on the table each year, but what about the business owners? We rarely break away from our beloved business for evenings and weekends, let alone a few days or a week away. Pride and passion drive our vision, mission and ideally a strong bottom line.

Here are few reasons why you should give yourself permission to vacation:

Spend Less Time on Bookkeeping

How much time out of your week or month do you and your staff spend on keeping up with the books? So many small business owners wear many hats, but their true strengths need to be spent on making the business operate and grow, rather than tracking and reconciling.

6 Bookkeeping Time Savers for Small Businesses

1. Download Bank Transactions

If your bank doesn’t offer this service for free, consider using another bank. Downloading to QuickBooks has become a universal service.

2. Review you General Ledger monthly

A quick review monthly to make sure all your transactions are in the correct account will make year-end a breeze.

Video: Borrowing Funds for a Small Business

Many of our clients agonize over starting a conversation with a lender to obtain a loan to grow their business. They don’t know where to start. Here are 3 places for small businesses to look to borrow funds.

Video: Which Version of QuickBooks Online is Right For Your Business?

Managing your business's bookkeeping on your own can be challenging. Learn about the pros and cons of the different levels QuickBooks Online has to offer and determine which version will help your business be more profitable.