There are a lot of options for financing your small business. You can opt for the traditional method of a loan via a bank. Alternatively, you could take advantage of crowdfunding.
With the holidays behind you and the beginning of a new year, your small business has an important deadline approaching. If you have paid $600.00 or more to individuals in the form of non-employee compensation you are required to provide a Form 1099 to those by individuals by January 31, 2020.
Accounts receivable is difficult in most industries, particularly for small businesses. Dental practices are not exempt from the struggle of collecting payments. The challenge for many dentists is that payments are received in a multitude of ways, most commonly via insurance and direct customer payments.
Routinely looking at the financial ratios of your small business will help you reach your goals. Looking at your balance sheet, profit and loss statement, and cash flow is one way to gauge how your business is doing. Reviewing financial ratios is equally important. Ratios are commonly used to make comparisons between different aspects of a company’s performance and how it compares to other companies in the same industry.
What improves your cash flow, saves you time, and reduces the number of days to get paid by your customers? QuickBooks Payments! With a QuickBooks payments account, you can securely email an invoice and add a “Pay Now” button. You can allow your customer to pay with a credit or debit card, ACH or bank transfer, or even Apple Pay. You eliminate processing the payment in QuickBooks, and as a result, you save money.
It‘s the season of giving thanks. A time of year when we think about family and friends, delicious food, and cozy fires. As bookkeepers, there are other things we are thankful for. These are the things that make our work quicker and abundantly more efficient. They may seem like small things, but we are grateful for them.
Wondering how to properly keep track of your Interest on Lawyer Trust Accounts (IOLTA). To many small businesses, keeping records is downright confusing. We recommend keeping track of individual client funds. The best way to accomplish that is to set up your Chart of Accounts using subaccounts for each client.
Capitalizing versus expensing purchases is a common question for small business owners. The way purchases are accounted for can sometimes make the difference between a year-end income statement that shows a profit and one that shows a loss. Having a Capitalization Policy will help your bookkeeper easily enter transactions into your QuickBooks or other financial software.
Every small business has experienced the client with a difficult account. Each week they bring a new last-minute request that was “due yesterday,” and like most business owners, you do it. After all, they have been a client for a while. There is also the client who you diligently work for each month who routinely complains that the bill is too high. They are not happy, nor are you. Instances like these also affect your profit margins. What do you do?
I recall my first experience as a bookkeeper in a dental practice. I met the dentist and of course the hygienist. It wasn’t until I began working at various dental practices that I realized how much non-dental related work the hygienist does.
For example, I have seen the hygienist responsible for receiving payments, preparing and sending past due invoices, dealing with insurance-related matters, scheduling patients, and managing accounts payable. This work is in addition to the dental work which he or she is trained to do.