If your small business has fixed assets or property, how do you determine the amount of depreciation to be entered into QuickBooks? Best practice is to use your accountant’s depreciation schedule, adjusting journal entries or an accountant copy update file to bring your QB in line with the tax return. If none are available, use this approach:
It's all about the report! How often are you checking your books for accuracy? Reviewing a P&L (profit and loss statement) is a great practice to see how you’re netting out each month. But reviewing the GL (General Ledger) can quickly show you where something’s not adding up, or you've incorrectly entered data.
Sometimes bookkeeping for small businesses can be frustrating, both for you as an entrepreneur and for your bookkeeper. They slow you down by asking questions about things that you would rather not deal with, like:
At BudgetEase, our motto is: Making YOU Profitable. How will you know YOU are profitable? You need solid financial reports in order to answer this question. BudgetEase can turn your financial information into a set of reports you can count on.
Heads up for businesses who sent 1099 to their contractors! The due date to file with the IRS is coming up quickly.
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.