You've started spring cleaning your home and yard, but what about your office? Consider a paperless office as part of your spring cleanup and organization. There are benefits as well as incentives to going paperless and every dollar bill counts in today’s economy.
As Valentine's Day approaches, we think of those we love. We buy them chocolates and diamonds and maybe go on a date. This year, the one I love is my bookkeeper. But, since I'm a small business owner, I need to be smart about my expenses and my bookkeeper understands that. So I will profess my love here in words. So, how do I love thee, bookkeeper? Here I count the ways:
One of the most exciting things a small business owner will do is hire their first employee.
Here are a few tips when you do so:
1. Budget for the Addition
I hear regularly "I want to improve my profitability."
Here is the P&L from a company that improved their return on sales to 20% from -3.6% the prior year:
Small business owners wear many hats, and it's easy to let things slip through cracks (like that great marketing campaign you were going to do for the holidays). It's nothing to feel bad about... when priorities shift, your attention and time needs to as well. There are plenty of tasks that can be tabled, but there are some that border on dangerous when delayed, and bookkeeping is one of them when you get too far behind. When you let it pile up, the details start to slip and are harder to reconstruct. So, we thought we'd share a few of our sagely tips that seem to be useful in keeping the time spent tracking your finances as efficient and effective as possible.
We share a lot of information with our readers because, frankly, there's a lot to talk about when it comes to finances and it's our favorite topic! Here we've compiled our most popular posts of 2019 so you can be sure you didn't miss them!
Before you know it, the holidays will be here, filling up the calendar with more to-dos and festivities. Don’t put off the year-end planning details of bank reconciliations and estimated tax payments until the last minute. We advise all business owners to provide a clean version of your financial records to your accountant on or before November 15. Save yourself the stress and start the cleanup now!
Did you scramble to find copies of your vendors’ W9s last year? It’s time to prepare to make the job easier for this year. Here are some tips that can proactively help you slide through next January with ease:
Many small businesses choose to do their own bookkeeping for a variety of reasons, including perceived cost savings. Others hire a cheap bookkeeper or hire inexperienced staff to cut costs. The truth is, bad bookkeeping is costly; here is why:
Do you know where your business’ money is going? If not, it’s time to look further. A great way to find out is by using the cash flow statement, or statement of cash flows. Along with the balance sheet and income statement, the cash flow statement will identify where your revenue is coming from and where it’s going.