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!
There are many tasks involved with small business bookkeeping. These tasks often take much longer than we expect because concepts are easier to understand than to implement.
Here are some simple solutions to your bookkeeping problems:
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.
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!
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.
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:
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.