As unpleasant as it is, you probably have debt that you are never going to collect. This is a good time to write off bad debt and clean up your A/R Aging report. The proper way to account for bad debts is with the Allowance Method. However, many small businesses use the Direct Write-Off Method when dealing with bad debts. This method expenses bad debts at the time it is deemed uncollectible.
Need polished reports for your banker, directors, or investors? The Management Reports feature is a simple, yet powerful feature in QuickBooks Online (QBO). The feature allows you to produce financial statements as needed and can be emailed or printed. In a few simple steps you can customize a professional-looking package of reports, complete with:
What do you need in an Expense Report? To save you and your bookkeeper time, incorporate the following seven features into your Expense Report.
Budgets can feel like a chore or a forgotten item on the to-do list when you are caught in the throes of running your business. But, how often do your goals come alive if you don’t have a plan or if you don’t measure your results?
In-kind contributions can be an important source of non-profit revenue, particularly if the item or service is central to the organization’s mission. Often, in-kind gifts can help your non-profit provide programs and activities at a reduced cost.
Whether you operate a small business or large enterprise, you will have to account for payroll. Properly posting and reporting payroll will be a recurring task. If you follow best practices, you will journalize your payroll and use a payroll clearing account.
Client entertainment is a cornerstone of running a small business. The tax law known as the Tax Cuts and Jobs Act (TCJA) has given many small business owners anxiety regarding what is considered a deductible business expense beginning in 2018.
Cybercrime does not discriminate between small business and large corporations. All businesses need to be on alert. Hackers have created elaborate phishing tactics and are able to impersonate communications from executive management often seamlessly. We’ve come across to savvy business people who have fallen victim to attempts to gain access to money in the past month. Below are two stories and what could be done to avert a loss:
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!