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    Testimonials from Cleveland Businesses

    Have your clients asked for help finding a good bookkeeper recently? We offer the highest-quality bookkeeping services for small businesses in Cleveland. Here’s what some of our clients have to say about us!

    How to Manage Trust Funds (IOLTA) Using QuickBooks

    While you don’t want to mismanage any of your accounting records, mismanaging a trust account (IOLTA – Interest on Lawyers Trust Account) can have terrible consequences. Keep in mind, trust funds are not your money, at least not yet.

    How to Accurately Track Sales Commissions

    If your business pays sales commissions, you probably use a time-consuming excel spreadsheet to track them as they are paid out. Commission rates often vary by item and your salespeople may only be paid when the customer has paid you, which complicates things even more!

    Are You Confused by the Commercial Activity Tax?

    Commercial Activity Tax (CAT) is a tax imposed for the privilege of doing business in Ohio. CAT is calculated on taxable gross receipts from most business activities in Ohio, or activities that benefit an Ohio-based business.

    Cash vs. Accrual Basis Accounting

    There are two ways of accounting – cash basis accounting and accrual basis. The main difference between them lies in the timing of when revenue and expenses are recognized.

    7 Bookkeeping Processes to Propel You

    If you reflect on your bookkeeping processes, you will likely arrive at a few areas that need improvement. There are things you can do now to make bookkeeping easier. Things to consider are:

    Before You Convert to QuickBooks Online

    Many small businesses are choosing to leave their QuickBooks Desktop (QBD) accounting software for the accessibility of QuickBooks Online (QBO). As a bookkeeper for a small business, I was part of a conversion recently. Below are some of the tips I can offer.

    Before the Conversion

    Clean up Vendors: Take time to weed through your vendors for duplicates and update contact information. Merge like vendors and make vendors not used in several years inactive. This process is much simpler with QBD.

    Writing Off Bad Debt

    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.

    Getting to Know QBO Management Reports

    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:

    7 Things for Small Business to Include in Expense Reports

    What do you need in an Expense Report? To save you and your bookkeeper time, incorporate the following seven features into your Expense Report.

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