I heard this advice at the JumpStart EXPO from a very successful entrepreneur. When it comes to small business bookkeeping there are two things a business owner should never do:
It’s that time of year, rounding out the fall season and sliding into the last few months of the year. With the daily unexpected events, now is as good a time as any to take stock in what you and your business have…at this very moment.
As the CEO and founder of BudgetEase, an outsourced bookkeeping service in Cleveland, Ohio, I meet with hundreds of small businesses each year. As prospective clients weigh their options when choosing a partner for their bookkeeping, I often get asked who do I respect in the region.
Our small business clients have varied relationships with their respective bookkeepers. Some are a part of the team on a full-time basis, while others have the bookkeeper in part-time or as needed, either weekly or even monthly.
- Determine the best type of business entity to conduct your business. The major choices include sole proprietorship, partnership, limited liability company LLC, corporation, and non profit.
Our clients are amazing. Every day we applaud their tenacity, dedication and drive. We hear it all: the successes, the families they support, the struggles and the ugly! Sometimes the simplest decisions and the seemingly smart “shortcuts” aren’t the right answer.
A law firm has a responsibility to not only represent their clients in a just way, but also to manage their clients’ advances/deposits for court fees, fines and other potential payments. Interest on Lawyers Trust Account (IOLTA) is an account in which lawyers hold funds that do not belong to the lawyer right now or are disputed. Without taxing the public, and at no cost to lawyers or their clients, interest from IOLTA is pooled to provide civil legal aid to the poor and support improvements to the justice system. Due to the timing and sensitivity of lawsuits, a client’s funds are held in escrow by their attorney and are protected in a special type of bank account, called an IOLTA.
How much time out of your week or month do you and your staff spend on keeping up with the books? So many small business owners wear many hats, but their true strengths need to be spent on making the business operate and grow, rather than tracking and reconciling.
1. Download Bank Transactions
If your bank doesn’t offer this service for free, consider using another bank. Downloading to QuickBooks has become a universal service.
2. Review you General Ledger monthly
A quick review monthly to make sure all your transactions are in the correct account will make year-end a breeze.
Managing your business's bookkeeping on your own can be challenging. Learn about the pros and cons of the different levels QuickBooks Online has to offer and determine which version will help your business be more profitable.