BudgetEase Blog - Making YOU Profitable™

    10 Small Business Bookkeeping Tips for New Businesses

    1. 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.

    5 Bookkeeping Mistakes to Avoid

    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.

    Attorneys: Are you Accounting for your Interest on Lawyers Trust Account (IOLTA) Correctly?

    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.

    Spend Less Time on Bookkeeping

    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.

    6 Bookkeeping Time Savers for Small Businesses

    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.

    Video: Which Version of QuickBooks Online is Right For Your Business?

    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.

    Video: Are Bookkeeping Services Costly?

    Are you considering outsourced bookkeeping for your small business? In our video below, learn how much you can expect to pay if you hire an outsourced bookkeeper. You can also access Intuit's Billing Rate Survey to see what bookkeepers are charging.

    6 Reasons to Reconcile Your Bank Statement Each Month

    When it comes to bookkeeping for small businesses, bank reconciliation is a very important aspect for any company. Reconciling your bank statement involves comparing your business transactions and balances with the bank’s transactions and balances.

    Do You Love or Hate Your Bookkeeper?

    Sometimes bookkeeping for small businesses can be frustrating, both for you as an entrepreneur and for your bookkeeper. They slow you down by asking questions about things that you would rather not deal with, like: 

    Forgot to do your Bookkeeping in 2016?

    OOPS! 2016 is over and you forgot to do your bookkeeping. What should you do? You are not the only one. Every day we get a call from an optometrist or property manager who never kept any records last year. Here is what we do when faced with this dilemma.