While running your own business, you pay bills online, deposit checks with your smart phone and check your bank balance using the internet. So far you are managing quite well. Then something unexpected happens - an automatic bill payment you set up clears the bank and suddenly you are overdrawn.
A year ago I fell, hurt my knee badly, and needed a cane to get around. I set about managing my own recovery using old physical therapy techniques (learned from prior injuries) to mend my knee. Fast forward a year and my hips start hurting, badly. Eventually I sought out a physical therapist for assistance. The therapist told me I wouldn’t be having hip troubles if I had fixed my knee properly.
When it comes to bookkeeping for small businesses it is important to have a year-end checklist to make sure everything is in order. Here is our year-end checklist:
- Backup of data made before correcting transactions
- Review Trail Balance
- Balance changed? Review Audit Trail, Voided/Deleted and Retained Earnings QuickReport for prior year.
I heard this advice at a 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 time to close the books on 2020, but before you close the year in QuickBooks, you need to ensure a few things are done.
We aren’t talking about peanut butter and chocolate (although that is good); we are talking about a part-time bookkeeper and a part-time CFO. That combination lets you do what you do best – create new products and services for your small business.
As Valentine's Day approaches, we think of those we love. We buy them chocolates -- or diamonds! -- and maybe go on a date (or get takeout during the pandemic). This year, how about showing some love for your bookkeeper? Since you're a small business owner, you need to be smart about your expenses, and your bookkeeper understands that. So, profess your appreciation in words. So, how do you love thee, bookkeeper? Here we count the ways:
The Pandemic has brought to light the importance of financial management at nonprofit organizations. Many organizations are overwhelmed with demand and short on resources. A crisis always highlights weaknesses, but it can also identify opportunities. As a board member, what financial information do you need to guide the organization though the ever-changing community the nonprofit serves?
Small business owners wear many hats, and it's easy to let things slip through cracks (like that great marketing campaign you were going to do for the holidays). It's nothing to feel bad about ... when priorities shift, your attention and time needs to as well. There are plenty of tasks that can be tabled, but there are some that border on dangerous when delayed, and bookkeeping is one of them. When you let it pile up and get too far behind, the details start to slip and are harder to reconstruct. So, we thought we'd share a few of our sagely tips that seem to be useful in keeping the time spent tracking your finances as efficient and effective as possible.
For several decades non-employee employee compensation was reported using a 1099-MISC. The IRS has changed that for the 2020 tax filing year and is requiring those wages to be reported on a 1099-NEC.