BudgetEase Blog - Making YOU Profitable™

    Keeping Track of Travel Mileage as a Small Business

    Do you struggle with keeping track of your Travel Mileage at your small business or startup? Do you find keeping track of your mileage to be a tedious task? I do. At the end of every year, I go through my calendar, note all the business events that I drove to, calculate the mileage using Google Maps, add up the miles on an excel spreadsheet (and I don’t drive nearly as much as many of you), and after multiplying by the allotted mileage reimbursement, I have entered a tidy business expense.  

    Review Your General Ledger – And Skip the Year-End Headache

    It's all about the report! How often are you checking your books for accuracy? Reviewing a P&L (profit and loss statement) is a great practice to see how you’re netting out each month. But reviewing the GL (General Ledger) can quickly show you where something’s not adding up, or you've incorrectly entered data.

    Forgot to do your Bookkeeping in 2017?

    OOPS! 2017 is over and you forgot to do your bookkeeping. You are not returning your accountant’s phone calls because you don’t have the information that he needs to you’re your tax return for 2017. 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.

    New Year’s Bookkeeping Resolutions to Make You Profitable

    Is one of your New Year’s Resolutions to make your business more profitable? Here is a list of action items (in order of importance) that will help your realize your goal. If you have an action item mastered, work on the next one.

    1099s - How Do I File With QuickBooks?

    Yes it is 1099 season! If you are a small business and don’t have bookkeeping support, what is the quickest way to get your 1099s out to the correct vendors?

    Businesses are required to send a 1099 to:

    • Service providers that you paid $600 or more
    • Your landlord for the rent you paid
    • All attornies even if they are incorporated

    Who don’t you send a 1099 to?

    • Corporations
    • Suppliers of products like utilities or office supplies

    The two easiest ways to file are:

    Your 2017-2018 Tax Planning Schedule

    December 31st is fast approaching and some advanced planning will allow for smooth year-end processing. Below are a few helpful dates to plan your activities.

    5 Ways to Make Your Year-End Smoother

    1) Reconcile

    If you haven’t already caught up, now is the time! Reconciliation puts a spotlight on accidental double entries and other errors. Make your life and your CPA’s life easier so you can address any potential write-offs or other items for your tax strategy. Reconcile those bank accounts!

    Two Things a Successful Entrepreneur Should Never Do

    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:

    The Top Outsourced Bookkeeping Services in Cleveland

    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.

    Is it Time to Hire a CFO?

    When is it time to hire a CFO? I spoke to Tom Gentile, partner at part-time CFO firm BeaconCFO Plus in Cleveland, to find out. According to Tom, reaching a certain size is not the indicator.  Situations cause the need for a CFO. Here are some he mentioned:

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