OOPS! 2017 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.
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?
- Suppliers of products like utilities or office supplies
The two easiest ways to file are:
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.
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!
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:
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.
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:
As a real estate agent, you are more than likely paid as an independent contractor. Tracking your income from commissions and fees may be easier (and more rewarding) than tracking all the tedious expenses you incur each year.
Business owners often determine their cash balance by checking what the bank shows online in the accounts at a point in time. You cannot accurately forecast cash flow unless you match and verify activity in the bank statement to QuickBooks or whichever accounting system you use.