BudgetEase Blog - Making YOU Profitable™

    When Do You Need a Bookkeeper?

    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.  

    The Unfairness Surrounding PPP Second Draw Loans

    The second draw of PPP funds is a life raft for many small businesses. There are a lot of great changes to the eligibility rules and uses of PPP-2 funds. Unfortunately, there are a few changes that many deem unfair. 

    Year-End Checklist: Bookkeeping for Small Businesses

    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. 

    Two Things a Successful Entrepreneur Should Never Do

    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:

    You're Not Alone

    We decided to analyze our client’s financial performance for the last two years. (There's no denying it -- we are a bit nerdy!) Not surprisingly, we found that most small businesses had a difficult 2020 year. We noticed a few things when reviewing the data, such as:

    A Match Made in Heaven

    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.

    Using Quickbooks to Track Grant Balances for Nonprofits

    Accountants love it when they get a clean set of books. The ultimate prize is when the Net Assets with Donor Restrictions account is up to date. A critical step in getting there is a good grant balance tracking system maintained throughout the year. Here are three ways we track restricted grant balances using QuickBooks Online:

    Financial Information Needed for Your Nonprofit Board Members

    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?

    Nonprofit Advisors You Can Rely On

    Are you struggling to complete a strategic plan, get a fundraising campaign off the ground, or expand your reach? Despite having a great team, your nonprofit may need the expertise of an outside Advisor. This is not a poor reflection on your organization; instead it’s a testament to the time constraints and experience involved in these types of projects. Advisors we heartily recommend are:

    The 1099-NEC and 1099-MISC Explained

    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.


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