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:
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:
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.
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:
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?
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:
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.
For most of us, driving to the office has been replaced by remote work environments. Fortunately, at BudgetEase we did a lot of remote work before the pandemic. For many small businesses, however, this has been a challenging adjustment period.
It’s not too late to get organized for year-end. A lot of small business owners wait too long to get their financials in order. Closing the books for the year doesn’t have to be a race to the finish; it can be a jog. Below are a few things you can do now.
As the title suggests, we can help your small business tackle the tough stuff, and no we are not selling laundry detergent now. By the tough stuff, we mean all the transactions in your QuickBooks file that you haven’t cleaned up because you either don’t have time or don’t know how. Luckily for you, we do this every day (and actually like it).