While I was on the plane on my way to Scaling New Heights 2022, the premier conference for Bookkeeping Experts, I took a look at my goals from the last conference held in November 2021 to see how well we did in accomplishing our goals. Here are the results including the grade we gave ourselves for achieving our goals.
Sometimes bookkeeping for small businesses can be frustrating--both for you as an entrepreneur and for your bookkeeper. They slow you down by asking questions about things that you would rather not deal with, like:
To fully understand where your business stands financially, it's important to fill out expense reports. It will provide insight into your business' spending and cash flow, as well as can help you calculate profits, expenses and reimbursements. But to figure this out, what do you actually need in an expense report? To save you and your bookkeeper time, incorporate the following seven features into your expense report.
One of the most exciting things a small business owner will do is hire their first employee. Though it make take some time to find the right person, after you're through the interview and references check process, and you're ready to say, "You're hired!", there are a few things you need to plan for on your end. We have some tips to help you get started.
Our clients often ask us to help prepare their taxes in addition to the small business bookkeeping assistance we provide. Instead, we refer our clients to a CPA firm to provide tax preparation assistance. Why? Let’s look at the primary purpose of a CPA and a bookkeeping firm.
When it comes to running a small business, there is so much involved. Marketing, production, staff, research, development... the list goes on and on. Finance is also a big and important part, and keeping accurate tabs on your company's financials is crucial. To help business owners along, here are some bookkeeping time savers to help make financial management a little more efficient.
If you have a very small company with only a couple of checking or credit card accounts (designated solely for your business) and don’t want to pay for QuickBooks, how can you keep track of your financial records?
Are you a dentist who does work in exchange for IT services? Maybe you are a physical therapist who exchanges services with someone who does your social media. These are great examples of bartering.
At the start of each year, you probably make goals and have dreams of where you would like your business to go and how to make it grow. You prepared what you thought to be a realistic budget. Preparing the budget is the first step; reviewing it at least monthly is as important to the success of your company. Don’t let your budget gather dust and never look at it again.
There will likely be a time when you are dealing with clients that may be negatively affecting your business. These are some of the red flags you should look out for: