There are many tasks involved with small business bookkeeping. These tasks often take much longer than we expect because concepts are easier to understand than to implement.
Here are some simple solutions to your bookkeeping problems:
This has been an unusual year with COVID-19 and the financial burden many businesses are facing. What has not changed is the calendar. The year ends on December 31st, and accountants will want to start preparing taxes between now and then.
The first step to starting a small business or startup can be found here.
As a bookkeeper, I am sharing some insights to maintain sound financial records. These are steps to put you on strong financial footing. Having a product or service that is demanded, building the right team, and finding customers are all very important – possibly more important is...
Step 1: Set up a Business Checking Account
You have a wonderful idea for a new business. You have tested your idea and it is going to work. You have even roughed out a budget and the idea is financially viable.
New business owners forget one crucial step – setting up a checking account for their business. Even if you do not yet have an Employer Identification Number (EIN) you can set up a separate account under your Social Security number.
Whether using QuickBooks, QuickBooks Online, or a QuickBooks app, people make mistakes all the time. Listed below are the most common mistakes to watch out for.
Here are the top 10 QuickBooks mistakes we see most often:
There comes a time in all successful small business operations when the business owner will find themselves wearing all of the hats: salesperson, stocking clerk, customer service rep, accountant, bookkeeper, payroll, manager... janitor. Each of these jobs are important, but at some point, owners will be spread too thin and need to make the call to bring in help. So, how do you know when the time is right for you?
For small businesses, every penny needs to be put to use in the smartest way possible. Here are a couple of tips to help you make those critical dollars stretch.
You've started spring cleaning your home and yard, but what about your office? Consider a paperless office as part of your spring cleanup and organization. There are benefits as well as incentives to going paperless and every dollar bill counts in today’s economy.
One of the most exciting things a small business owner will do is hire their first employee.
Here are a few tips when you do so:
1. Budget for the Addition
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:
Client Doesn't Pay on Time:
Anything over 90 days is a big red flag. Slow payment reduces your profit margin. This client may not be as profitable as you think. The more time it takes to pay you, the more likely your client will forget the great work you did for him or her. Your client is paying at least a few of their bills. Make sure you are one of them.
