If you’re like most small business owners, you have a long list of thing to get done to keep your business operating. Substantial effort is placed on increasing sales, product development, hiring the right people, and making sure customers are happy. Typically, bookkeeping is a secondary concern. Unfortunately, not keeping your books clean and concise is probably costing you money.
Before you close the year in QuickBooks (more on that to follow), you need to ensure a few things are done.
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
Small business owners wear many hats, and it's easy to let things slip through cracks (like that great marketing campaign you were going to do for the holidays). It's nothing to feel bad about... when priorities shift, your attention and time needs to as well. There are plenty of tasks that can be tabled, but there are some that border on dangerous when delayed, and bookkeeping is one of them when you get too far behind. When you let it pile up, the details start to slip and are harder to reconstruct. So, we thought we'd share a few of our sagely tips that seem to be useful in keeping the time spent tracking your finances as efficient and effective as possible.
We share a lot of information with our readers because, frankly, there's a lot to talk about when it comes to finances and it's our favorite topic! Here we've compiled our most popular posts of 2019 so you can be sure you didn't miss them!
What improves your cash flow, saves you time, and reduces the number of days to get paid by your customers? QuickBooks Payments! With a QuickBooks payments account, you can securely email an invoice and add a “Pay Now” button. You can allow your customer to pay with a credit or debit card, ACH or bank transfer, or even Apple Pay. You eliminate processing the payment in QuickBooks, and as a result, you save money.
Wondering how to properly keep track of your Interest on Lawyer Trust Accounts (IOLTA). To many small businesses, keeping records is downright confusing. We recommend keeping track of individual client funds. The best way to accomplish that is to set up your Chart of Accounts using subaccounts for each client.
Capitalizing versus expensing purchases is a common question for small business owners. The way purchases are accounted for can sometimes make the difference between a year-end income statement that shows a profit and one that shows a loss. Having a Capitalization Policy will help your bookkeeper easily enter transactions into your QuickBooks or other financial software.
What do you need in an Expense Report? To save you and your bookkeeper time, incorporate the following seven features into your Expense Report.