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.
If your small business has fixed assets or property, how do you determine the amount of depreciation to be entered into QuickBooks? Best practice is to use your accountant’s depreciation schedule, adjusting journal entries or an accountant copy update file to bring your QB in line with the tax return. If none are available, use this approach:
It's all about the report! How often are you checking your books for accuracy? Reviewing a P&L (profit and loss statement) is a great practice to see how you’re netting out each month. But reviewing the GL (General Ledger) can quickly show you where something’s not adding up, or you've incorrectly entered data.
5-Point Checklist: What to Send Your Accountant
Where does the time go? If you are already looking at the calendar and wondering how to accomplish a lot of reporting in a short time for tax season, we understand.