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Tax Prep Bookkeeping Tips
These tax prep bookkeeping tips will help you get your small business records up to date for the whole year, with the goal to have a smoother process come tax time. Whether you use a CPA or file your own self-employed taxes, you can work through these tips and checklists. At the end of the…
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If You Read One Article About Daylight Savings Time’s Impact On Your Small Business Read This One
It’s that time again – Daylight Savings. This Sunday at 2 a.m. March 14, 2021 we will spring forward and set our clocks forward an hour. This occurs every second Sunday in March. What is Daylight Savings and why do we even do it? Many people believe it’s because of the farmers – but this…
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Is This An Investment Or A “Loan”?
Is This an Investment Or A “Loan”? If you read articles with suggestions for people considering starting a business or who have a new one, a lot of them will tell you not to fund your new company by taking on personal debt. This is a valid argument; you don’t want to start off your…
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How To Avoid Getting Behind On Your Books
Has this ever been you: The holidays have just come and gone, and you come to a realization…Tax time is coming! You may have a shoebox of receipts or just your monthly account statements. Either way, you’re behind! So you spend nights and weekends cramming to get everything done in time for your CPA. This…
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The Difference Between Cash And Accrual Accounting
If you’re a new business owner, you may hear the terms “cash basis” and “accrual basis” accounting and wonder what they mean and which you should use for your #bookkeeping. Let’s unpack both of them and see what they’re all about. Cash Basis – You report expenses and income when “cash” has changed hands; expenses…
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6 Potential Pitfalls Of Just “Winging It”
Picture this…How would you feel if a surgeon told you, “I don’t need to do any tests or scans before I do your surgery, I’m just going to wing it”? You’d immediately get up, leave that office and never come back. So why would you do that with one of the most important parts of…
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Do You Need a Lighthouse To Lead You Home?
I’ve been working on a clean-up for 2020 for the past couple of weeks. My client did what they could to keep up on their #bookkeeping this year. BUT…none of the accounts were reconciled, there were hidden expenses, extra accounts that were made up, etc.My client is amazing at what they do, but they aren’t a bookkeeper.…
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Financial Statements Part 4
The third and final of the 3 main Financial Statements is your Statement of Cash Flows, which tells you where your money is coming from and where it’s going. It shows your Net Income and any adjustments made to the Net Income for money you owe or are owed, etc. It also breaks your transactions…
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Financial Statements Part 3
The second of the 3 main Financial Statements is the Profit & Loss (also called the P&L or Income Statement). If you have multiple income streams for the business (ex. You offer both Products and Services), it will break the income section into each type based on your Chart of Accounts. Expenses are also…
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Financial Statements Part 2
Financial Statement #1 is the Balance Sheet: -Shows a list of Assets, Liabilities, and Equity and all account balances. In Quickbooks, you can click on the Total for each account to see a list of all the transactions that posted during your requested time frame -Groups together all Assets and the total -Groups Liabilities and…
