Business Recordkeeping
Avoiding the Pitfalls of Inaccurate Recordkeeping: An Entrepreneur’s Guide
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Bookkeeping
The Perils of DIY Bookkeeping: Top 5 Mistakes You’re Probably Making
As a seasoned bookkeeping professional, I’ve seen my fair share of DIY disasters. There’s a reason why bookkeeping is a specialized field – it’s not as straightforward as it seems. If you’re a business owner trying to manage your books on your own, kudos for your determination. But beware, the road to financial clarity is
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How Do I Pay Myself?
This is one of the most frequently asked questions we get as bookkeeping and tax professionals. The answer is “It Depends”. There are many items we need take into consideration when answering this question, but the first is how is your business structured? Please note, this is a very high-level overview of a complex subject
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Factoring, the True Costs
In a previous article we talked about loans versus leases, now we will talk about the cost to factoring your invoices. I am including a calculator to help you determine what your Annual Percentage Rate (APR) is on the transaction. Because factor financing is short term (usually 30-45 days), you will not see an annualized
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Important Tax Dates
Important dates for taxes are found below. Making timely estimates based on accurate data is important to your cash flow and business. By having accurate, up-to-date information, you can make a better estimate for your taxes. If you notice, the Quarterly Tax Estimate to the IRS is cumulative of the entire year’s data. If you
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STOP MIXING PERSONAL AND BUSINESS FINANCES
Many have written about co-mingling finances, however many business owners continue to do it. Therefore, you get my version of the lecture. Stop mixing your personal and business finances. Some business structures REQUIRE you to keep business and personal separate, and while this may seem obvious, it is practiced less often than you’d expect. Today, I want
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Who is doing your books? A bookkeeper?
When a business starts out, the owner tries to control costs by doing everything themselves including being the bookkeeper. This can result in someone unqualified performing the bookkeeping. While this may work on the short term, it may be costlier in the run. Let’s take an example of your truck needing an engine overhaul. What
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Do What you Love….
One of the biggest lies of owning your own business per Inc. Magazine is as follows: “Do what you love and the money will follow…. often times, a person’s love for doing something becomes their Achilles heel because instead of running their business, they just focus on delivering the service they enjoy so much,
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Fixed Assets: Is your balance sheet showing an accurate picture of the business’ financials?
Definitions First things first, there are a few terms we need to make sure everyone knows just from the title! Fixed Assets are the things that you own which are the touchy, feely things, for example buildings, vehicles, furniture, computers, fixtures. The costs of these are spread out over the useful life of the asset
The Most Common Bookkeeping Mistakes for Owner Operators
Biggest Bookkeeping Mistake I’ve spoken to many owner operators and quite frankly the biggest mistake I have seen is pretending bookkeeping doesn’t exist. Better yet, “doing the books” once a year for taxes only! Next Most Common Bookkeeping Mistake Tied closely for second is keeping incomplete or outdated books, but at least you tried for
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