Bookkeeping

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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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 …

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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 Next Most Common Bookkeeping Mistake Tied closely for second is keeping incomplete or outdated books, but at least you tried for …

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