A recent survey of over 500 small business owners revealed some of what we already know: flexibility and feeling in control ranked first in the “love” category of ownership. Bookkeeping on the other hand? 60% say it’s their most hated task. Hated or not, these 5 costly accounting mistakes can cause even more drama. Most business owners understand that effective financial management is key to their success. But lack of… Read more
Although most entrepreneurs recognize the importance of careful financial management, few do their bookkeeping on a frequent basis. Unfortunately, not keeping a close eye on your income and expenses can be very costly for a business. Here are five of the most common bookkeeping pitfalls, and some simple tips for getting back on track. Mixing business and personal All too often, entrepreneurs adopt a “buy now, sort later” approach to… Read more
Are you using software in your business to save time? If you aren’t yet, now is a good time to start. Lots of different software programs exist that help businesses save time and organize their important business documents. Take advantage! Bill.com is one type of software that can help you in a particular time-sucking activity – bill-paying. Businesses regularly receive invoices and bills from vendors on a monthly, weekly or… Read more
The IRS requires that taxes be paid as income is earned or received. Payments can be made through regular withholding or by way of estimated tax payments. If you don’t pay enough tax through withholding and estimated tax payments throughout the year, the IRS may charge you a penalty come tax time. Who has to pay? Generally, individuals have to make estimated tax payments if they expect to owe tax of… Read more
Okay folks, it’s time for the second installment of our Quickbooks Online Challenge. The intent here is to familiarize yourself with the features Quickbooks has to offer in an effort to save you time when it comes to doing those everyday accounting tasks. Today we’re learning about writing checks using the software. I recognize that most people pay a majority of their bills electronically, however, there are occasions where writing… Read more
So you want to start a business? The freedom of being your own boss, the excitement of creating ideas and meeting new people; all great aspects of owning a company that is all yours. But owning something big doesn’t come with its fair share of stress and demands. With careful planning and the help of these tips, you’ll be on the right track. Let’s make business happen! Write a business… Read more