It's tax time. Do you have your paperwork together and are all your statements reconciled? Before you start pulling your bank statements and backup support paperwork together for your accountant for last year's tax return, you should go through and reconcile your credit card statements for your small business. Why? You may ask. We all know that reconciling a bank account makes it easier to confirm the funds are correct. It will limit the error of bounced checks and improper managing of accounts … [Read more...] about 3 Benefits of Reconciling Your Credit Card Statements
Small Business Bookkeeping Tips Archive Page
Welcome to our Small Business Bookkeeping Tips archive page to help you and your business streamline processes. Read the archive posts for bookkeeping tips to use in your business.
Everyone wants to be paid for their services, right? We don't like to call and remind the client to send the check daily. We want our clients to be trustworthy and pay when the bill is due. At one time or another, we all have dealt with someone paying late. It makes us feel unappreciated. Doesn't it? I know it does for me. To help you minimize your accounts receivable issues, I share these nine(9) things every owner needs to know about accounts receivable. Tip: Visit U.S. Small Business … [Read more...] about 9 Things Every Owner Needs To Know About Accounts Receivable
This month, we are ordering IRS information returns forms to make sure we can get them in time by the end of this year. The IRS allows you to order these FREE information returns forms to use to make sure all the content is inputted in the same way. The IRS Information Returns forms you can order from the IRS website are as follows. There are a lot more returns listed on the website, but here are just some of the list: Wage and Tax Statement Form W-2Transmittal of Wage and Tax … [Read more...] about How to Order IRS Information Returns forms for FREE
Creating a Small Business 1099 tracking sheet for your 1099s will make your process easier at the beginning of the year for the prior year. This week, we are sharing how to create this tracking sheet to add to your small business end of year tasks. First, have a software application and track the vendors. Place all the Nonemployee Compensation recipients in a vendor account for 1099-NEC. And, all the other 1099-MISC recipients in a vendor account for 1099-MISC. Your tracking software may … [Read more...] about Making A Small Business 1099 Tracking Sheet
This year, you have a new informational form to submit to the IRS at the end of the year. It's called 1099-NEC. This new form is intended just for Nonemployee Compensation (NEC) vendors and is used by businesses to send to the IRS and to the vendors. This week, I am going to share the high-level details to help you add this task to your to-do list. Who should get this? A nonemployee compensation that made at least $600 in the entire year.Services performed by someone who is not your … [Read more...] about What is the 1099-NEC form?
As small business owners, we must control our spending and make sure we are spending and saving in the right areas of our business. This month I will be discussing different ways to do just that. I broke these posts down into 7 categories: I hope you find it useful. 1. Posts about Outsourcing Tips to Save Time and Money: Remember: you don't have to do it all. We all have the tasks we can get someone else to do. Determine how much you can afford someone else to do first, then decide on what you … [Read more...] about How to Save More Money in Your Small Business
To keep track of hours, I have used a rudimentary process for a long time now. I would write my start time on a sticky pad, and then, after I finished the project, I wrote the end time. Then, I would add the total time to QuickBooks so I could invoice the client. Easy, right? Wrong. There were issues with this system. I would sometimes forget to write the start time. Not good at all. To rectify this situation, I would go to the previous client email that lists the completed task summary and … [Read more...] about 4 Free Hours Tracking Apps for IPhone
When starting a small business, there are a lot of details that need to be done. Bookkeeping is an essential part of small business tasks during the day. I know it's not glamorous. It's not even fun to do. But, to save you money and stress during tax time, getting your small business bookkeeping in order will significantly reduce both of these things. Below we are sharing seven startup bookkeeping tips every owner should know right from the beginning. Follow along and take notes. Seven small … [Read more...] about 7 Startup Bookkeeping Tips You Need to Know
June 30th was the halfway point of the year! Why not take a proactive view of your tax forms and review your employee and subcontractor. It is a great time to do a small business mid-year review to look at your business goals, product line, your 1099-misc paperwork, subcontractors' documentation, bookkeeping files, Profit, and your Employee W-2 information to make sure everything is in order. What areas should I review in my small business when I do a mid-year review? Below are the areas … [Read more...] about Small Business Mid Year Review Tips