As small business owners, we must control our spending and make sure we are spending and saving in the right areas of our businesses. It is important to save money for those rainy days when we need a backup of cash when business is slow, like in recent years and during recessions. Today, I will be discussing different ways to do just that. I broke these posts down into 7 categories: I hope you find them useful. Easy Ways to Save Money in Your Small Business Outsourcing Tips to Save Time … [Read more...] about How to Save Money in Your Small Business
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.
Some years ago, I worked with a food truck business owner who would have super busy summers, and we found that it was tough for them to stay organized when they were going from event to event all in one weekend. So, to help them, there were several processes we implemented. Below I am sharing how to stay organized with a seasonal summer business. 5 Tips To Organize Your Seasonal Summer Business Create a list of events needed for the entire season. This time of year is the best time to … [Read more...] about How to Organize Your Seasonal Summer Business Before Busy Season
Sending out invoices can be pretty easy when everything like client information, account numbers, and other details are the same. However, when the client adjusts their company account payable details, it can be another story. Today we are talking about red flags that a customer may not pay your invoice in the appropriate amount of time. Red Flag: Did the customer information change on your invoice? Solution: If you find that there is a change in ownership or the company has a new … [Read more...] about Solutions to Help You When A Customer Does Not Pay Your Invoices
How long do you keep your business files? Do you keep them forever, or do you get rid of them after a certain length of time? Keeping files for a business is different from keeping your personal files. Many different types of business files need to be kept at different lengths of time. Over the years, small business owners have asked me these questions. The IRS doesn't have a clear, across-the-board answer to this question, so here is what I suggest. If you wish to visit the IRS.gov website, … [Read more...] about How Long Should I Keep Business Records
Some small businesses write a check made out to cash. This is where you write the word CASH in the payee area and write the amount out. Anyone can cash the check. While it is convenient for owners to do this, it is best if they don't. It can also be deposited by anyone, and if you lose it, anyone can deposit it. This practice is not recommended because it is hard to keep track of the expenses used for this cashed check among other reasons. However, if you absolutely need to do this, today we are … [Read more...] about 4 Steps to Record Checks Made Out to Cash
If you think you can't save for retirement because you are self-employed, think again. A BMO Wealth Management study surveyed 400 small business owners, and the results were eye-opening. When asked how much they have saved for retirement, 75% of them said less than $100,000. But, this doesn't have to be this way. My goal here is to introduce you to the type of retirement plans available to small business owners. And to help you ask your financial advisor the right questions for the best … [Read more...] about Easy Small Business Owner Tips for Retirement Plans
I work with plenty of small business owners that feel bookkeeping frustrates them. They don't want to do it. They don't even understand the importance of it. I'm here to tell you that it is important and it must be done properly to be effective. It is important to make bookkeeping a priority for any business, especially if you are a small business owner or entrepreneur. Make Bookkeeping A Priority For Your Small Business First, you will need to understand the benefits of having an … [Read more...] about Make Bookkeeping A Priority for Your Small Business
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?
Many small businesses use QuickBooks Online. They usually use it on their computers in their office. Though this service actually has a pretty good app as well. Did you know that if you have QuickBooks Online service, you can also download QuickBooks Online on your mobile devices? This can help when you are traveling and doing things on the fly as all small business owners do. The benefits of using QuickBooks Online App for iPad and QuickBooks Online App for iPhone. First, if you are … [Read more...] about How does QuickBooks Online Mobile App for iPad/iPhone Works