Do you have a small business, or are thinking about starting a business?
Then this is the place for you!
Here is accounting information, not theory, but real information, about how to do your own bookkeeping. (or at least how to understand it so you can talk to your Accountant!)
I work at a small art gallery that uses cash basis accounting. Our bookkeeper records credit card sales on the day we receive the payment from the credit
Do you prepare and look at financial statements for your business each month?
Do you compare them, quarterly or yearly?
The first thing to do is get comfortable with each of the 3 basic financial statements.
The Balance Sheet
The Income Statement
The Statement of Cashflows
Each statement can help you improve your business, if you only know how to read them.
Xero accounting software review, beautiful accounting software, comparison with QuickBooks Online
Check out this article on NFIB's website. You may have until June of 2017 to comply with the new overtime rules.
Previously, a salaried employee was exempt from overtime if they made over $23,660 per year.
The new rules raised that salary amount to $47,476. This puts a lot of employees eligible for overtime.
Got a Small Business website? Join Me at Trafeze!
This blogpost is a special one for those, like me, who make a living from all things Small Business.
Maybe you love writing about it, love sharing what you've learned with others.
Or maybe you sell a product or service made for small business owners.
Either way, I wrote this post for you!
I've been accepted into a rather elite group called Trafeze. If you have a gripe or three about using Google Ads, either to monetize your site or drive customers to your product, Trafeze could be a game-changer for your business.
It puts small business owners like us together...
Some of us love writing about it, but don't want the bother of creating a product.
Others have products or services, but lack the time or know-how to build traffic.
Solution: Connect us so we can do business together! Good for you, good for me, not so good for the "middlemen" like Google!
By the way, it's about WAY more than ads. Trafeze connects solopreneurs (for free). What the solopreneurs do next is up to them - anything and everything from a simple sponsorship deal to a full-blown partnership.
It's just in the building stage, so get in on the ground floor like I did.
Check it out and see what you think.
By the way, I don't get paid a penny to recommend this. I just want to see other folks like me do well!
HELP, I AM TRYING TO SETUP ACCOUNTS FOR A HEAVY DUTY DIESEL REPAIR SERVICE. WE DO SERVICE CALLS, ROADSIDE ASSISTANCE, REPAIRS (LARGE AND SMALL) AND
basic accounting analysis - taking the pulse of your small business.
If you're trying to grow your business, you may be thinking of adding an employee, or buying some new equipment, or expanding.
These all take working capital. Do you have the cash flow needed?
If not, you may be thinking about trying to borrow some money. Thinking about hitting up your sister or your best friend for some operating funds?
Well, before you try that, check out some of the options you'll find online for small business loans.
To get a small business loan with a bank, you need longevity and collateral, and a great credit score.
With some of these online banks, you only need 1 - 2 years of business behind you, $75,000 - $100,000 in annual revenue, and an average credit score.
I researched two of the top options, On Deck Capital and Lending Club.
Here's what I found out:
Check this out from "Small Business Majority". They're having a free Webinar.
Webinar Series: Your Money, Your Future: A Path Toward Small Business Retirement Security
Presenter:Geraldine AglipayOutreach Manager, Small Business Majority
Description of Webinar:Are you considering establishing a retirement plan for yourself and your workers? Through this free national webinar we will help you navigate the retirement landscape and help you sort through your options to secure your future.
Topics include: • An overview of the U.S. retirement savings gap and how small business can be part of the solution • Common retirement options for small businesses • Tips to help determine the best option for your business • Questions you can ask prospective plan providers or brokers A question and answer period will follow.
Upcoming Dates and Times:Tuesday, June 21, 2016 11:00 AM PDT / 2:00 PM EDT
Tuesday, July 5, 2016 11:00 AM PDT / 2:00 PM EDT
If you're interested, check out their website at Smallbusinessmajority.org
This is not an affiliate ad. I just received this info in an email, and thought I'd share.
How do I enter business credit card rewards in Qbooks? I need detailed instructions please. -------------------------------------- Hi Pamela, First
I see all these options for setting up payroll in respect to hiring employees. I am only concerned with properly paying my self. I am the CEO of a new
I have posted an invoice to the wrong supplier account, subsequently that invoice has been paid and the money allocated against the invoice. The supplier
Collecting Accounts Receivable - how to track your receivables and how to get paid. Keep the cash flowing in your business.
8 Often Forgotten Tax Writeoffs
With tax season rapidly approaching it can be frustrating and time consuming for entrepreneurs to file their taxes.
As a result, business owners may throw their hands up, and miss importantbusiness writeoffs!
Don’t worry I’ve got you covered with some tips and tricks to survive taxseason.
Don’t Make These Silly Business Tax Mistakes:
● “I can do it myself” Mostsmall business owners don’t have the tax education or knowledge they need to do their taxes correctly, but they don’t want to pay a large feefor a CPA to file them. Small business owners want to cut as many overhead costs as possible when just getting started out (tax planning/filing is not an expense you want to cheap out on).
Maybe you’re capable of doing your own tax planning. Maybe you are thehead of IT, HR director, and business lawyer of your business. That doesn’t mean you should do your own taxes. Just sayin’.
● “I keep my receipts, so I don’t need a tax diary” Make yours and your accountant’s life easier by using a software or online platform that tracks the invoices you’ve sent, timeyour staff has spent working, and expenses you’ve had throughout the year.
Some expenses may be an important taxbreak, so it’s important to document everything .
● “Yay, I got a HUGE refund” There’sthis misconception that when you get a big refundcheck from the IRS you’re thrilled because you can put that money back into thebusiness (buy new equipment, make office upgrades, etc.). A large tax refund meansyou’ve given the Government interest free money for a long time. If you’re withholding money on your taxes you want to adjust it to the point where your business will get avery little refund.
● “I payed myself $50,000 last year, I’m going to pay myself $200,000 this year” Not a great idea. After a good year you decide to increase your typical salary of $50,000 by+$150,000.
You have to show a reason on your taxes for the increase in salary,otherwise a portion of that money can be disallowed by the IRS as unreasonablecompensation; says Sandy Botkin a former trainer of IRS attorneys.
Quick, File Your Taxes! (small business taxes have to be filed no later than April 15th)
You probably have your list of deductions and other tax-savingideas together, right? Or perhaps not.
Here’s a cool graphic from our friends at FreshBooks that highlights some things that can be written off on your taxes that perhaps you didn’t think of!
(a church) We purchased land for $850,000 after paying $15,000 down. At closing, we paid the seller $193,000 and financed the balance with a bank. I
Hello, I am setting up the books for a small theatre that runs shows and teaches classes. My question is, what should I assign an account number to for
I am purchasing a small business. My folks have put up 35,000 for my down payment. Should I leave that money in their account until the time comes, or
Hi, We have a setup of business of computer software that has a product and this product are using our customer and we are charging them by recurring in
Hello, I am a small manufacturer. I have small indirect materials and supplies that I use to make my product. However, the cost of the supplies is not
Hi Kathy, I have poultry 2500 layers and 500 broilers but I have no idea how to record the daily activities accurately. Example the eggs my staff collects