Accounting Help BLOGDo 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!) analyzing your salesI was just thinking the other day, as I was writing some more on an accounting manual for small business owners, that a new year is a good time to think about tracking your sales. If you already track sales in your chart of accounts, is it working for you? Maybe you track sales by product. Could you benefit by tracking by customer, too? Or maybe location? Check out my page on tracking sales for some more things to think about. And if you have any questions, or comments, be sure to drop me an email. I love to hear from you! Kathy Permalink -- click for full blog post "analyzing your sales" W-2's and 1099'sI have finished my W-2 and 1099 forms, finally. Yeah! Well, I'm still waiting on one vendor for their taxpayer ID number. I just thought I'd touch base with all you small business owners. I hope you're year end work is going well. A couple of vendors told me they were LLC's, and so didn't get a 1099. Oh, contrare! According to the IRS, and a CPA friend of mine concurs, your vendors need to be actually incorporated to be exempt from getting a 1099. LLC's are not exempt. It's a good idea to send out W-9 forms to all your current vendors, and new vendors as you obtain them, to make this process easier come year-end. Make things easier for yourself, I say. Hope you all are doing well. Any problems, or questions, use my contact me form or my ask an expert page, shoot me an email. I love to help! Kathy Payroll, W-2 and Health Insurance PaymentsI am trying to create my W-2's via quickbooks. There is only 1 of me and I purchase my health insurance thru the company I own. My question is this - Permalink -- click for full blog post "Payroll, W-2 and Health Insurance Payments" loan sport businesshow can i do an analysis for my project ' what step to take me to completed? ******************************** Thanks for reading my site! What type of Permalink -- click for full blog post "loan sport business" Happy New Year!Well, a new year will soon be here. Hope your business will flourish and grow in 2012. When the new year begins, make sure you close out all your journals and accounts, and start fresh. If you have employees, you'll soon be preparing W-2 forms or 1099 forms, and collecting all your information for 2011 for your CPA for your tax returns. Here in the U.S. Congress has extended the payroll tax reduction thru February, so keep that in mind when doing your payroll. If you're not aware, that payroll tax reduction happened last year, and they reduced the employee's contribution for social security taxes by 2%. Keep an eye out for your 2012 Circular E from the IRS. And keep an ear to the news in February to stay current with your payroll. The IRS mileage rate is staying at 55.5 cents per mile in 2012. If you have any questions about getting your accounting information together for year-end, use my handy contact-me page and I'll try my best to help. Thanks for reading my blog, and coming by my site for all your accounting help. And keep coming, there will be some new features coming in 2012. Thanks and Happy New Year!
Kathy Merry Christmas!Merry Christmas to everyone! Or Happy Chanukah! Hope everyone has a happy holiday, and a wonderful New Year! Personally, I have a rather large family, and my holiday gets stretched for several days as we all try to find time to get together with each other. Much fun! Back to business for a minute... This is the time of year to think about closing out your year, accounting-wise, and calculating a profit or a loss, and worrying about taxes, W-2's and 1099's, and all that. For all you readers that are just beginning a small business, or just thinking about starting your own small business, I will be adding an e-course to this site that will show you how to set up your own manual accounting system, very simple to do and use, and how to prepare your own Profit and Loss Statement. Look for that coming in January. Happy Holidays everyone! Accounting Help Salesaccounting help sales is a discussion of small business sales and how to account for them, track them Permalink -- click for full blog post "Accounting Help Sales" tax time is coming!I was going thru my calendar yesterday, and came across my note to estimate the number of 1099 forms and W-2 forms I'll need to do this year. Wow, time slips by quickly! I thought I'd just drop a quick note and see if any of you were thinking about year-end yet. Look ahead to tax returns, Form 1099's (thank goodness the changes from Obamacare legislation did not happen and the rules for 1099 forms have not changed), and Form W-2s. Order your forms if you do them yourself, or make a note to start gathering what your CPA will need to do them for you. Check out the link below for some other ways to make tax time a little easier. Permalink -- click for full blog post "tax time is coming!" Sample chart of accounts for you to use free for your small business.Sample Chart of Accounts you can use for FREE for your small business. Great help for your small business accounting! cash receipts journal is an accounting journal used to summarize receipts.Cash Receipts Journal - basic accounting journal used to summarize your small business sales receipts. cash disbursements journal accounting helpCash Disbursements Journal - how to set up a simple journal to summarize your cash payments. Permalink -- click for full blog post "cash disbursements journal accounting help" Growing a small business into a profitable ventureGrowing a small business, ideas to help you expand your business and make it more profitable and secure. Permalink -- click for full blog post "Growing a small business into a profitable venture" basic accounting analysis made easy. How's your biz doing?basic accounting analysis - taking the pulse of your small business. Permalink -- click for full blog post "basic accounting analysis made easy. How's your biz doing?" sales discounts returns and gift cardsSales discounts returns and gift cards, simple bookkeeping help for your small business. Permalink -- click for full blog post "sales discounts returns and gift cards" Small business taxes, be prepared ahead of time and save!Small business taxes, here's tips on how to plan ahead and save! Permalink -- click for full blog post "Small business taxes, be prepared ahead of time and save!" small business financing helpsmall business financing - free help - how to secure a loan, types of loans Permalink -- click for full blog post "small business financing help" Learn File Management techniques for your small business.Here's some tips on keeping up to date files for all your small business accounting info. File management is an important part of accounting. Permalink -- click for full blog post "Learn File Management techniques for your small business." Office Management for Your Small BusinessNot sure what basic accounting info to keep and for how long? Look here for some tips on office management for your small business. Permalink -- click for full blog post "Office Management for Your Small Business" got cash?That's a question every small business owner needs to ask themselves. Folk just opening a small business have to go thru the 'where will I get the funds' question, but once you get that small business started, that question still echoes in your mind. Get too wrapped up in spending and your cashflow will dwindle, you'll have trouble paying your bills, and you'll be sitting up nights worrying. Don't do that to yourself. Take the time periodically to go thru your books and see what the cash situation looks like. Look ahead too. Got some big projects coming up? Plan ahead to have the cash when you need it. Check out my page on cashflow analysis to get you started. Permalink -- click for full blog post "got cash?" New Upgrade on QuickBooksWow is the weather great lately! After a couple of weeks of cool rainy weather, the sun is finally out! Speaking of things popping out, for all you computer techie's, there's the latest version of QuickBooks that just came out on Sept 26, I think. It's got new, expanded features, and for a limited time, it's on sale. That's always good! And for all you manual accounting fans, if your business is growing and you're thinking about a computer software program for your accounting, QuickBooks is #1 in small business accounting software. It's not made for accountants, really, it's made for small business owners. So, check it out at the link below. You'll find more info on the new features.
The new edition is, as always, Full-featured, easy to set up; with many add-ons. Additions include calendar view and batch invoices, new shared custom reports, and Excel options. I've used QuickBooks for quite a few years, and found it very handy, and easy to use.
New Features in QuickBooks Saves 50% Time Spent on Your Finances. Save up to 20% + Free Shipping. Have any questions on accounting? Use my Contact Me page, or the Ask The Expert page. I'll do the best I can to answer. Thanks for reading my blog! Check out my other pages on the nav bar to the left. Asset sellI own a S Corp which consists of 3 restaurants. I sold one and paid the bank off for the other 2 with part of the money I received from the sale. How do Permalink -- click for full blog post "Asset sell" How do I post the start-up loan for the business I purchased?This is odd...we got a Futures Development loan to purchase a business. We never actually received any funds, funds went directly to the old owner. So I do need to know the Assets=Liabilities+Equity.I can't figure out which is debit and which is credit on almost all of these accounts ______________________________________________ Barbara, Thanks Permalink -- click for full blog post "I do need to know the Assets=Liabilities+Equity. " cash management accounting help for your small businessCash management skills to help you grow and maintain your small business Permalink -- click for full blog post "cash management accounting help for your small business" How To Do Payroll made Simple for your Small BusinessHow to do payroll for your small business, terms explained, steps outlined! Permalink -- click for full blog post "How To Do Payroll made Simple for your Small Business" The high cost of health insuranceAsk any small business owner, and they'll tell you health insurance is one of the biggest expenses they have. If you work alone or have only a few employees, it's hard to get competitive quotes, and the cost is really prohibitive.
I found this website where you can compare rates, and coverages, for you or your employees. Check this out: Looking for Health Insurance? I don't know how the recent health care legislation will all work out, but potentially you may have to provide coverage to employees, and this might offer a lower cost alternative. Remember, health insurance premiums are an expense item, and totally deductible on your business tax return. Also, If you have your employees contribute towards their health care premiums, such as $50 a month for example, those dollars the employees contribute are a decrease to your expense item for Insurance-Employee Health. How to Calculate Payroll for your Small BusinessHow to Calculate Payroll. Gross wages, payroll taxes, net pay calculations for small business . Permalink -- click for full blog post "How to Calculate Payroll for your Small Business" Thinking ahead to year-end...Labor Day has come and gone, and it's almost Fall. I find myself thinking about year-end, and W-2 forms and Form 1099's and tax returns...oh my! It's a good thing to plan ahead, and maybe now is the time to start going thru your Disbursements Journal, or your QuickBooks vendor list, and see if you have the proper information on file to prepare your Form 1099's. A Form 1099, for all you new small business owners, is a tax return used to tell the IRS how much you paid to a subcontractor or service provider, attorneys, rent payments, and interest payments. So look thru your records and make sure you have a proper legal name, good address, and taxpayer id for any of the above folks that you paid over $600 to during the year. Attorneys you have to report for any amount of moneys paid. A little preparation now makes the process easier come tax time, when things always more hectic. Need some more information on Disbursement Journals? Check this out. Permalink -- click for full blog post "Thinking ahead to year-end..." How to create a Balance SheetAble writes: The person operating my accounting software last year disappeared with my Balance sheets, Profit and Loss statements,and no telling what Permalink -- click for full blog post "How to create a Balance Sheet" Small business accounting info for the business ownerSmall business accounting info in real-life, common sense, how-to-do-it format from someone who's been there. Permalink -- click for full blog post "Small business accounting info for the business owner" Something that I think you can useHere's something I ran across that I think may be helpful. It's an Excel spreadsheet that you can download, and use it to project out your cashflow needs. It's always a good idea when you're starting a small business or growing/expanding, to look ahead and see what your cash needs will be. Many a business has gone under for lack of capital (cash). Also check out my pages on Cashflow under the Cash Management button on the navigation bar to the left of the screen. Need any help? Use my contact me page. Thanks for reading my blog! profit ratio analysisprofit ratio analysis made easy, learn about financial ratios for your small business. Permalink -- click for full blog post "profit ratio analysis" Keeping up to dateHopefully you're all keeping cool. I don't know about where you are but here in the Midwest it's really hot! I just came across something cool at the U.S. Government's Small Business Administration site that I thought might be of help to a lot of you new small business owners. It's a tool that will locate all permits and licenses you will need to run your type of business in your state. I know some states are getting pretty aggressive in collecting taxes and assessing penalties in these tough economic times, so make double sure you're dotting your i's and crossing your t's, so to speak. Check this out and make sure you've got all your bases covered. Thinking about a vacation this year?Entrepreneurs give their small business everything they have and then some. After all, starting your own business is a big responsibility. But sometimes wouldn't it help to step away for a few days? Get some rest...rejuvenate? Sure, you say. But what about my business? If you have a one person business, obviously things will shut down for the week or two that you're gone. Do a little pre-planning. Let your customers and suppliers know that you'll be shutting down for that time. Have the post office hold your mail. Send out all shipments, deposit any funds you've received, and pay whatever bills will be due during that time. Then lock the doors and go have fun. Don't leave any projects hanging, make sure you wrap it all up, that way you can really relax and enjoy your vacation. If you have a partner or a trusted employee, your small business will keep running while you're away. Just make sure you give them all the details on any projects in the works, and delegate what needs doing. Give them your schedule and contact info, but let them know you expect them to handle day to day issues. They're only to contact you if something MAJOR comes up. You hired them for their knowledge and talent, let them shine. Now...go enjoy some freedom. Rest. Relax. Then come back ready to roll.
If you are taking a vacation this summer, have an awesome time! If you'd like to comment on this or any other blog post, feel free to use my Contact Me page or the Ask the Expert page from the navigation buttons to the left. Thanks for reading my blog! Basic Accounting Concepts, in simple, common-sense language.Simple basic accounting information so you can keep the books for your own small business. Permalink -- click for full blog post "Basic Accounting Concepts, in simple, common-sense language." Couple things...I've been noticing on news sites and blogs they've been announcing the IRS has changed the mileage rate for 2011, but I waited til the IRS site actually announced it, to be on the safe side. If you pay employees for mileage, or if you deduct it on your tax return, the official rate has changed as of July 2, 2011 to 55.5 cents per mile. For Jan thru Jun of 2011, it was .51 cents per mile. So if you use mileage, make sure your calculations use the correct rates. Also, for my USA readers, how was your Independence Day? I am very patriotic myself, and I hope your town had a great celebration. You know, our independence is what makes great small business owners! For my non-USA readers, I hope you love your country too! I'm working on some more pages for my site, so keep coming back, and check my blog. I'm working on Accounting Ratio analysis, like Profit Margin, and Return on Investment, things like that. It's not that hard, really! I'm also working on Sample Journal Entries, to cover some of the more common transactions and how to do the journal entries. That should be a great help to all of you doing your own bookkeeping. If you think of anything else you'd like to see covered on this site, just use my Contact Page or the Ask the Expert page to the left and let me know! Thanks for reading my blog! Check out the link below for the official IRS notice. Have you thought about indentity theft as it relates to your small business?Think about it. How many checks do you keep in an unlocked file drawer? How many people know where they are? Keep your business safe. Invest in a locking file cabinet, or at least a locking file box for checks and other important papers. There are also lock bars for cabinets that don't have locks on them. Also, I read an article that talked about how thieves can "wash" your checks, and then re-write any amount they want onto the check. BUT, if you use a gel pen, the ink actually attaches to the paper and can't be washed off. So consider using gel pens when you write your checks. Just some thoughts on safety for your small business. Have any suggestions of things you've done to secure your small business? Use my Ask the Expert link below (it doesn't say Ask the Expert, but it will take you there), and add your comment. I'll share it with other readers, and even give your business a little promotion. If you'd like, give me a little info on your business and I'd be glad to post that too! In case I don't post anything in the mean time, have a great 4th of July weekend!
Are you hiring part-time help for the summer?A lot of small businesses hire some part-time help for the summer, either retirees or high school and college kids. It may be tempting to pay them as casual labor, and not thru your payroll, but be careful. The IRS has certain guidelines to follow to determine whether your summer help are employees or independent contractors. Check out the link below for the specifics. Basically, if you control what they do, when they do it, and how they do it, they're an employee. If they use your equipment they're an employee. Independent contractors work their own hours, use their own tools, and charge you for their time and expenses. There are penalties for not withholding taxes from workers later deemed to be employees. So to be on the safe side, follow the link below and make sure you're classifying your workers correctly. Employee Payroll FormsPayroll forms that you need to set up payroll for your small business. Federal, state, local, benefits, etc. Permalink -- click for full blog post "Employee Payroll Forms" Tracking Sales - Simple BookkeepingTracking Sales - simple bookkeeping help for your small business Permalink -- click for full blog post "Tracking Sales - Simple Bookkeeping" Accounts Payable help for your Small Business.How to handle Accounts Payable for your small business. Permalink -- click for full blog post "Accounts Payable help for your Small Business." small business accounting systemsSmall business accounting systems are easy to set up yourself! Permalink -- click for full blog post "small business accounting systems" Need some inspiration?Do you ever feel like your business is so small, and maybe that you'll never get it going? Need some inspiration? Well, here's a few biggies that started from nothing. We all know about Henry Ford starting in a garage. Here's some others. Take heart. Keep growing. Computerized Accounts PayableComputerized accounts payable. A step by step instructions to set up and use an accounts payable system on a simple accounting software package like Quickbooks. Permalink -- click for full blog post "Computerized Accounts Payable" Cash Flow Statement One of the 3 basic Financial StatementsHow to read a Cash Flow Statement. What it can tell you about your small business. Permalink -- click for full blog post "Cash Flow Statement One of the 3 basic Financial Statements" |
