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Small Biz Accounting Tips, Feb 2015
February 13, 2015
Good Morning!

Happy Friday the 13th!

Well, it's still winter here in the Midwest, and boy is it cold!! It makes me want to hole up somewhere and hibernate. And what better to think about than helping you help your business?

I'm going to go over a few topics regarding Sales this month.

So let's get started!


Tracking Sales

If you're using a manual accounting system, hopefully you're using some kind of cash receipts journal, or at least keeping invoices and/or deposit slips as documentation for your income.

One thing that can help you with managing and growing your business is to track your Sales.

What I mean is to categorize your income by any means that helps you analyze Sales - either by product/service, or by marketing method, or by location, or whatever.

Read more here.

Accounting for Sales Returns and Gift Certificates

Depending on what type of business you operate, you may have Sales Returns. Maybe a product arrives damaged, or something doesn't fit, or a customer just changes their mind and wants to return the product.

You also may be thinking about handing out gift certificates, or gift cards, to increase business or thank customers for their business or giving referrals.

I've written an article about these topics. You can read more


Collecting Accounts Receivable

One more important topic on Sales is collecting Accounts Receivable.

If you invoice your customers, you need to keep track of who owes you and when the invoice is due, so you can make sure they pay you on time.

Easier said than done, you say?

Well, after 20 years of accounting work, I've come up with a little system that works for me. You can use this system whether you use a manual accounting system or a computerized one.

My system requires a little forethought on your part, a little planning, and then all you have to do is to start using it.

You need a calendar, online or offline, to keep track of due dates. And you need some sample letters (or emails), which I'll go over for you.

Read more here.

QuickBooks is having a sale.

QuickBooks is a full accounting software system, and it's the #1 small business accounting software package on the market. I use it, so I know it has a lot of great qualities. You can invoice customers, pay bills, pay your employees, track your jobs or projects, and prepare all manner of reports. So if your business has outgrown your manual system, check it out.

A New Option for Small Business Loans

You hear all the time how hard it is to get a small business loan. Well, there's a new option. I found it for a personal loan, and they're expanding into small business loans, so I thought I'd let you all know about this. I introduced it in the last newsletter, but I thought I'd include it again.

If you're looking for some funds for your small business, look into Lending Club.
They have investors, who will contribute to your loan request. They earn interest, you get a loan. The rate starts at 5.9% and you can choose a term up to 5 years. They report your payments to the credit bureau, which helps you earn a good credit rating for your business, too.

To qualify, you need to have been in business at least 2 years, have annual sales of at least $75,000, and have some business credit (a credit card or some vendor credit).

As I said, I'm using them personally, and it was a quick, easy process. Check it out, and see if it makes sense for your business.

Well, that's it for this months newsletter.

I'll be back next month with more news and tips to help you with your small business bookkeeping.

Take care!


PS: Please feel free to let your fellow small biz owners know about this newsletter! Send them to my sign up page - the last button on my navigation panel.

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