In my continuing series of QuickBooks mistakes small business owners make – here mistake #3 – Failure to maintain your bookkeeping up to date. I know that keeping your bookkeeping up to date can be a thorn on your side but it is a necessary function of running your business.  Here are a few tips [...]

Many small business owners use QuickBooks® only as a bookkeeping tool -  to capture their daily transactions.  Unfortunately, they don’t review financial reports such as the Profit & Loss, the Balance sheet, and key reports such as the accounts payable aging, accounts receivable  aging, and several types of profitability reports. QuickBooks® also allows you to [...]

If you use QuickBooks 2011 you can now give your clients the option of paying you via Intuit Payment Network for only .50 per payment. This is a great way to increase cash flow and save time on collection calls. All you have to do is sign up. When you send e-mails you’ll have the [...]

I’m starting a series of posts regarding the top 10 mistakes small business owners make with their accounting and QuickBooks. Here is mistake #1. Many small business owners don’t have QuickBooks® set up properly for their business.  In some cases they may even be using the wrong version of QuickBooks®. This causes small business owners to [...]

It’s January, you have plenty of time to get ready for tax season, right?  After all, the deadline is not til April 15th. If you don’t have a plan for getting your books and records ready I can guarantee you won’t get it done.  Here are a few tips: Gather all of your business receipts [...]

Synopsys – Under the 2010 Tax Relief Act employees and self-employed workers will receive a reduction of two percentage points in Social Security payroll tax in 2011, bringing the rate down from 6.2% to 4.2% for employees, and from 12.4% to 10.4% for the self-employed. What it means to employees – Expect more money in [...]

Here is an overview of the tax provision in the 2010 Tax Relief Act, courtesy of Checkpoint. The recently enacted “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010” is a sweeping tax package that includes, among many other items, an extension of the Bush-era tax cuts for two years, estate tax relief, [...]

2010 is almost over and it’s time to turn our attention to planning and budgeting for 2011.  Have you considered allocating funds to your accounting and QuickBooks? You should consider the following: How old is your current version of QuickBooks and is it the appropriate version for your business?  If you are using QuickBooks 2008 or [...]

The IRS is stepping up its audits of businesses this year and in the years to come.  Their purpose is to identify businesses that are not filing taxes, not paying on time, overstating deductions, and underreporting income.  The IRS will be focusing on worker classification, executive compensation, fringe benefits, and payroll taxes.  Also, companies being [...]

It’s been two months since you updated your QuickBooks and you’re not sure when the last time was that you reconciled your bank and credit card accounts.  Sound familiar?  We all have good intentions but client needs and our busy lives get in the way. The key to keeping your bookkeeping up to date is to schedule [...]

I am very excited to announce that I am now providing QuickBooks coaching and consulting services.  I coach and train solopreneurs, microbusiness owners, small business owners and their accounting staff.  I also set up new companies in QuickBooks.  Whether you need me for a couple of hours or on a monthly basis, I will help you or [...]

The Senate Health, Education, Labor and Pension Committee recently held hearings on the topic of “Leveling the Playing Field: Protecting Workers and Businesses Affected by Misclassification.” Committee Chair Tom Harkin said that a Department of Labor study found as many as 30% of businesses misclassified employees as independent contractors. He reported that the Department of Labor [...]

In a Journal of Accountancy article entitled Keeping Fraud in the Cross Hairs Joseph T. Wells, CPA, CFE indicates that over 80% of business fraud results from cash misappropriations.  Small businesses are especially vulnerable to cash misappropriations.  Billing schemes are among the most common and easiest to commit.  Wells states that “the typical billing scheme is [...]

Your business is growing despite the economy.  Your business needs cash flow.  You are planning to approach your bank for a loan.  Are you ready? Many banks are looking to lend money to the right companies.  Unfortunately, many companies are not ready to meet the bank’s expectations and requirements for obtaining a loan.  One of [...]

First, what is a Controller/CFO?  The Controller/CFO runs the accounting and finance department of a small business.  Their duties may include overseeing the day-to-day activities of accounting operations, reviewing and approving transactions, supervising accounting staff, preparing financial statements, preparing monthly reconciliations, overseeing collections, ensuring that vendors are paid on time, managing cash flow, and ensuring [...]

Beginning in 2012 all companies will be required to issue Form 1099 to any individual or corporation from which they buy more than $600 in goods or services in a tax year.  This is a massive change from existing rules requiring businesses to issue Form 1099 (Form 1099-MISC) only for services issued to non-employees (for non-employee [...]

You rely on your financial statements as a tool to measure your company’s performance.  Could there be problems that you are not aware of?  Here are 5 signs to look for: Your bank accounts have not been reconciled. Fixed assets are expensed on the income statement rather than recorded on the balance sheet. Negative (debit) [...]

Just a reminder that your Texas Franchise Tax return is due on Monday 5/17/10.  If you have total revenues less than $1 million you don’t owe any taxes.  Even if you don’t owe any taxes, you are required to file a No Tax Due report and a Public Information Report.  You can file electronically using your Texas [...]