5 Days of Christmas
In the spirit of the holidays, I will be sharing 5 bookkeeping tips this week. I hope you have a Merry Christmas and a Happy New Year!
Pay yourself a “salary.” I don’t mean put yourself on payroll – unless you are an S Corp. I mean write yourself a check every 2 weeks or set up automatic ACH transfers every month. You need to transfer money from your business account to your personal account. These transactions will be considered “Owner Draws” or “Equity.” They will not count as expenses or deductions.
Try to never use your business accounts to buy personal things. This creates a big bookkeeping headache!
#bookkeeping #harrisburg #taxes #quickbooks
In the spirit of the holidays, I will be sharing 5 bookkeeping tips this week. I hope you have a Merry Christmas and a Happy New Year!
Use Bookkeeping software. This will make your accounting and bookkeeping organized and accurate. QuickBooks is great for small business owners. You can get the monthly subscription for only $20, and you can access it anywhere!
You should do some research and watch some videos before you get started because the software can be confusing. You want to make sure you do things correct the first time. Mistakes will quickly compound and create a bad situation for your bookkeeping and taxes. Try scheduling a 2-hour consultation with us if you want some coaching!
#bookkeeping #harrisburg #taxes #quickbooks
In the spirit of the holidays, I will be sharing 5 bookkeeping tips this week. I hope you have a Merry Christmas and a Happy New Year!
You want to keep organized records of your documents. You should keep copies of your bank statements, invoices, receipts, loan documents, and asset bills of sale. All of these documents will help you keep accurate records and answer difficult questions in the future.
You could keep paper copies in your filing cabinets, but paper is obsolete and cumbersome. Try scanning the documents and uploading them to a cloud drive. This will save space and help you stay organized!
#bookkeeping #harrisburg #taxes #quickbooks
In the spirit of the holidays, I will be sharing 5 bookkeeping tips this week. I hope you have a Merry Christmas and a Happy New Year!
Learn and study the various concepts underlying your Income Statement (P&L) and Balance Sheet. These documents literally quantify the health and success of your business. Leveraging these financial statements will enable you to make educated and informed decisions regarding the future of your business.
You will be able to understand exactly how much money you earned, how much you spent, your assets, and your liabilities. Start familiarizing yourself with your P&L and Balance Sheet ASAP!
#bookkeeping #harrisburg #taxes #quickbooks
In the spirit of the holidays, I will be sharing 5 bookkeeping tips this week. I hope you have a Merry Christmas and a Happy New Year!
Prioritize your Invoices and Accounts Receivable. You can generate AR Aging reports every week directly through QuickBooks. You need to send invoices to customers immediately. You need to accurately match the receipt of payment to the correct invoice. Finally, you need to send reminders and attempt to collect on outstanding and overdue invoices.
Don’t wait until it’s too late! You need to collect revenue to preserve cash flow, pay your bills, and grow your business. You need to get paid!
#bookkeeping #harrisburg #taxes #quickbooks
