Blog

By: Rachel Himmelspach

When working in your books, you need to know exactly what the numbers mean. Often times people know the general meaning of a term like, “profit” but don’t actually know how it’s different from “revenue” or how the two affect each other.

Your profit is how much money your business has made from the sales of your goods and services or from things like fees or interest during a specific time period. For example, you could look at your profit from April to see how much money you made during those 30 days. If you sent out invoices for a total of $35,000 from April 1 - 30, then your profit

The New Year is one month away, is your business plan ready? If you haven’t started thinking of how you want to approach a new year then it’s time to start. Assess your business based on the goals you accomplished throughout the year, and strive for more in 2019. The first step to thriving is having a game plan.

Your business plan should contain three components: a mission statement, a vision, and a strategy. In plain terms, you need to know who you want to be, where you want to go, and how you’re going to get there. Establish clear and specific goals.

There’s a saying out there that says owning a small business is not for the faint of heart. It’s for the brave, the persistent, and the ambitious. Small businesses stem from passion and succeed because of dedication. Running a small business becomes your way of life.

With Small Business Saturday just days away, we wanted to get you in the spirit by sharing some cool facts we’ve learned about small businesses along our journey. This Forbes article has insane facts but a couple stood out like neon lights. The majority of businesses in the United States are actually small businesses! A whopping 99.9% of businesses are considered small.

By: Rachel Himmelspach

According to Forbes, 8 out of 10 businesses fail. That statistic alone is enough to scare some people from even trying. Why do so many businesses fail? Although there is a myriad of reasons, there are three common deaths to businesses.

By: Rachel Himmelspach

When setting up your books, you must first manage your accounts. The word “account” in bookkeeping doesn’t refer to bank accounts, which one might first think. It actually refers to the different kinds of transactions made, which will all be grouped into their rightful place, a.k.a. “account.” Keep this in mind moving forward. Some examples of accounts are sales, payroll, and inventory, just to name a few.

The business world is a tough place. It’s competitive, people play dirty, and lines can be crossed that shouldn’t be. As an employee, it’s sometimes difficult to know when it’s okay to take initiative and when it’s not. When expectations are laid out from the get-go, it makes adapting to your superior and/or boss that much easier. Finding your flow within a company can be a struggle if things don’t seem to mesh from the beginning. Over time, if you still aren’t sure of your place, it’s probably because it’s not there.

Leaving a company can be an uncomfortable conversation to have, but it’s worth having if it means you can move onto another that works for you and with you. Whether it’s

“Professionalism” is a term used quite frivolously. It’s thrown around as if it means the same thing to everyone - but it doesn’t. Depending on your company, the work environment, and your role, professionalism can range from any number of things. Professionalism is a scale.

By: Rachel Himmelspach

Everyone’s preferable work environment varies. Some would love to be able to work from the comfort of their own home on their own. Others need the office atmosphere as motivation to get things done, and they appreciate the social aspect of being around others. But, which is better for the employee and the company? Is there a right or a wrong answer? Let’s look at the stats.

Fundera reported that two-thirds of managers who allow their employees to work from home say they are overall more productive and 85 percent of employees say they are more productive when they’re alone. With technology growing and becoming a regular part of our day-to-day lives, it makes sense that the number of work-at-home employees has increased by 115 percent since 2005, but only seven percent of businesses in the United States allow their employees to work from home.

If you’re sitting down to set up your books for the first time, you will need to choose between single or double-entry bookkeeping. Not sure what the difference is between the two and/or which to use for your business? Look no further!

By: Rachel Raupp

The act of keeping your books up-to-date can be a time-consuming and tedious task, but the hard part is reading what your books are telling you. If you look at your numbers and that’s all you see, it’s time to talk with a bookkeeper. Bookkeepers are like cartographers: not only will they map out your books, but they’ll tell you where all the mountains and valleys are.

Four Signs You’re Ready To Outsource Your Books

Your books are the glue that holds your business together. They need to be given detailed attention on a regular basis. If you let your records slip through the cracks, your business will likely follow. Outsourcing is a simple solution to what could be a massive problem. Here are four signs you should switch to outsourcing today: 

If you’re switching bookkeepers or in the process of looking for one, it’s important to know what information they need to do their job the best they can. Unlike an accountant, who doesn’t need to know every little thing about your business, your bookkeeper needs EVERYTHING. Yes, we mean everything. We made a handy list for you to use as a reference for when you prepare these documents for your bookkeeper. 

By: Rachel Raupp

By: Rachel Raupp

Business owners far and wide know there is one thing you try not to do: get the IRS involved. The best (and only) way to make this happen is to be careful and make sure you are doing everything correctly. We’ve compiled some activities that could be red flags to the IRS and could result in an audit. The best way to avoid an audit is to run your business in an honest and healthy manner.

Something as simple as consistently filing your taxes late can be a red flag and attract the IRS’s attention. This is easy to avoid. Making what seems to be an unreasonably high salary can draw attention to your business, as well. Whether the employee is also a shareholder of the company or if they are given a raise dramatically, it could very well result in an audit. To avoid this, before giving an employee a raise, check to see what the average is for that position in your industry. 

By: Rachel Raupp

Adding credit card transactions to a main account that has sub accounts using multiple cards can be quite a process, but if you follow these five simple steps, you’ll be able to complete these entries without getting a headache or creating a mess of your books. 

By: Rachel Raupp

QuickBooks will become your business’s most valuable player. And, as something you will be using on a regular basis, it’s important it’s perfect for you. Although both Desktop and Online assist you with your books, they don’t share the same characteristics or help you in the same way. In simple terms, QuickBooks Online is the internet version of QuickBooks Desktop. But, let’s take things a step further and break down the differences. 

By: Rachel Raupp

Your financial reports tell you everything you need to know about your business - but do you know what they’re saying? Or what all the little pieces mean?

Financial reports are a compilation of all the numbers floating around your company. There’s your Balance Sheet, which supplies you with a detailed look at your company’s financial health at any particular moment in time. It gives you the dollar amount of assets and liabilities in your company’s net worth. This includes fixed assets, inventory, cash, accounts payable and receivable, payroll liabilities, line of credit, and more. The Balance Sheet also tells you the equity in the business.

We’ve all heard “it’s not what you know, it’s who you know.” This rings true when it comes to wanting doors to open in your career. For small businesses, networking may be the key to your company’s success. Meeting new people can lead to one of many positive opportunities.

It’s hard putting yourself out there and meeting new people face-to-face. That’s the thing about networking - social media doesn’t count.

By: Rachel Raupp

Keeping files for your business is a necessity. The papers stack up fast and seem 

By: Rachel Raupp

Work can be overwhelming and stressful most days, it seems. Things seem to keep piling up and sometimes it seems as though you’ll never catch up. The mountain of work becomes overbearing and you begin to feel so small. Let’s say goodbye to those and focus on sunnier skies in the future with these simple ways to get your workload under control!

Make a checklist

Social media is a large part of a company’s identity. It helps set the scene for your business before your clients even step foot within the four walls of your practice. Think of social media as a limitless marketing platform. If you don’t have an online presence, who are you?

Your clients and prospective clients will research your business and they will judge you based on your online presence and what it says about your company. This is where everything can be found - your response times, ratings, testimonials, services, your general attitude, and how you carry yourself as a company. All of this is found among your website and social media platforms. One post can set the tone for your business.  

By: Rachel Raupp

Accountants wouldn’t benefit from QuickBooks, right? Wrong! QuickBooks is a fantastic tool for them; they have a software specifically tailored for accountants to help them do their job better, faster, and more efficiently. It’s a triple threat for accountants!

Not only will QB Online Accountant display all of your clients that are QB users, but also the clients that are not. This allows accountants to see a big picture list of their clients before diving into each more in-depth. All the client information and notes can be recorded here and easy to reach for reference. Bonus: it’s a breeze adding clients - even non-QuickBooks clients! 

By: Rachel Raupp

Running a business is a challenge. Keeping up with your books is one moving part of running a business. This can either go incredibly smoothly or be a complete disaster. If you’d prefer the former, we strongly recommend you check out QuickBooks. Not only will QB make your bookkeeping easier, it’s also a great tool for helping you run your business. Here are several reasons why QB should be your bookkeeping software:  

By: Rachel Raupp

To speed up your activity on QuickBooks Desktop, follow these simple shortcuts. They will minimize the time you spend doing tasks and will optimize your productivity! Keep this table handy until you have these memorized. Remember, if you ever need help on QuickBooks, click F1 or contact us!

Display account list/chart of accounts Ctrl + A To write a check Ctrl + W Customer center: job list display Ctrl + J Delete check, invoice, or transaction Ctrl + D Find a transaction Ctrl + F Memorize a transaction or report Ctrl + M Display a memorized transaction or report Ctrl + T New invoice, bill, check, or list item Ctrl + N Print Ctrl + P To use register Ctrl + R To view your transaction journal Ctrl + Y Create invoice Ctrl + I To run a Quick Report, highlight the account, customer, or vendor Ctrl + Q For QuickBooks help F1

By: Rachel Raupp

Money that goes in and out of a business is referred to as cash flow. That’