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As a small business owner, keeping track of your finances and staying organized can be daunting. Fortunately, bookkeepers can help alleviate the stress and workload of managing your finances. This blog post will discuss three essential things bookkeepers do for small businesses.

1. Bookkeepers Keep Track Of Your Business Finances, Including Income and Expenses

Bookkeepers keep track of your business finances, including income and expenses. They will record all transactions and ensure your books are up-to-date and accurate. By maintaining accurate records, bookkeepers help you keep track of your cash flow and provide financial statements that can be used to make informed business decisions.

2. Bookkeepers Help You Stay Organized And On Top

Bookkeeping is the process of keeping accurate and up-to-date records of a business’s financial transactions. While it may not be the most glamorous or exciting part of running a business, it is a crucial aspect that plays a vital role in the success of any enterprise.

In this blog post, we will explore why bookkeeping is important and how it can help businesses make informed decisions, identify areas for improvement, and assess their financial health.

Bookkeepers Track Income And Expenses

The first reason why bookkeeping is important is that it helps businesses make informed decisions about where to allocate their resources. Bookkeepers can provide business owners with a clear picture of their financial situation by keeping track of their

Starting a business is an exciting venture, but it also comes with its fair share of responsibilities, including bookkeeping. Proper bookkeeping is crucial for the success of your business, and it can help you make informed decisions that can impact your bottom line. Here are three bookkeeping tips for business startups.

1. Make A Plan For How You Will Pay Yourself

As a business owner, it’s important to have a plan in place for how you will pay yourself. You have several options to consider, such as taking a salary, withdrawing profits periodically, or reinvesting them back into the business. Your decision will depend on several factors, including your personal financial goals and the financial health of your business.

If you decide to take a

As a self-employed individual, keeping track of your finances is essential for success. Whether you’re a freelancer, contractor, or entrepreneur, proper bookkeeping practices can help you stay on top of your finances and make informed business decisions. Here are some tips to help you manage your finances effectively:

Keep A Monthly Budget To Track Your Expenses And Income

Keeping a monthly budget is the first step toward successful bookkeeping. A budget helps you track your expenses and income and provides a clear picture of your financial health. Start by creating a spreadsheet or using bookkeeping software to keep track of all your expenses and income. This includes everything from office rent, utility bills, marketing expenses, and travel

As a business owner, bookkeeping can often feel like a daunting task, but it doesn’t have to be. By following these three tips, you can keep your finances organized and on track all year long.

1. Keep A Running List Of All Your Expenses

One of the most critical aspects of bookkeeping is keeping track of your expenses. It’s essential to keep a running list of all your business expenses throughout the year. This includes everything from office supplies to travel expenses. By doing this, you’ll be able to quickly and easily determine which expenses are tax-deductible when it comes time to file your taxes. Keeping track of your expenses can also help you to identify areas where you might be overspending and find ways to cut costs.

2. Make A

In today’s digital age, businesses increasingly rely on online financial accounts for their day-to-day operations. However, with this increased reliance comes a higher risk of financial fraud and theft.

One way businesses can protect themselves is by enabling Two-Factor Authentication (2FA) for their business checking, payroll, and credit card merchant accounts. In this article, we’ll discuss the importance of 2FA and show possible scenarios of how a hacker can gain access to these accounts if 2FA is not turned on.

First, let’s understand what 2FA is. Two-factor authentication is a security process that requires users to provide two different forms of identification to access their accounts.

The first factor is

Outsourcing bookkeeping has become increasingly popular among small business owners in recent years.

Many entrepreneurs have realized that outsourcing their bookkeeping tasks can save them time, money, and headaches.

In this article, we will explore five reasons why outsourcing your bookkeeping can be a wise decision for your business.

Running a business takes a lot of time and effort. In addition to managing employees, dealing with customers, and overseeing day-to-day operations, there are many administrative tasks that must be taken care of.

One of these tasks is bookkeeping, which involves keeping track of all financial transactions within the

If you’re just starting a business, one of the most important things to keep in mind is bookkeeping!

It can be a daunting task for beginners, but keeping track of your finances to ensure your business runs smoothly is crucial.

In this article, we’ll provide some tips for bookkeeping beginners, including keeping track of your expenses, separating business and personal expenses, organizing your business documentation, and hiring a bookkeeper.

Keeping track of your expenses is the first and most crucial step to successful bookkeeping. This includes everything from office rent and utilities to the cost of inventory and supplies.

It’s essential to track every expense, no matter how small it may seem, so you

Do your books need to undergo some clean-up? Sometimes when it comes to cleaning up your books, it can be overwhelming and you won’t know where to start - especially if you’re switching from one system to another. For instance, if you make the switch from QuickBooks Desktop to Online, you might notice some billable expenses that hadn’t been used. Sometimes we mark expenses as billable, but never end up billing for them. These old, unbilled expenses add clutter to your books and increase the invoice loading time. 

To clean-up these unused billable expenses, select Customers & Leads from your QBO menu. There is a tracker at the top of this page that highlights your customers’ invoice activity including paid, unpaid, overdue, and unbilled expenses

If you’re one of the lucky people to receive a tax return, before you spend the money frivolously or just throw it in the bank, consider some alternative options. Although it would be nice to book a plane ticket for a vacation or buy something expensive and shiny, there are more responsible options that will be more beneficial to your financial health and well-being for the short and long-term. 

Pay off debt. 

Use your tax return to allocate toward paying off any debt you may have. This could be credit card debt, student loans, medical debt, and beyond. Using this money to put toward some of your debt will help you with paying it off quicker. Start by putting money toward the loan with the highest interest rate. 

Invest

Don’t forget to give your bookkeeping some love - not just on February 14, but year-round! With Valentine’s Day approaching, we were reminded how much love and attention our books truly deserve. It’s important to provide the same love and care for your books as you do any other relationship - here’s how! 

One-on-one attention. 

When you sit down with your books, make sure you’re giving them your full attention. Multi-tasking can work in some areas, but not for your bookkeeping. Giving your books the attention they deserve will ensure more detailed records and, hopefully, fewer mistakes. Your bookkeeping will flourish with one-on-one attention. 

Consistent care. 

Your books

Although automation can be the greatest tool to increase efficiency and productivity, there are certain tasks that still require the human touch. We recommend automating monotonous, repetitive tasks like paying bills, sending invoice reminders, and tracking cash flow. On the flip side, there are tasks that require direct attention and personalization. 

Onboarding

Whether onboarding employees or new clients, this process requires building rapport and establishing a relationship, which cannot be replaced by automation. Parts of the onboarding process can be automated, like standard welcome emails or reminders, but for the most part, this should be about interaction, communication, and collaboration. 

Client

By now, you likely have a pile of necessary tax filing forms waiting to be used when it comes time to sit down and file your taxes. Keep in mind that many companies are distributing forms digitally, so keep your out for an email saying your tax info is available. If you’ve decided to work with a tax preparer, you should meet with them prior and ask any questions you may have to get a better understanding of their experience and process. But, what kind of questions should you be asking? We put together a few vital ones! 

What information do you need from me to file my taxes?

Depending on your situation, this answer may vary, but at the very least, you will need your identification (for both you and any dependents you’re filing for), last

If your company receives tips from customers, these need to be accounted for in your books accordingly. Although this creates additional steps for your bookkeeping process, it’s something that needs to be done to protect yourself and the business and create a paper trail for all. 

To accurately record tips in QuickBooks, you first need to create a Gratuity/Tips Liability Account. Why? This is because the tip money belongs to the employee, so it is a liability to you, as the business, until they receive their tip payment. This liability account should be used to just track tips. If you have multiple employees that receive tips, you may find it beneficial to break down each item by each employee’s name and their tip amount. 

Click the gear icon and

It’s hard to believe it but it’s already time to start thinking of tax time. As Meryl Streep once said, “Start by starting.” The best way to get started is simply by starting! Be proactive this tax season, know what you need to do, do your research, and stay in the know.

Make a plan. 

As with any project, a plan is a must! Determine the steps necessary for a successful tax season (don’t worry, we share some below). Once you create your plan, stick to it. 

Know personal information. 

Make sure you know all personal information for yourself and any minors you may be filing for. This includes their full legal name, Social Security number, birth date, and home address. If you need to

Let’s start the New Year off strong by setting SMART goals. You shouldn’t be vague or uninterested in your goals. Setting goals should motivate and excite you. Ambiguity with goal setting and planning can lead to aimlessness and/or failure. We need to be specific with our goals, measure them appropriately, and ensure they are achievable, relevant, and timely. These five components create a SMART goal. 

Specific. 

Ambiguity will lead to confusion and lack of direction. Be specific with what you want to achieve, the steps necessary to get there, and who is responsible for each step along the way.  If you want to grow - grow what? Revenue,

As the year comes to a close, it’s important to reflect on the past 365 days and use this newfound experience and knowledge to push forward in the new year. However, we don’t want to just reflect, we want to also reform. Reflecting is merely half of the self-improvement process - the second half involves action. As you reflect on the past year, ask yourself the hard questions, and then, ask yourself what changes you need to make moving forward. 

In which areas did I succeed this year?

It can be easy to overlook our successes, so take some time to reflect on and appreciate the areas in which you thrived this year. Whether it was a small baby step in the right direction, or a massive goal accomplished, appreciate all your

What do bookkeepers and Santa’s elves have in common? They’re the backbone to the world around them! Without your bookkeeper, your company’s finances would be a huge unknown at all times. Without elves, there wouldn’t be any presents and Santa would have nothing to deliver. But, what is it about bookkeepers and elves that make them the backbone? 

Consistency. 

Every single day, they are working to maintain the day-to-day ins and outs. Without maintaining records (of finances or gifts), there would be chaos and inaccuracy across the board. Consistency is key to maintaining the daily records of a company, as well as the production of toys on the North Pole. 

Care. 

Both bookkeepers