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As a business owner, you should be running reports at least monthly. This includes your Cash Flow Statement, Income Statement, and Balance Sheet. Each of these reports summarizes your company’s financial performance and business activities during a set period of time. Over time, you’ll begin to notice trends in these reports, which reveal vital information on your company. There are four patterns to keep your eye on, and these include seasonality, business cycle, debt obligations, and any excess expenses or budget bloat. 

Seasonality

How does your business change from season to season? You’ll notice over time if your business has high seasons or low seasons, and from there, you can adjust your business plan and goals accordingly. Sea

Are you curious about bookkeeping? Are you considering being a bookkeeper? There are plenty of myths people believe when it comes to being a bookkeeper that we want to bust. Before you pursue becoming a bookkeeper, let’s set some things straight first! 

A degree is not required. 

To be a bookkeeper, there is not a required degree or “major” to study. Anyone can become a bookkeeper if they have the right program, the right training, and a self-motivation to learn and execute. There are various trainings and classes available, so do your research before pursuing the first course you find. 

Certifications put you ahead. 

Being certified in your specific bookkeeping software helps you stand o

Cash flow - we all know what this means. It’s the total amount of money coming into and out of your business. Every business brings in money on sales and spends money on expenses. What’s important is having an idea how much cash is coming into and out of your business on a regular basis, where it’s going, and why. The idea of cash flow is easy to grasp, but maintaining a positive cash flow for your business is another story. What can your business do if you find yourself in cash flow trouble?

Create & stick to a budget. 

Take the time to work with a professional and sit down to create a budget and financial plan for your company. Lay out your expected costs, estimate of sales for the month, and anticipated cash flow available. On

Since the COVID-19 pandemic, we’ve seen a dramatic shift in how businesses choose to run. Physical locations were shut down or even sold, and employees found themselves relocating to their couch as their work-from-home days began. Now, two years later, we see that businesses continue to find ways to adapt to the evolving times. This includes opening up a physical location again, whether an owned office space or shared. We’re finding many owners are up in arms on if they should require a physical presence in the office or if virtual is still the way to go. What are some advantages and disadvantages of reopening a physical space?

Pros

Having a physical space for your team to meet and collaborate is something that can never be fully replaced by a

It’s important to know your debt - not just how much, but if it’s good or bad. Debt can come in all shapes and sizes, but the most common types of debt are student loans, mortgages, auto loans, and credit cards. There are also “good” debts to have and “bad.” In simple terms, debt is any money you owe, and it’s time to review where you stand financially! 

Everybody has debt, but it’s important to ensure the debt you do have is not destructive to your financial health. 

“Good” Debt 

Anything that helps build your wealth or increase income over time is considered a “good” debt. This could be mortgages, student loans, or business loans. These debts are consid

Are you considering doing your bookkeeping yourself? Bookkeeping may seem like an afterthought or just a small component in your business plan, but it should actually be at the forefront of everything you do. There are certain characteristics a bookkeeper must have to complete and maintain the financial records of a company.  

Consistent

Consistency is key! Keeping up with the ins and outs of a company’s money is vital, and only logging transactions here and there will cause problems, likely sooner rather than later. Consistency is vital for accurate and detailed books 

Self-Disciplined

Bookkeeping is not the most glamorous task, but it’s absolutely necessary. A bookkeeper must have self-discipline

It’s 2022, allowing automatic payments is almost a must. Having automatic invoices generated for payments sounds like a dream but can also be your reality. If you are a business that has customers/clients that utilize your products/services frequently, it may be best to set up auto-pay to streamline the entire process of sending invoices. It seems everyone is looking for the easiest, most efficient way of doing things - and recurring payments is one!

Invoices won’t slip through the cracks, cash flow will be improved, and it’s also green-friendly! If you use QuickBooks for your accounting software, we have good news - the process of setting up recurring payments is a breeze. We provided a step-by-step guide below…

How to set-up recurring payments in Qu

Sometimes bookkeeping can feel time consuming and monotonous. If you want to cut out some unnecessary clicks, try memorizing a handful of helpful keyboard shortcuts! You won’t even need to lift your fingers from the keyboard. However, make sure you are using the correct shortcut or else you could be making a bigger mess for yourself. Use our handy guide below to reference as you work on your bookkeeping. 

DATE SHORTCUTS

Next Day = + (plus key)

Previous Day: = - (minus key)

Today = T

First day of the week = W

Last day of the week = K

First day of the month = M

Last day of the month = H

First day of the y

Is bookkeeping making you stressed and overwhelmed? If you’re a beginner or still not quite comfortable, the act of bookkeeping can seem chaotic and confusing. There are many moving pieces that all need to be handled on their own before stepping back to look at the bigger picture. To help you on your way and ensure your bookkeeping tasks are done in a timely manner, use the guide below to determine if something should be done on a daily, weekly, or monthly basis.

Daily

-Log and categorize transactions. If you use a software that syncs these transactions, please review for accuracy, as mistakes can happen.

-Address any red flags that may arise and handle them immediately.

Weekly

-Send any reminders for overdue invoices

We’ve talked before about how automation can be your business’ best friend. It’s easy, efficient, and it helps ensure nothing slips through the cracks. On the flip side, automation is not a substitute for human connection. While there are many tasks that it just makes sense to automate, there are many that should remain manual, fulfilled by the necessary person on your team. There can actually be disadvantages to over-automation, which is why maintaining a balance is vital in order to optimize productivity in the workplace!

There are times when automation is not the best or right choice. When it comes to onboarding clients, employees, vendors - never resort to automation! Establishing a positive rapport will help build strong work relationships that will remain intact fo

According to CNBC, 74% of Americans received a tax return in 2020. That’s three quarters of those who filed! With Tax Day just days away, if you’re receiving a refund, it’s time to consider your options. 

Add it to your emergency fund. 

Everyone should have a “rainy day” emergency fund built up with three to six months of expenses for those unplanned occurrences in life. It would be rational and financial responsible to add your tax return to this fund to supply extra cushion and comfort.

Pay off debt. 

Whatever it may be - credit card

Are you categorizing your transactions in your bookkeeping? There are many reasons why you should - one being that you can have a much clearer picture of where money is coming and going. As a business owner, it’s essential to be aware which areas of your business are bringing in money and which are taking it. Categorizing transactions will provide additional insight on the financial side of your business. With categorization, expense reports will become easier to read and more helpful in strategizing for the future. Categorization can help you maximize your business’ profitability and provide valuable insight on where costs can be cut.

If you have QuickBooks Online, sync your bank account(s) and credit card(s) to your QB account for automatic entry, categorization, and matching.

When it comes to running a business and maintaining your bookkeeping, there is certain lingo to know and words you’ll come to live by. We put together an ABC’s of lingo you must know and keep in mind while navigating your business and your bookkeeping 

Accounts Payable/Receivable: A/P is the money a business owes to vendors and is recorded as a liability. A/R refers to the money owed to a business for its goods/service by vendors or customers, and is recorded as an asset. 

Balance Sheet: An important financial report that summarizes a business’ assets, liabilities, and equities. 

Cash Flow: The movement of cash in and out of your business at a specific time. It’s important to b

We are thrilled to share that Skynar Bookkeeping Services (SBS) is celebrating twenty years in business! Founded by Cheryl and Tom Skynar in 2002, SBS was created with the goal of helping our clients Set Up, Keep Up, and Clean Up their bookkeeping. We are truly blessed and thankful for all of our past, current, and future clients - without you, we wouldn’t be us! We also want to show appreciation to our mentors along the way - we have learned something from each and every one of you, and vendors - we appreciate you working with us throughout the years. Last but certainly not least, our SBS team! Without our team of certified and experienced bookkeepers, we would surely be limited in the services we offer and clients we help. Two decades in and we feel like this is just the beginning!

Bookkeeping is an act of repetition. You must keep up with specific tasks on a weekly, monthly, quarterly, and annual basis. A company’s “bigger picture” is important, but can’t be seen, or even accomplished, without maintaining the day-to-day minute details of your bookkeeping, which helps you paint a clearer, more accurate picture over time. What should you be doing on a weekly basis to keep up with your bookkeeping? 

Issue invoices to clients/customers. 

To stay on top of your Accounts Receivable, make sure you are sending out invoices in a timely fashion. In addition, use this time to send out any payment reminders for overdue invoices. 

Record and manage payments received. 

Aft

When it comes to running a business, automation can (and likely will) become your best friend and greatest ally. However, for as convenient as automation is, it’s also important to keep the human connection with your vendors, clients, customers, and team. Finding the perfect balance of automation and manual work will allow you to take your business to the next level knowing that you can take certain items off your plate so you can give your full ​attention to other matters at hand that require human contact.

Over time, you’ll notice patterns of recurring expenses, transactions, or actions. Once these patterns are identified, you can determine whether or not automation would add convenience. Anything that is mindless and monotonous, but necessary, can be automated, as well as an

Now that you have set up and cleaned up your books, now you need to keep up with them! Staying on top of your bookkeeping is the only way to ensure their accuracy, timeliness, and value. The day-to-day ins and outs of your business add up to the bigger picture - If you don’t keep up with the daily financials, you won’t be able to form a clear picture of your company’s overall health and future. Below are just a few of the things you should keep up with when it comes to your bookkeeping. 

Know your cash flow like the back of your hand. 

It’s vital to know where your company’s money is going and where it’s coming from. You should have an idea of your cash flow and how much cash you have available on a daily basis

Tax season is officially in full swing, with January 24 being the first day you could file your taxes for 2021. The final day to submit taxes is Monday, April 18, as April 15 is Emancipation Day and also a national holiday in Washington D.C. With tax filing being delayed last year and Tax Day extensions the last two years, it’s important to prepare as best you can for a smooth tax season. 

The first step? Start collecting tax documents as they come in the mail. Save them in a stack somewhere they can be safe but also easily accessible. Depending on your situation from the past year, there are various forms to be on the lookout for. It’s important not to start your taxes until you have all the forms necessary. 

Determine how you will be filing this yea

At Skynar Bookkeeping Services, we Set Up, Clean Up, and Keep Up with our clients’ bookkeeping. For help setting up your books, check out our past blog (link blog). Next is to clean up your books - but, what does that mean? In short, it means you reconcile. The process of reconciling can be as easy or as complicated as you make it, based on the time and attention you give your books on a regular basis.

Reconciliation requires meeting two criteria - verify the entry with the original documentation of the transaction and verify the entry with your bank statements. As you go entry by entry, double-check the original receipt for the correct amount and double-check your bank statement reflects this amount correctly. If the entry passes both criteria, move onto the next. 

If you’re new to QuickBooks Online, you may not know of these quick shortcuts that make the user experience a breeze! If you prefer keyboard shortcuts versus clicking with the mouse, then you’ve come to the right place. You can save precious seconds by utilizing these quick and easy shortcuts to help you maneuver QuickBooks Online. We recommend printing this out and using it as a reference until you have the shortcuts memorized. Happy bookkeeping!

Open the Check window

Ctrl+Alt+W

Open the Expense window

Ctrl+Alt+X

Open the Estimate window

Ctrl+Alt+E

Open the Invoice Transac

You’ve finally made the leap to open your own business…now what? Before money can start flowing in and out, you need to set up a sound bookkeeping system to record and keep track of all the transactions. 

Determine who will do your bookkeeping. 

Will your bookkeeping be done in-house by an employee, or will you outsource to a certified bookkeeper? Compare the costs for hiring a part-time or full-time employee versus outsourcing. What you’re starting out with will greatly help determine. You may decide to do the bookkeeping yourself, until business picks up, at least. 

Subscribe to a trusted software. 

If you decide to keep your bookkeeping in-house, you will need to research reputable so