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This holiday season, don’t forget to ask yourself: “What should I get for my bookkeeper?” This is actually a trick question - your bookkeeper doesn’t need a stereotypical gift, but instead would prefer something money can’t buy. 

Honest and regular communication. 

This should go without saying but keep the communication open with your bookkeeper! You should have scheduled meetings to discuss your finances each month, but if something comes up in the meantime, it’s important to respond in a timely fashion and with as much detail as possible. Part of being a good partner, in any personal or professional relationship, is communication. 

Detailed receipts. 

Provide your

The end of the year is quickly approaching. If you haven’t already, it’s time to refer to your year-end checklist. Every business should have their own year-end checklist that helps them wrap a nice, neat bow on the prior 365 days. The checklist heavily applies to your finances and bookkeeping, but can also hit other areas of your business. You can adapt your checklist overtime to fit your business to a T. 

Your year-end checklist will include many of the same tasks you complete at month’s end on your bookkeeping. This includes a final inventory check, reconciling accounts, sending reminders for unpaid invoices, then closing out your Accounts Receivable and Accounts Payable, and accruing them. Ideally, each task on your checklist should have a “date

The day after Thanksgiving kicks off the biggest shopping weekend of the year with Black Friday, Small Business Saturday, Cyber Monday, and Giving Tuesday! These days have become milestones for the holiday season, but how much do you actually know about them? Let’s break it down!

Black Friday

The holiday shopping season kicks off with Black Friday. Stores usually pull out their best deals on some of their best items for this day/weekend. Over time, Black Friday has morphed from stores opening early Friday to opening Thursday evening. When we think of Black Friday, many of us picture long lines, insane deals, stampedes of people, and total chaos - all in the name of the holiday spirit. 

The term “Black Friday” most commonly

The holidays are upon us, which means extra spending is on the horizon, as well. Whether a customer or a business owner, you cannot let your finances derail during the holidays, so it’s vital to approach your holiday spending with a sound plan. We’ve put together our top three tips for both the individual shopper and the business owner. 

For an individual…

Make a game plan. 

Plan out which stores you’re going to, who you’re shopping for, what you’re looking for, and any special deals you want to try to snag. Research the deals ahead of time and compare similar items so you get the best price available. Going into the holiday season without a game plan will be overwhelming and

Are you categorizing your transactions in QuickBooks? This will provide a detailed look at where money is coming and going. As a business owner, it’s vital to know which areas of your business are bringing in money and which are draining it. Categorizing transactions will provide detailed insight on your finances. With categorization, expense reports will be easier to read and more useful in strategizing for the future. Categorization can help you maximize your business’ profitability and provide valuable insight on where you can cut costs. 

To categorize transactions in QuickBooks Online, first you need to sync your bank account(s) and credit card(s) to your QB account for automatic entry, categorization, and matching. QuickBooks typically downloads new and

The end of the year can be an overwhelming and stressful time. We’re all pushing ourselves through this last quarter to hit our goals, while also trying to maintain our motivation and morale. Rather than running yourself ragged, try to make better use of your time. We put together some time management tips to keep you focused at year-end, and are best used year-round. 

Know your goals. 

It’s best to know exactly what you need to accomplish each day, week, and month before starting any new projects or tasks. Begin each Monday with a game plan for the week, and know exactly what you need to do each day to make it happen. Knowing your goals and the necessary steps to accomplish them will ensure you’re not being aimless with your

There are four basic financial reports you should run and review monthly. These include your balance sheet, income statement, cash flow statement, and statement of owner’s equity. All four statements are incredible resources, and each summarizes and highlights a different financial aspect of your business. 

Balance Sheet 

This is a statement of your company’s current financial position, which provides a summary of your assets, liabilities, and equity. Balance sheets use the equation: Assets = Liabilities + Equity. Balance sheets summarize a specific date in time, not a range. Always be sure to reference the date at the top of the balance sheet to be aware of the timeline. 

Income Statement, a.k.a. Profit and Loss

Don’t let your bookkeeping get away from you. We compiled some simple and easy ways for you to tackle your books regularly. When it comes to keeping up with your bookkeeping, be repetitive and disciplined with completing each task until it becomes a habit and part of your every day routine. 

Be consistent.

Consistency is key in most areas of life, but especially when it comes to your books. The number one recommendation we have for keeping up with your books is to be consistent with it. Sit down every single day to ensure the transactions for the day have been logged with details included and receipts attached. By simply working on your books a little bit every day, this will help greatly.

Once you set up your books properly, it becomes time to keep up with the cash that flows in and out of your business. When we say “keep up” with your books, we actually mean that you need to trace each and every step. Business can move quickly and your bookkeeping needs to catch it all. But, what exactly should you be keeping up with? 

Transactions

This should go without saying! You must keep up with logging where your money goes, as well as where it comes from. In simple terms: your company’s sales and purchases. A single missing entry will throw your books off balance entirely. Consider downloading the mobile app so you can add entries on-the-go, setting up journal entry automation, and reconciling on a weekly

October is cybersecurity awareness month. Scams are evolving and hackers are learning new ways to obtain confidential information. Make sure you and your team are staying updated on the latest cybersecurity crimes and practice safe online habits. A basic rule for staying protected: if it seems off, it probably is. If you’re questioning the validity of something, it’s best to delete it. Here are some easy tips for keeping your information safe online. 

Use strong passwords. 

It’s important to create long and strong passwords to keep your account(s) safe. It’s best to utilize a combination of letters, numbers, and symbols for the most creative, hard-to-hack passwords. Avoid using your first or last name or other personal

Bookkeeping is vital to the day-to-day of your business. There are a handful of reasons why some businesses fail, but almost one-third fail due to cash flow problems. This can be avoided by maintaining accurate, detailed, and up-to-date books. But, what exactly does that entail? What do bookkeepers do to maintain these records?

Maintain and monitor records.

Know where your business stands financially by maintaining and monitoring your books. A bookkeeper tracks all the ins and outs of your business and makes sure there is no missing or inaccurate information.  

Track debits & credits. 

Part of maintaining your books includes tracking and recording the money going in and out of your business. From there,

Did you know that QuickBooks allows its users to set up automatic entries? You can say goodbye to the days of manually entering debits and credits! Keep in mind that although automation is great, it can also be necessary to manually add a journal entry, like when you’re transferring money from one account to another. See below for step-by-step instructions on adding, deleting, and editing journal entries - for those of us that want to do things manually.

Add

Select “New+” and then choose “Journal Entry.” First, select the Account you need to debit or credit, and then enter the necessary amount in the correct column. Below that, you’ll select the second Account you’ll be moving money to or from, and you’ll

What should you do when an invoice is past due? It can be awkward to follow-up on an unpaid invoice, but it’s crucial for your Accounts Receivable and cash flow. The best way to ensure payment is received on time is by communicating payment details with the client or customer ahead of time. 

Establish guidelines. 

You should have a verbal conversation with the client/customer about your payment details and these guidelines should also be listed on the invoice you provide. It’s important to include payment terms like the deadline and preferred payment method, both of which should also be discussed with the client/customer prior to the sale. 

Make your invoice clear. 

Keep your invoice simple.

Let’s face it - being a bookkeeper isn’t the most glamorous job. Bookkeepers are typically consistent, reliable, and organized individuals. Even so, bookkeeping comes from its own long line of history! We thought we would share some random, intriguing, and somewhat mind-blowing bookkeeping facts for you.

“Bookkeeping” contains three sets of double letters back-to-back-to-back. This is the only word in the English language like this, aside from “bookkeeper,” of course! 

Although commonly used synonymously, “accounting” and “bookkeeping” are actually two entirely different acts. Both are necessary and play different roles. Bookkeeping records the transactions and cash flow,

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.

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

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.