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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 t

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 ref

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 you’

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 avai

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 wo

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 S

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.  

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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 basis. 

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 inf

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, rep

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 ent

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. Be

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, whi

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