Skynar Bookkeeping
Call 734-335-7702
  • Home
  • About Skynar
  • Our Services
  • FAQS
  • Quickbooks Tutorials
  • Blog
  • Our Locations

Blog

accounting
bookkeeping
business
cash flow
Florida Bookkeepers
Michigan
MIchigan Bookkeepers
New York Bookkeepers
Plymouth
Plymouth Bookkeepers
QBO
QuickBooks
quickbooks desktop
QuickBooks Online
Skynar
Skynar Bookkeeping
skynar bookkeeping services
Small business
taxes
tax season

3 Things Bookkeepers Do For Small Businesses

May 25, 2023

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 Of

[read more]

Why Bookkeeping Is Important

May 18, 2023

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 inc

[read more]

3 Bookkeeping Tips For Business Startups

May 11, 2023

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 salary

[read more]

Bookkeeping Tips For The Self-Employed

May 4, 2023

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 expense

[read more]

3 Bookkeeping Tips You Can Use Year Round

April 27, 2023

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 Budg

[read more]

Protect Your Business Finances: The Importance Of Two-Factor Authentication (2FA) For Online Accounts.

April 20, 2023

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 typ

[read more]

Reasons to Outsource Your Bookkeeping: 5 Key Benefits You Can’t Afford To Ignore

April 13, 2023

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 business.

Unfortunately

[read more]

4 Bookkeeping Tips For Beginners

April 6, 2023

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

[read more]

QuickBooks How To: Bulk Clean-Up of Unbilled Expenses

February 24, 2023

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 in

[read more]

What To Do With your Tax Return

February 17, 2023

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

[read more]

Ways to Show Your Bookkeeping Some Love

February 10, 2023

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 nee

[read more]

Tasks That Require Human Connection vs. Automation

February 3, 2023

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 Issues

Whe

[read more]

What Should You Ask Your Tax Preparer?

January 27, 2023

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 ye

[read more]

How To: Record Tips in QuickBooks

January 20, 2023

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 sele

[read more]

Tips For A Successful Tax Season

January 13, 2023

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 h

[read more]

Set SMART Goals

January 6, 2023

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, employees

[read more]

Reflect & Reform

December 28, 2022

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 victories. &nb

[read more]

What Do Bookkeepers & Elves Have In Common?

December 16, 2022

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 an

[read more]

Your Bookkeeper’s Holiday Wishlist

December 10, 2022

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 book

[read more]

It’s Time to Review Your Year-End Checklist

December 2, 2022

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

[read more]

The Biggest Shopping Weekend of The Year

November 22, 2022

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

[read more]

Holiday Tips for The Shopper & The Business Owner

November 18, 2022

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’

[read more]

QuickBooks How To: Categorizing Transactions

November 11, 2022

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

[read more]

5 Time Management Tips for Small Businesses

November 5, 2022

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

[read more]

Four Financial Statements to Review Regularly

October 28, 2022

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

[read more]

5 Tips For Tackling Your Books

October 20, 2022

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.  

Triple-check.&nbs

[read more]

Keep Up With Your Books

October 14, 2022

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. 

[read more]

Tips For Staying Protected Online

October 10, 2022

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

[read more]

Bookkeeping Basics to Maintain

September 30, 2022

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

[read more]

QuickBooks How To: Journal Entries

September 23, 2022

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

[read more]

Contact

Skynar Bookkeeping – Corporate Office – Canton, Michigan
40420 Blythefield Ln
Canton, MI 48188
Phone 734-335-7702 Email info@skynarbookkeeping.com
68300 CR 388
South Haven, MI 49090
Phone 734-335-7702
2534 SW 13th Ave
Cape Coral, Florida 33914
Phone 239-361-2100

Connect

© 2023 Skynar Bookkeeping Plymouth and South Haven Michigan | Cape Coral Florida Powered by Jottful