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

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]

Unpaid Invoices: What To Do

September 16, 2022

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

[read more]

Bookkeeping Facts to Blow Your Mind

September 9, 2022

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

[read more]

Four Business Trends To Keep Your Eye On

September 2, 2022

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

[read more]

QuickBooks: Did You Know?

August 19, 2022

There’s a reason why QuickBooks is the number one software for small to mid-size businesses - actually, there might be a few! QuickBooks is constantly evolving their platform, adding new features and updating old ones to keep up with your business and its needs. What’s so special about that? Having a program that is tailored to you and your business! Here are some of the many ways QuickBooks caters to you. 

Shortcuts

QuickBooks offers a variety of shortcuts to add ease to your bookkeeping experience. Not only can you access keyboard shortcuts at any time, but when you right-click on any window you’re working in, shortcuts will pop up for your convenience. Next time you’re working in QB, try using a new shortcut!

[read more]

Becoming a Bookkeeper - Busting Common Myths!

August 5, 2022

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

[read more]

Cash Flow Solutions

July 22, 2022

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

[read more]

Is It Time To Re-Open Your Workspace?

July 18, 2022

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

[read more]

Know Your Debt - Good vs. Bad

July 1, 2022

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

[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 | Buffalo and Rochester New York | Cape Coral Florida Powered by Jottful