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Let’s begin the year the right way - and that starts with your bookkeeping! What kind of goals do you have for the year? What steps are you taking to make these happen? There’s a reason QuickBooks is the most used accounting software among small to mid-size businesses worldwide - they’re a fantastic resource for so many reasons!
QB caters to many.
Whether you’re a small business owner with three employees or thirty employees, or a self-employed entrepreneur just starting out, QuickBooks can assist you. There are various plans starting with Simple Start and moving up to Advanced. QuickBooks also offers an online version so you can access your books anywhere from anytime or Desktop, which is programmed onto the device itse
We may have just rang in the New Year, but it’s time to start thinking of tax season! Depending on how on top of your bookkeeping you were in 2020, the process can be pretty simple or incredibly difficult. Tax Day this year is scheduled for Thursday, April 15. Although the country received a three month extension in 2020, we should not plan for one this year - plan on getting your tax return filed by April 15 at the latest.
Decide how you’ll file & who will file for you.
Have you had a major life event occur in the past year that will impact your taxes? This could be a marriage, divorce, widowhood, or parenthood. If yes, this will need to be updated on your tax return and you will need to decide how you’d like to file.&nbs
2020 may not have been the year we all planned for, but we sure did learn some lessons! Now, as we begin 2021, let’s focus on bettering ourselves in any and every way we can. Last year hit many of us hard financially. This year, let’s refocus and take the steps necessary to improving our finances. Some financial resolutions to keep in mind as we take on the new year…
Make It A Habit.
The only way to ensure your finances won’t be neglected is if you make it a habit to give them the attention they need! Whether for a business or an individual, make it a habit to sit down every single week and record any transactions, income, and more. The more you get into the groove, the more it’ll become a habit.
It’s easy to get distracted by the hustle and bustle of the holiday season! There’s so much to do and a hard deadline that must be met! Everything becomes a blur of candy canes, invoices, glitter, and payroll! This may seem like the time of year to take a break on our bookkeeping and leave it for after the holiday season...but that’s never a smart option! If anything, there are some special things to keep your eye on during the holidays...
Stash your receipts.
This goes for online email confirmations, as well! This is the only time of the year we will suggest saving a stack of receipts, but this pile will be from holiday expenses. This could be anything like employee gifts or bonuses, client gifts, prospect gifts, or more. Print out
When the year starts winding down, it’s always a good idea to review your current debt situation. Has it increased or decreased in the past year? 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, it’s part of life, but make sure the debt you do have is not destructive to your financial health.
Anything that helps build your wealth or increase income over time is considered a “good” debt. This could be mo
The year is quickly winding down and the holiday season has officially begun. Before you become consumed with holiday cheer, it’s important to keep in mind that the dwindling days also means there are certain things that need to be done or reviewed before the clock strikes midnight for the new Year! Whether a small business or large, they need to wrap a nice bow on your bookkeeping.
Record & Reconcile.
Make sure your records are up-to-date with the most current and accurate information. Then, review all current documentation and records for accuracy, and check for any missing information and record as necessary. After, it’s time to reconcile for the year! Make sure your books match your bank account(s) and credit card stat
It’s that time of year to give extra thanks to those in our lives who make it better. Someone you may not think of right away, but who deserves your utmost appreciation is your accountant! They work everyday to keep your books in the best state possible, to help your business thrive. Here are just a few reasons to be extra grateful for your accountant this season...
1. They save you time.
Your accountant keeps your books nice, orderly, and up-to-date, which saves you hours and hours in the long run! You don’t have to lift a finger for your bookkeeping if you have an accountant who takes care of everything from A to Z. You can focus on other aspects of your business while they keep your books shining!
There are some basic reports to look at every month, just to stay on top of everything and make sure things are going smoothly with your finances. One of these reports is your Chart of Accounts (CoA). Are you familiar with this? We hope so! For those that could use a little breakdown on your CoA, here we go!
Your Chart of Accounts is basically a screenshot of various components of your business and how they’re doing, financially speaking. It’s important to know that this is not just a chart of all your bank accounts - the word “account” can be used interchangeably with “category” or “component.” When we say “account,” this does not mean a bank account. Keep that in mind! One of the reasons we love QuickBooks is that it a
It’s no secret that small businesses help communities thrive. Small Business Saturday is right around the corner, so we wanted to share some simple ways that each and every individual can help their local mom and pop shops. Whether you have money to spend or time to give, below you’ll find a variety of options to help support your local small businesses, and in result, your community!
The easiest way to support your community’s small businesses? Shop local! Avoid large chains and stick to the mom and pop shops. Keep your money local to support your community.
Buy gift cards.
This is a simple way to help small businesses near you. Whether it’s a restaurant, coffee sho
We could go on and on about how great of a program QuickBooks is - we are able to Set Up, Clean Up, and Keep Up with our clients’ bookkeeping thanks to the #1 accounting software for small to midsize businesses! But, why exactly is it so great? Which components make QB outshine its competitors? QuickBooks works to streamline itself so all your needs are in one place!
QuickBooks will help you take control of your books! From inventory to reporting, cash flow to tracking income. QuickBooks helps make the process of accounting a breeze from A to Z. QB will share deeper insights on your finances, help you stay organized for tax time, and keep you in-the-know.
Payments & Invoicing.
It may be spooky season, but your books are no place for cobwebs and skeletons! Small businesses should work to keep these scaries out of their bookkeeping...
It’s always important to double and triple-check each entry or action you make to your books, no matter what it is. Double-recording makes for a bookkeeping mess. Mistakes happen, so try to catch them sooner rather than later.
Forgetting to add information all together is detrimental to your books! Don’t miss a thing so your bookkeeping always remains up-to-date and, more importantly, accurate. You can’t make informed decisions without accurate and detailed bookkeeping.
Let’s talk about reconciling your account(s) on a regular basis and why it’s necessary for not only your bookkeeping but your business. First, what does it mean to reconcile your account? This means you compare your books to your bank accounts over a period of time to make sure everything aligns perfectly (example: comparing your records to your bank account from March 1 - 31, 2019). If there are any discrepancies, you can catch them and act on it. Also, note that you only need to reconcile your accounts if you use the accrual method of accounting. If you use cash basis accounting, then every transaction is recorded at the same time as the bank, so there are no discrepancies.
There are four big reasons you need to reconcile your account(s) on a regular basis.
Your bookkeeper/accountant should be the backbone of your business! They have all the answers on all things financial - they know where your money goes, where it comes from, which bills you pay, how much your employees make - everything. They know it all, so use them for their knowledge, experience, and expertise! Connect with your bookkeeper on a regular basis and ask questions - the answers can greatly help you make informed decisions for your business moving forward.
1. Where are wasting money?
This is a question that’s in the back of every business owner’s mind. Where can your business cut back on it’s expenses? Your bookkeeper will have the answer.
It’s just as important to keep track of your personal finances as it is business finances. It’s easy to let your personal finance records go untouched with the chaos of everyday life, but it’s important to make good, disciplined financial choices on a regular basis and the best way to do that is to stay on top of things!
Keep a log.
Where are you spending your money? Write it down! Make a habit of sitting down at the end of every day and writing where you spent your money and how much, at the very minimum. You could take things a step further and detail what the purchase was or if you paid debit, credit or cash.
Record your income.
How much money are you bringing in? In another log, r
The summer is becoming a sweet memory as we slip into the changes of fall. As the air becomes more crisp and the leaves fall, it’s a fantastic time to check in on your finances, both personal and business (if applicable). Know where you stand simply by investing the time in your finances that they deserve. Some items to add to your Fall To Do list...
Check your emergency stash & adjust as necessary.
Everyone should strive to have a rainy day fund of money set aside on the off chance of an emergency. Life can be unexpected, so help yourself prepare by regularly adding to your emergency stash.
Review your goals & steps to get there.
What do you have left to accomplish this year? How do you plan o
The weather and leaves may be changing, but you’re still set in your old ways. You have a mile long To Do list that seems to only continue growing the harder you work. The stack of receipts on your desk has turned into a mini mountain, you can’t remember the last time you logged a transaction, and you have a vague idea where your company stands financially but you just don’t have the time to really dive into it with everything else you need to accomplish.
Does this sound familiar? It may be time to outsource. Put simply, outsourcing means you pay an outside party to take over a portion of the business tasks in order to remain fully operational. Companies can choose to outsource different parts of their business, like the accounting and bookkeeping, marketing and
Right when we think QuickBooks can’t possibly get any better, Intuit throws a new update at us that makes us realize how wrong we are! QB continues to evolve with the modern times and its users. This month they are introducing their very own QB business bank account called QuickBooks Cash. Here’s what we know…
QuickBooks Cash drops mid this month and is available to all. Intuit took all your banking needs - payroll, paying bills, accepting payments, sending invoices, cash analysis, and more - and put them all into one convenient place. QB Cash takes care of your money movement from point A to point Z and everywhere in-between, while also synching automatically with your QuickBooks account.
Speaking of moving money...QB Cash has free instant deposit
The unemployment rate in the United States is currently 10.2%. Of those employed, 48% are actively looking for new jobs within the next year. Although we are living through an unprecedented time, it’s still just as important to maintain quality employees and to ensure a positive work environment, if not more than ever. Nowadays, people are filled to the brim with stress, worry, and the unknown, so as a business owner, it’s your job to do your best to create a consistent and overall positive atmosphere on t
In July, QuickBooks came out with some fresh features and updates to map up their game. That’s part of why we love them - they’re always looking for new ways to make the accounting experience a breeze for the user. Updates every month, handy new features, and new QB tricks are some of our favorite things! There are multiple ways to add bills and receipts to QuickBooks - Receipt Capture via SmartPhone, email firstname.lastname@example.org, upload them from your computer, or manually add them yourself.
Prior to COVID-19, many small to mid-size businesses were renting out (or considering) office spaces from other businesses rather than maintaining their own permanent location. Co-working spaces act as shared office spaces for employees of various businesses to come together for a place to work, hold meetings, give presentations, and more. Now that we are living through a global pandemic and times are tough, many small to mid-size businesses have found themselves with high rent payments and an empty office space with employees now working remotely. Are you considering selling your permanent location to rent out a co-working space?
At Skynar Bookkeeping, we like to work on our clients’ books the most efficient way possible - that includes using shortcuts when necessary to speed up a process. We save precious seconds not having to raise our fingertips from the keyboard! There are some simple shortcuts we suggest every QuickBooks Online user memorizes, as you’ll see they’ll come in handy as you do everyday tasks in the program. Print this out, reference it when necessary, and enjoy your increased QBO efficiency!
It’s the end of July, it’s been consistently hot, and everything just requires so much effort. It’s normal to fall into a summertime funk - nothing really seems to matter, motivation is lacking, and work is the last thing anyone wants to do. It’s hard not to bring that outlook to work, no matter where you’re working - physically in the office or on the couch at home - but it’s important to fight off the feelings when you feel them creeping in, especially if it impacts your work. Find little ways to reset your attitude, behavior, and motivation.
It’s all about using the right tools, but if you’re not sure how to use the tools, it will be hard to be effective. Invest time for proper training with the right tools to be most effective. At Skynar Bookkeeping Services, we use, and trust, QuickBooks to Set Up, Clean Up, and Keep Up our clients’ books. Having proper QuickBooks training will not only help improve your overall experience, but help you better manage your books and your business.
Let’s be honest - running a business right now, or being the leader of anything right now, is a nightmare. It seems as though there are changes daily that we must stay on top of, plus keeping our employees motivated with positive energy, and striving to meet the needs of our clients - it can be a lot to take on some days. On the flip side, being employed right now can feel like walking on ice, and you may keep your fingers crossed on a regular basis. Plus, aren’t we all just tired? How can you - owners, employees, individuals - continue to stay motivated? How can you continue to show up and put 110% in when the future seems so foggy? For the days you’d rather watch reruns of your favorite show and accomplish nothing, here are some pick-me-ups that may ju
Many businesses have reopened their doors, while others have no plans of requiring their workers to report to their on-site locations. Employers are learning some job functions and positions simply cannot be done from home, while others can run entirely within a person’s own four walls. We’ve been working from home for a few months now, and we have compiled some helpful tips for anyone who still hasn’t quite gotten the hang of WFH.
Whether you’re opening a brand new business from scratch or re-opening after a temporary closure, there are some financial “don’ts” for getting your business up and running. It can be easy to become overwhelmed, get lost in poor habits, or take on too much when you’re so focused on becoming successful and profitable as soon as you can.
Saving money requires discipline and repetition. Whether you’re saving for a purpose or to simply stop spending as much money, it takes dedication and consistency. There are plenty of ways to save, but it never hurts to remind yourself of the ways you can actively improve your financial situation on a daily basis.
Businesses across the country are giving a whirl at reopening, or attempting to go back to “normal” by opening their locations for staff, clients, and customers. It’s no secret small and mid-size businesses have been hit hard by the COVID-19 pandemic, resulting in a country-wide shutdown for businesses. Owners were forced to adapt, and are still determining and learning the best practices to follow. As we as a whole try to find our bearings in getting our businesses either back up and running, or maintaining a healthy flow, it’s going to be important not to get lost in the complexities of running, tracking, and analyzing the financials of your business. We would like you to focus on the basics of bookkeeping as you get your business back to where it was, and beyond.
With the current state of the world, it’s hard to believe people would actively try to make it worse, but of course, hackers and scammers never cease! There has been a rise of scammers since the COVID-19 pandemic began, and
There are several kinds of scams out there - text, robocalls, email, romance, charity, and more. Scammers typically flow with the headlines, so the messages will seem timely and urgent, pertaining to what is happening right now - but, do not click! That is rule #1. Do not click something you are not familiar with. If it looks suspicious, don’t do it! It’s like stranger danger, but with links. If it looks too good to be true, it probably is. If you receive an odd link from a friend, call them and ask if they sent you someth
The basic acts of hiring an employee or letting them go has always been quite the process, one that requires focus, discussion, and contemplation - but it’s been made even more challenging due to the impact of COVID-19. We’re finding ourselves getting creative to find ways to adapt to continue running our business and hitting our goals. Maintaining your team is always part of running a business, so it’s time to discuss how things will be different moving forward.
Business owners have found themselves scrambling to find ways to adapt as quickly as possible to the effects of the COVID-19 pandemic. News is changing everyday, and it’s important to know what guidelines business owners must now follow, and what any changes may mean for you. Keep in mind the news is ever changing, and scientists are learning new things about this virus every day. We’re sharing some reputable resources to reference during this uncertain time.
Talks of businesses reopening are becoming more and more real as time passes. We will eventually be allowed to go back to work, in some fashion, although it will likely never be the same, not for a long while. It’s time we seriously prepare to reopen, and the only way to do that is to establish a plan that everyone follows. If you want to reopen, you need to get real about what that means.
Redesign the office to fit social distancing guidelines.
Owners and/or managers need to visit your place of work prior to everyone returning so you can redesign the office to fit social distancing guidelines. Everyone needs their own space, and nobody should be closer than six feet apart at any point. In areas of typical high congestion, consider leaving markin
It’s no secret that times are tough right now for individuals everywhere, especially financially. Whether you’re a business owner or just trying to pay your rent for the month, you’ve likely experienced the increased strain on your finances recently. There are ways to make these hard times a bit easier, but it takes dedication and consistency!
Stay on top of your bills.
Pay your bills on time and avoid missing a payment. Your credit will be affected by a late payment. If you don’t have the funds to pay in full this month, ask for a payment plan, an extension, or to waive the fees. Keep in mind: this should only be done when absolutely necessary and should be abused. If the fees are waived, you will still have to pay, just
It’s more important now than ever to maintain accurate and up-to-date books for your business, whatever it may be. With the state of the economy and everyone adjusting to WFH or not working at all, it can be easy for something like bookkeeping to slip through the cracks. However, neglecting your books during a volatile economy is a sure way to lose sight of where your business is headed and how it’s holding up. To keep it simple: a good business keeps good records.
Having the ability to pull a report at any time is one benefit to having updated books. You can evaluate the finances of your business at any given point to help make important company decisions. Do you need to cut your budget? Run a report to look at the exact numbers of your business in each area - where can
As we become mostly transitioned to working from home (WFH), it makes many of us wonder if this will be our new normal. Can things ever really go back to how they were? One thing we are learning is that the new normal requires a new mindset.
The work-life balance has been a hot topic of discussion lately as many people WFH find themselves extending their workdays, while others are realizing how many hours they spent away from home. Whether at the office or at home, work will consume you if you allow it. It’s important to set a cut off time every day to help maintain your work-life balance. If you’re stressed, stop what you’re doing and clear your head.
Part of the business world is being a client, and another part is having clients. This can often occur just moments apart - you’ll switch hats for a phone call with an outsourced marketing company where you are the client expecting a service, and then flip to talking with a client about their specific needs. With the strange times, it’s important to remember a few key components to composing yourself as a client and with your clients.
It’s easy to lose sight of your goals and your sanity when it seems as though most of the country is shut down to mitigate the spread of COVID-19. What are you really supposed to do when no one knows how long this will last? Let’s consider this our Who-Really-Knows Guide into the Unknown. To keep your business goals from slipping through the cracks, we must work to keep the foundation of our business strong.
Hopefully by now we all have fallen into our schedule of working from home. It may have been an adjustment, but who doesn't love rolling out of bed and working in their sweats? By now you have probably figured out which tools work for you and which don't. However, if you're still struggling to find your rhythm or can't find anything that works for you, here are some user-friendly resources to help you take your business to the next level while working remotely.
Due to the closing of many establishments in hopes of slowing the spread of the coronavirus, many people are trying out a lifestyle they had never taken part in before - working from home. Under different circumstances, working from home is considered lucky, but it's hard to feel that way when there is a global pandemic underway. If you are fortunate enough to be able to continue your work from home, the following are some ways to help you adjust to the change and to maintain productivity:
Your bookkeeper/accountant should be one of the people you most frequently are in contact with, whether it’s making a phone call, sending an email, or sitting one-on-one. It’s vital you communicate the ins and outs of your business on a regular basis - we’d like to say daily, but we know weekly is more realistic. Your bookkeeper can’t do their job if you aren’t constantly keeping them updated with receipts, new employee payroll information, and beyond. The question is: what information should you be relaying?
Your bookkeeping requires regular and detailed maintenance. There’s plenty you should be doing to your bookkeeping on a regular basis, but what exactly should be doing when? Rather than overwhelm yourself by doing everything at one time, break it down into separate sittings.
The W-4 form we have been using for years and years has been revamped. Beginning in 2020, if you are a new hire to a company, you will be given the new W-4 form to fill out. If you follow the form exactly as it’s laid out, filling it out should be a fairly simple process. There are no tricks. The IRS has very clearly laid out instructions in each box for your convenience and guidance.
If you are not a new employee in 2020 (or beyond), your W-4 form will remain the same and you will continue being taxed as you have been. Nothing will change for you. The new form is designed to work seamlessly with the previous form. However, if you decide to change how you file, you will need to fill out the updated form. Talk with whoever does your payroll to ensure you un
Let’s make a choice not to give up on our bookkeeping this year. This is such an important practice that cannot be neglected. Starting a few simple habits now will keep your books strong, accurate, and constantly updated. Remember to remain consistent with all of these, and contact Skynar Bookkeeping for any questions regarding setting up, cleaning up, or keeping up with your bookkeeping.
Choosing your filing status is one of the first sections you fill out when preparing your taxes. Your filing status refers to your marital status and your family situation. It’s important to choose the correct option for your specific situation so your return will reflect accordingly. Your filing status will determine which tax forms you need to complete, and which income bracket you’ll fall under.
Something to keep in mind is the IRS looks at your marital status on the last day of Tax Year to determine your status for the entire Tax Year. In this case, it would be December 31, 2019.
Part of running a business in 2020 is accepting multiple forms of payment and knowing how to do so. We’ll cover how to accept credit card and payment processors like PayPal or Venmo.
Step 1. Create a new bank account in QuickBooks and name it after the payment processor (like PayPal or Google Checkout). Set up multiple accounts for your convenience - one account for each merchant that processes payments for you.
Step 2. Once your payment is received, deposit it into the merchant account you created in Step 1. Do not deposit it directly into your checking account.
Step 3. Once the money shows up in your checking account, transfer the funds from your merchant account to your bank account. If you
Every professional individual should have a well-rehearsed elevator pitch. This could be used at networking events, with clients, possible business partners, and more. Some tips to create the best elevator pitch for you...
To keep track of the financial ups and downs of your small business, there are three important reports to reference: balance sheet, cash flow statement, and income statement. Although there are countless other reports, these three will give you the best idea of where your business stands and where it is headed. Each report provides its own window to further understanding the financials of your business. We challenge you to run these reports once a month to maintain a firm understanding of where your small business stands!
An unfortunate truth in business is sometimes people don’t pay on time. What steps can you take to avoid this? Be consistent and timely with sending your invoices, and establish payment terms prior to doing work together to make sure everyone is on the same page. However, if a client fails to pay an invoice on time, there are certain steps you should take to act on this.
The first step when dealing when a client who won’t pay is to simply send a polite remindervia email, attaching the invoice again. This is usually enough for them to remember to pay you - life gets crazy and sometimes we forget things, it happens.
When you hire a new employee, it’s important to classify what kind of employee. Generally employees are divided into three groups: full-time, part-time, and temporary. To help you classify your employee correctly, take into consideration what their job duties will be and how many hours they will be working. Classifying employees correctly and fairly is essential when determining if the employee is able to receive benefits or not. Remaining consistent in your classifications is essential, as well as keeping up with any employment changes.
Tax season will begin soon, which means it’s time to start issuing tax forms to employees, independent contractors, and vendors. A 1099 is a tax form that describes wages paid to someone not by their employer, and must be issued by January 31. Who should you send a 1099 to this tax season? A basic rule of thumb is to issue a 1099 to anyone you paid over $600 throughout the year, but follow our flow chart for guidance.
Below is a decision-making tool to help you decide if you should send a 1099. Follow the bolded questions, choose between the options given, and follow the arrows until you find your answer.
WHAT DID YOU PAY THE VENDOR FOR?
Rent → Did you pay over $600?