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.
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
There are two ways to set-up your accounting – cash or accrual based. There are advantages and disadvantages to both methods. Before choosing one to use, do your research and work with a professional to determine the method that may be best for your business. The main difference between the two is the timing.
Cash basis accounting records transactions as money is exchanged. When a payment is received, it should be logged. When a payment is made, it should be logged. Cash basis accounting simply follows the ins and outs of cash. Because of this, cash basis accounting does not log accounts receivables or accounts payable because sales made with credit are not accounted for until the cash is exchanged. For cash basis accounting, you do not pay taxes on money that has not been
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.
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
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
Running a business in 2022 means adapting to the various methods of payment that are now available. Being able to cater to different payments will allow you to cater to different clients/customers. Let’s cover how to accept credit card and payment processors like PayPal or Venmo in QuickBooks!
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. On
There’s a reason why QuickBooks is the number one accounting software for small to mid-size businesses - it just works! QuickBooks has created a variety of plans to best suit your unique business, and along the way, they add new features, update outdated ones, and find endless ways to create the best user experience. Let’s dive into just a few reasons why QuickBooks is the best accounting software to use.
You can take your bookkeeping and accounting with you anywhere and work on it anytime as long as you have a smart device. This allows for automatic synching and frequent back-ups, which cuts out some steps of manual entry.
There are a few
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.
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.
-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.
-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
We are thrilled to share that Skynar Bookkeeping Services (SBS) is celebrating twenty years in business! Founded by Cheryl and Tom Skynar in 2002, SBS was created with the goal of helping our clients Set Up, Keep Up, and Clean Up their bookkeeping. We are truly blessed and thankful for all of our past, current, and future clients - without you, we wouldn’t be us! We also want to show appreciation to our mentors along the way - we have learned something from each and every one of you, and vendors - we appreciate you working with us throughout the years. Last but certainly not least, our SBS team! Without our team of certified and experienced bookkeepers, we would surely be limited in the services we offer and clients we help. Two decades in and we feel like this is just the beginning!
Bookkeeping is an act of repetition. You must keep up with specific tasks on a weekly, monthly, quarterly, and annual basis. A company’s “bigger picture” is important, but can’t be seen, or even accomplished, without maintaining the day-to-day minute details of your bookkeeping, which helps you paint a clearer, more accurate picture over time. What should you be doing on a weekly basis to keep up with your bookkeeping?
Issue invoices to clients/customers.
To stay on top of your Accounts Receivable, make sure you are sending out invoices in a timely fashion. In addition, use this time to send out any payment reminders for overdue invoices.
Record and manage payments received.
When it comes to running a business, automation can (and likely will) become your best friend and greatest ally. However, for as convenient as automation is, it’s also important to keep the human connection with your vendors, clients, customers, and team. Finding the perfect balance of automation and manual work will allow you to take your business to the next level knowing that you can take certain items off your plate so you can give your full attention to other matters at hand that require human contact.
Over time, you’ll notice patterns of recurring expenses, transactions, or actions. Once these patterns are identified, you can determine whether or not automation would add convenience. Anything that is mindless and monotonous, but necessary, can be automated, as well as an
Now that you have set up and cleaned up your books, now you need to keep up with them! Staying on top of your bookkeeping is the only way to ensure their accuracy, timeliness, and value. The day-to-day ins and outs of your business add up to the bigger picture - If you don’t keep up with the daily financials, you won’t be able to form a clear picture of your company’s overall health and future. Below are just a few of the things you should keep up with when it comes to your bookkeeping.
Know your cash flow like the back of your hand.
It’s vital to know where your company’s money is going and where it’s coming from. You should have an idea of your cash flow and how much cash you have available on a daily basis
Tax season is officially in full swing, with January 24 being the first day you could file your taxes for 2021. The final day to submit taxes is Monday, April 18, as April 15 is Emancipation Day and also a national holiday in Washington D.C. With tax filing being delayed last year and Tax Day extensions the last two years, it’s important to prepare as best you can for a smooth tax season.
The first step? Start collecting tax documents as they come in the mail. Save them in a stack somewhere they can be safe but also easily accessible. Depending on your situation from the past year, there are various forms to be on the lookout for. It’s important not to start your taxes until you have all the forms necessary.
Determine how you will be filing this yea
At Skynar Bookkeeping Services, we Set Up, Clean Up, and Keep Up with our clients’ bookkeeping. For help setting up your books, check out our past blog (link blog). Next is to clean up your books - but, what does that mean? In short, it means you reconcile. The process of reconciling can be as easy or as complicated as you make it, based on the time and attention you give your books on a regular basis.
Reconciliation requires meeting two criteria - verify the entry with the original documentation of the transaction and verify the entry with your bank statements. As you go entry by entry, double-check the original receipt for the correct amount and double-check your bank statement reflects this amount correctly. If the entry passes both criteria, move onto the next.
If you’re new to QuickBooks Online, you may not know of these quick shortcuts that make the user experience a breeze! If you prefer keyboard shortcuts versus clicking with the mouse, then you’ve come to the right place. You can save precious seconds by utilizing these quick and easy shortcuts to help you maneuver QuickBooks Online. We recommend printing this out and using it as a reference until you have the shortcuts memorized. Happy bookkeeping!
Open the Check window
Open the Expense window
Open the Estimate window
Open the Invoice Transac
You’ve finally made the leap to open your own business…now what? Before money can start flowing in and out, you need to set up a sound bookkeeping system to record and keep track of all the transactions.
Determine who will do your bookkeeping.
Will your bookkeeping be done in-house by an employee, or will you outsource to a certified bookkeeper? Compare the costs for hiring a part-time or full-time employee versus outsourcing. What you’re starting out with will greatly help determine. You may decide to do the bookkeeping yourself, until business picks up, at least.
Subscribe to a trusted software.
If you decide to keep your bookkeeping in-house, you will need to research reputable so
Bookkeeping is the process of recording transactions for a business or individual. Every successful business has a solid bookkeeping method that they maintain on a regular basis. Accurate and up-to-date bookkeeping records can help businesses make informed financial decisions for the short and long-term. There are many moving pieces to bookkeeping, so it can be easy to miss something or feel overwhelmed when you first start out. We compiled some of our favorite bookkeeping tips to help you this year and beyond!
Triple check your work.
Bookkeeping is all about accuracy! Double and triple-check each entry to make sure everything is correct. This goes for transaction entries, but also spelling. One mistake can throw off your books and create a hea
A new year many times brings new direction as we try to find new ways to live our lives! As a business owner, you have much on your plate - and most times, it seems to be overflowing. It’s hard to keep up with the day-to-day aspects of running a business while also implementing an overall strategy for the broad picture of your company’s success. This is where delegating tasks and creating a solid team of colleagues you can count on comes in handy. This year, it may be time to turn your bookkeeping over to a professional. Here are some signs it’s time to make the change…
Lack of time.
As a CEO, it’s normal to wear many hats. But, when you try to juggle multiple projects and areas of the business at one time, this is when
With a new year comes new dreams, plans, and opportunities! Take some time to reflect on the past year to see how far you’ve come, and then look ahead to the coming year to brainstorm where you’d like to go. A resolution is just a fancy word for a goal. What do you hope to accomplish this year? What about financially? There are some common financial resolutions that we can all plan to work on in the coming year…
Save more money.
This is a simple resolution that many of us have - make more money! This means you could find ways to cut back on expenses and save or you find new ways to increase your income. Working with a financial professional will help you decide if it’s better for you to save or add based on your specific situ
The end of the year is the perfect time to sit down and review your bookkeeping and finances. The idea of a fresh start for the New Year is exciting, but you can’t move forward without knowing where you currently stand. There are many items to review at year-end, but below are just a few big ones to consider before the ball drops marking the New Year!
Reconcile your accounts for the year and then review your current cash flow. Are things tight or are you comfortable with the current inflow and outflow of money? Depending on where you stand, you will need to adapt accordingly. This might mean analyzing reports to see where you can cut back expenses or finding alternative options that cost less money. To move forward confidently, you need to
Your bookkeeper isn’t there to just silently log your business’ financials - they’re there to be a guide for you and your business. Your bookkeeper can give you an inside look at the financial ins and outs of your business and provide valuable knowledge to help you make informed decisions. Take some time to talk with your bookkeeper to really understand where your business stands and where you may be headed by asking questions that provide important intel.
Where are we wasting money?
Your bookkeeper knows the financial ins and outs of your business. They become familiar with your spending habits, budgeting skills, cash flow management, and more - use this to your advantage. Ask your bookkeeper where you’re wasting money
With holiday shopping in full swing, don’t forget about your bookkeeper! But, you won’t need to bust out your checkbook or budget for this wish list. These are just a few simple ways you can strengthen your relationship with your bookkeeper and, as a result, strengthen your bookkeeping!
Keep your receipts.
Receipts come in digital forms, too! With how popular online shopping is, we’ve had to make the transition to digital receipts and documentation. When you receive an email regarding a purchase, forward this to your bookkeeper so they know to look for it in your credit card or bank statements.
Communicate the correct info.
When you begin to work with a new company or individual, or hire a
The biggest shopping weekend of the year is almost here - Black Friday, Small Business Saturday and Cyber Monday! With inflation on the rise, companies experiencing stock issues, and delays in shipping, it’s best to start your holiday shopping sooner than later. A great way to avoid a couple of those is to shop local and support small businesses in your community. Most of the items you find in major retail, super stores can also be found in mom-and-pop shops. Avoid the mass chains and try to support local businesses this holiday season!
Make the choice to shop small.
The first step is to make the active choice to shop at a small business over a chain. As soon as you make that decision and step foot into a small business or visit their website,
Believe it or not, the holidays are approaching and the best time to start creating your game plan is now! The biggest holiday weekend of the year will be here before we know it - Black Friday, Small Business Saturday and Cyber Monday. If you want to save money this holiday season, we have tips that should be easy to implement and even easier to save. It’s all about making a list and checking it twice - Santa is not the only one who should do this.
Make a list.
Really! And check it twice. Yes! Creating a game plan before you head out to start shopping is the best plan. This way you have an idea what you’re looking for and the expected pricing. This also helps greatly with staying within your budget (which you should set and stick wi
How much do you actually know about being a bookkeeper? Although your bookkeeping is the backbone to your business, you probably have never wondered about it. There are some common bookkeeping myths we’d like to bust and facts we’d like to share so you can better understand the act of bookkeeping and being a bookkeeper.
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 then execute. There are many trainings and classes available, so make sure you do your research before pursuing the first course you find.
Certifications put you ahead.&nb
There are plenty of ways to celebrate Halloween and Spooky Season, but remember to keep the scaries out of your bookkeeping! Dust those cobwebs off your books and get ready for some treats. Be sure to avoid these five common bookkeeping spookies…
It happens to the best of us - sometimes you’re so in the zone that you don’t notice you’re entering the same information twice. Being thorough is best, but be sure not to over-add to your books.
It’s important to be as thorough as possible. Your books are only as helpful as the information they possess - feed your books as much info as possible. The more details, the better. Missing information can lead