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Budgeting is just another component of running a business. Not only do you need to know where your money is coming and going, but you should have limits so you only spend within your means. Budgets encourage accountability and responsibility. QuickBooks, the number one accounting software for small to midsize businesses, makes budgeting a breeze with a built-in tool for your convenience on both the online and desktop versions of their software. Let’s get started!

QuickBooks Desktop

Once you are logged into your QBD account, go to Company > Planning & Budgeting > Set Up Budgets. From there, update the year you are budgeting for and choose your budget type. The two budget types are Profit & Loss or Balance Sheet. Normally, a Profit &

Whether your small business remained open during the COVID-19 pandemic, if it’s just now re-opening, or somewhere in-between, it seems all are trying to find ways to save some money. Believe it or not, there are some simple yet effective ways small businesses can save. It’s important to have up-to-date and accurate bookkeeping records so you know where you can make changes and then notice the impact of their savings.  

Outsource. 

Rather than onboarding a new employee, offering benefits, and training, consider outsourcing when possible. This cuts out payroll costs, which accounts for roughly 70% of a business’ expenses. By keeping your payroll costs low, you’re saving money. Outsourcing will typically be a lower cost

There are certain relationships in your life that need to be solid, reliable, and consistent - like the one with your bank. If you’re not happy with your current bank and are looking for alternatives, there are some questions to keep in mind while you research. Some common reasons people switch banks are poor customer service satisfaction, lack of account types, and outdated online banking tools. 

Some banks require account minimum balances or minimum deposits. Before closing your account at your current bank, be sure to find out the minimum account balance needed to avoid fees. If you’re required to maintain a minimum balance or deposit, this may not be feasible. If this is an account you use regularly to pay bills and make everyday purchases, it’s not exa

Fraudulent scams and hackers are not going away any time soon. If anything, they’re adapting with the changing times, becoming more stealthy with our modern technology. How can you protect yourself or your business from scams and hackers? It may seem like a big feat, but can be done with a few simple precautions that will help keep you and your information safe and protected. 

• Don’t share your personal information with anyone.

This includes your PIN, passwords, Social Security number, and other confidential information. Keep your personal information in a safe space, if written down, and do not share your personal information with anyone. This is very sensitive information that is unique to just

We say it time and time again - it’s vital to reconcile on a regular basis! But, what does that really mean and how do you reconcile? And, why bother?

To reconcile, in accounting terms, means you compare two sets of reports to make sure the numbers match up. This involves your internal bookkeeping records and your bank account, credit card statement, or similar. It’s a simple process of verification, but can be a huge life saver. You should get in this habit of doing this - you’ll catch mistakes sooner and be able to adjust accordingly quicker. 

Reconciliation should happen on a monthly basis since most statements arrive monthly. This is also a short enough amount of time that if things don’t align, you will be able to fix them without too many

Your bookkeeping can uncover essential information about your business, but you need to know where to look and how to find it. If you choose not to utilize your books as a tool for your business, you’ll likely notice the negative effect over time. Think of your bookkeeping as the eyes for your business - without it, you’ll be moving forward blindly. 

First and foremost, your bookkeeping is a journal for your business’ transactions. All the in’s and out’s of money should be recorded on a daily basis. Being able to see exactly where your money is going and where it’s coming from are incredibly helpful when it comes to having conversations about cutting costs or investing even more into something. There are multiple reports you can run that w

Spring is in full bloom and the summer months are upon us! Our list of things to do seems to get longer and the days become busier. It’s only normal for some things to eventually slip through the cracks, but your bookkeeping cannot be one of them. Outsourcing is a great way to ensure that your books are completed and accurate at all times, while also not having to think about it at all! Not convinced? We have some more reasons outsourcing may be right for you…

Pass it off to an expert. 

Passing off your bookkeeping to an expert will have you resting easy, knowing your books are in the right hands. Rather than hiring an employee who may need to be trained, you can work with a knowledgeable expert who will be ready to get started. By using

It’s been about one year since the COVID-19 pandemic took the world by storm and turned everything upside down. Life changed as we knew it, and we all were frantic to adapt as quickly and efficiently as possible. Many businesses closed for good while others switched to remote work. We’ve discovered some ways that help keep us and our team motivated during these work-from-home days. We wish you luck finding the right method that makes your remote-work days as productive as possible! 

Hold each other accountable. 

Keep communication open with your team, hold regular meetings, and be supportive of one another. It can be hard to motivate yourself when working remote, so try pushing and motivating your team to crank out their tasks for the

When is the last time you checked in on yourself? It’s easy to get lost in the day-to-day of working or running a business, but make it a priority to check in on yourself on a regular basis - daily, if needed. Hold yourself accountable, ask yourself where you can improve, and establish both short and long-term goals to work toward. What’s most important is to be honest with yourself in order to set yourself up for both progress and success - self-reflection is an essential part of continuing to grow. 

Whether you’re a business owner, employer, or employee, there are some questions you should challenge yourself with on a monthly basis…

1. How much effort do I put in on a daily basis? Am I constantly working at

Part of being an owner and running a business includes spending your own hard earned dollars. It’s a fact of entrepreneurship - you’ll likely have to make capital contributions. But, how should you record this in your books? It’s vital that you record it and record it correctly. We’ve had many clients ask us about this, so we made a tutorial to help make the process easier. 

How to Record an Owner’s Equity Contribution:

Go to Record Deposits. 

Select the correct checking account. 

Select the date of the transaction. 

Select the correct owner who contributed the money (this is very helpful if you have multiple o

When you run a business, it’s easy to categorize everything as an expense or an asset. But, when it comes to your employees, it’s important to not treat them as a number on a spreadsheet as you would a bill or income. Employees are your company’s greatest asset, yet many companies fail to treat their employees as more than an expense. Ask yourself how you view your employees, or if you’re employed, ask yourself how you feel treated by your employer. 

Happy employees go hand-in-hand with happy customers or clients. Poor customer service can typically be linked back to poor company culture. The way you treat your employees, or the way they feel treated, plays a huge role in shaping your company culture. You can create an open and welcome atmosphere or a

Spring is in the air! The birds are chirping, the weather is getting warmer, and your books are probably lacking the attention they deserve. The week following the first day of Spring is known as National Spring Cleaning Week, and that also applies to your books. Block of some time on your calendar, grab your favorite go-to drink, and get ready to organize until your books are spotless!

Log & throw out receipts. 

First, grab that pile of receipts you’ve been collecting and start logging each transaction. Double-check for accuracy and attach as a file, if possible. QuickBooks allows this feature and we can say from our own experience that it’s incredibly convenient. Once every transaction is accounted for, get rid of that pile so you ca

Things have been going digital for years now, but since the COVID-19 pandemic hit about a year ago, things have dramatically turned virtual and many businesses continue to run in a purely remote form. In-person events aren’t as common as or as safe as virtual calls, but they were the heart to networking. Now what? How do you make new connections? 

Consider joining your local Chamber of Commerce. These organizations have done a great job of converting over to purely virtual events that meet weekly or monthly. They usually have multiple groups available. There is an annual fee to be a part of your local Chamber, but ends up being well worth it. 

Be active on your social media, especially LinkedIn. Build up your online presenc

The first Friday of every March is Employee Appreciation Day! And, this year, we thought we’d stress the importance of not only having employees, but appreciating them for their work and what they do. We always say the backbone to businesses is their bookkeeping, but just after that is their team. Below are some ways to extend the appreciation to your employees on the regular...

Don’t forget to give kudos. 

We all like to hear we did a job well done. Kind words and acknowledgement of your employees’ hard work, time, and effort can go a long way. If you don’t voice it, they will never for certain that you appreciate their work. The day-by-day can get chaotic and busy, but don’t forget to stop and give some kudos every once

Unless you’re a qualified bookkeeper or certified accountant, you may not know all the ins and outs of bookkeeping. There’s plenty to be done, but when should you do it? We often say things like, “reconcile regularly,” but what does “regularly” actually mean? How often should you really be doing your bookkeeping? Some tasks need to be done on a daily basis, while others can be done monthly or quarterly. Let us help break it down for you…

Daily

• Check in on your cash. Know how much you have available at all times. This is the fuel to your business. 
• Stash away any receipts or important documents from the day in a place you will be able to reference them late

It’s always important to have your guard up during tax time, as that seems to be when the hackers come out to play more often. Your most confidential and sensitive information is on your tax documents - be sure to be smart with who you give your information to and how. Always be on your toes when it comes to handing out personal information and never click links to sites you’re unfamiliar with. 

Phishing

This is one of the most popular forms of scam - sending out fake emails that look real and include links to fake websites that merely steal your information once you click. These emails usually use relevant keywords to catch your attention. This year, there are a lot of scams with “coronavirus,” “COVID-19,” and &ldq

It's important to appreciate our clients and customers. Without them, we wouldn't be able to do what we love every day! Add customer appreciation to your priority list this year. Keeping current clients happy will pay off in the long run for so many reasons - the obvious being that you'll retain current clients, which as a result increases their lifetime value. Marketing to existing clients can actually be a cheaper way to generate revenue since you already have an established relationship with them. Now, how exactly should you give clients appreciation? Depending on your business, you will have differing options, but some common examples are below...

Check in regularly. 

Giving your clients the time of day is really as simple as it gets! Be there for

Your relationship with your bookkeeper should be a two-way street, a process of give and take, and communication plays a huge role in the success of your bookkeeping. When you first start working together, make sure you establish how often you’ll communicate and the most common method (email, phone, in person, virtual meeting). Having a bookkeeper doesn’t mean you can wipe your hands of your books, there is a role you play as a client to ensure the completion of your books. 

Provide all the info. 

Your bookkeeper can only work with what you give them, so make sure they have all they need! This includes your company’s bank account information, a list of your assets and liabilities, access to your payroll system, any tax documents

As they say, knowledge is power, so it only makes sense that the more you know, the more powerful you become! Bring that knowledge and power over to your books, even if you’re not the one working on them every day. We’ve compiled some accounting and bookkeeping terms that are commonly used but may not be commonly known. You should know what your books and your accountant are telling you, and that starts with breaking down some of the key terms. If you run into a term you’re unfamiliar with, always ask your accountant. 

Accounts Payable

A/P includes all of the expenses that a business has incurred but not yet paid. This is recorded as a liability on your Balance Sheet, since it’s a debt owned by the company. 

Whether you’re thinking of switching bookkeepers or taking the leap to outsourcing, it’s important that you’re asking the right questions along the way. Be open and honest about your needs and expectations, and take plenty of notes to look at later. Remember that while you’re testing to see if they’d be a good bookkeeper, they’re always testing to see if you’ll be a good client! Bookkeeping is a two way street that requires an understanding and open communication between client and bookkeeper. Don’t overthink the process, but also be sure to look at all your options. Some questions to ask...

What is your experience and your qualifications?

This should come as a no brainer, but you’d be surprised. Ask yo

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. 

De

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. 

“Good” Debt 

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! 

2. They’re

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! 

Shop local. 

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