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
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.
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.
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.
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?
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.
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.
Soon the ball will drop and we’ll be ringing in 2020, another year of opportunities, goals, and challenges. Before we celebrate this blank slate of possibility, let’s wrap up this past year nicely, typing up any loose ends. Some things to review when looking back on the past year:
Review Your Goals
Pull out your goals from the beginning of the year and review one-by-one. This includes both financial and otherwise. What steps have you made toward them? Have any been accomplished? Now look at the future year ahead of us. What would you like to rollover and continue? What are some new dreams?
Your company’s payroll is not something you should take lightly. There are rules and regulations that you and your payroll solution must follow to avoid getting into trouble. The new year is a perfect time to change up your payroll solution if you’re unhappy. Contact Skynar Bookkeeping for our advice on the best payroll solutions out there, and we’ll set you up free if you start a new payroll subscription in January, a fee that would otherwise cost $500.
Tax Season comes around every year, yet people still always scramble come mid-February when filing has taken way like they had no idea it was coming. This tax season, that won’t be you. Follow our simple steps for preparing to file taxes - what to do before you file for an easier experience while filing.
First and foremost, you’ll want to schedule an appointment with your tax preparer, whoever it may be. If you don’t have a tax preparer, reference our blog on how to find a reputable tax preparer you can trust. Once your appointment is scheduled, it’s time to turn to your important documents. This includes any documents that track your income, personal information,
Running a business doesn’t mean sitting in a chair 24/7. We know some days you’ll be cool, calm, and collected, while others you’ll be running around like a chicken with your head cut off. You’re up and moving, and you need your resources to be, as well. Accessing QuickBooks on-the-go is not something you need to worry about. We’ve got you covered with three recommendations on how to safely and accurately open and edit your books from anywhere, at any time.
The software programs Quicken and QuickBooks have a couple things in common, including being founded by Intuit and beginning with the word “Quick.” However, the similarities end there. Let’s discuss the differences.
Quicken was released in 1983 as a personal management tool for individual users. It uses the single-entry accounting method and assists with your personal accounting needs, like recording your transactions. It categorizes your expenses to show where your money goes, and has budgeting features to help you take control of your finances. There are a variety of Quicken software programs available: Starter, Deluxe, Premier, and Home & Business.
Have you considered outsourcing before? If not, don’t dismiss it just yet. Outsourcing is a convenient, effective way to make sure the work for your business is getting done and being done well. You can rest easy knowing you’re handing your work off to someone who is an expert in the field. When exactly is the right time to outsource your bookkeeping? You’ll find the answer in your own day-to-day work life.
While running a business, you may run into the issue of one of your vendors not receiving your payment, although you sent it and it was deducted from your bank account. Regardless, where the money went, your vendor wants to be paid. Here’s how to make this work in your books so they don’t turn into a disaster.
Let’s say your vendor is Ashley’s Apples. Pull up their information via the Vendors tab in QuickBooks. You’ll see in your records that the $500 payment you made ACH (Automated Clearing House - basically, they take care of transferring mass amounts of money for vendor payments, payroll, and direct deposit) and that Ashley’s Apples never received it. Your bank register says the money was cleared from your account, so voiding the check isn’t an option.
Let’s talk about the difference between accounts payable (A/P) and accounts receivable (A/R). It’s easy to get these two confused, but they’re important components to your books. They’re the primary indicators of the financial health of your company, which means they’re constantly changing to keep up with all the moving pieces. Let’s focus on the basics.
Account Payable is a company’s liability account where they record the amounts they owe to vendors or suppliers for their goods or services the company received on credit.
Accounts Receivable is a company’s current asset account where they record the amounts they have a right to collect from customers who have pur