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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 receipts@quickbooks.com, 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. 

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 just give you the boost you need. 

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. 

Track your cash. There is no way to track the cash you spend unless you do it yourself. Make sure you keep receipts when cash is spent and log them that day or the next so your books are as accurate as possible. 

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 something. It’s not uncommon for someone’s social media accounts to be hacked. 

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. 

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. 

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. 

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?

• No → Do not issue 1099
• Yes → How was it paid?
  • PayPal or Credit Card  (PP or CC)
    • Yes → However, you do not have to issue the 1099, PP or CC will issue it.
  • From Your Bank Account via Check, Bank Draft or Debit Card
    • Yes → Issue 1099
    • No → Is the vendor a corporation (either C corp or S corp)?
      • No → Issue 1099
      • Yes → Do not issue 1099

Services → Did you pay over $600?

• No → Do not issue 1099
• Yes → How was it paid?
  • PayPal or Credit Card  (PP or CC)
    • Yes → However, you

It’s a new year and it’s time to stop messing around. Your bookkeeping is being pushed to the side while you focus on other aspects of your business. Or maybe you don’t have enough work for your current bookkeeper, or you don’t have the funds to pay an employee to do your books. Whatever the reason, it’s time to act on this with a suitable solution: outsource. Why? Let’s discuss why outsourcing could be the best option for your bookkeeping. 

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 is just around the corner! If you pass off your taxes to your tax preparer, whoever it may be, then you may not be aware of all the information your W-2 holds. Since this information pertains entirely to you, we encourage you to become familiar with the basics. Grab an old W-2 from past years (yes, you need to save these) to use as a reference. It may look intimidating, but everything is broken down very particularly and you’ll have a basic understanding of it by the time you’re finished. 

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, banking information, and records of any purchases. 

Part of running a small business is making, sending, and receiving invoices. It’s like a paper trail of exchanged goods and/or services during a set period of time, almost like a receipt. The invoice lists the services completed or goods sold (or in the works), and how much is owed by the person who purchased from you, a.k.a. the buyer.

Your invoice should contain some basic components like the word INVOICE at the top; personal information,including your name/company name, address, email address, and phone number so the buyer can reach you; an invoice number to keep accurate records of invoices and when goods or services were exchanged; the date of the sold good or service; a description of the good(s) or service(s); andother helpful informationlike quantity ordered and the grand total of their order (including any taxes or discounts specified). 

QuickBooks Online and Desktop both offer their own payment center that helps you better navigate that portion of your business. Here you can track your income and expenses, organize receipts, send invoices and accept payments, track sales and sales tax, and run basic reports. If you have both a QB account and a Payments account, you can sync the two for added ease. Let’s discuss what kind of features you’re going to benefit from by using this software.