Category Archives: Accounting

Do You Have to File 1099’s by January 31st?

Are you required to file 1099’s or other information returns?  Here are some helpful tips from the IRS website to help you stay in compliance and avoid penalties, which start at $50 for each form you fail to file timely, … Continue reading

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Why is Monthly Bank Reconciliation so Important?

While reviewing a QuickBooks file recently, I checked the monthly bank reconciliation, and noticed it wasn’t prepared.  It turns out that my client was clicking everything in the register to check off the items as cleared, and didn’t actually make … Continue reading

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Boost Your Accounting Know-How with These Terms

Outsmart your accountant (well, not me) and other financial friends with these accounting-related definitions: Fiscal Year Most companies report their results on a calendar year, from January 1 through December 31.  Some companies use a different year for reporting, and … Continue reading

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Get Finance-Savvy with 10 Accounting Terms

It’s good to know some basic accounting terms, and here are ten terms with friendly definitions for your review. Asset:  Essentially, assets are what you own.   These include your bank accounts, business equipment, and even the amounts that customers owe … Continue reading

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QuickBooks Reminders Prevent Problems

Preserve your relationships with customers, vendors, and others by setting up reminders in QuickBooks. How many calendars do you maintain? Many businesspeople have more than one. Maybe you use a web-based or desktop application like Google Calendar or Outlook for … Continue reading

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Three Costly Accounting Mistakes to Avoid

Small business owners have a lot on their plates, and time simply does not allow you to become an expert in all the areas required for running a business.  Here are a couple of common mistakes that we see all … Continue reading

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The Best Payment Terms for Faster Cash Flow

A great way to speed up your cash flow is to get paid faster by customers who owe you money.  One way to do that is to examine your payment terms to see if you can accelerate them.  First let’s … Continue reading

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Does Your Accounting Department Have Holes in It?

You’ve got someone to do your federal and state income tax returns, and you have a bookkeeper.  So that’s all that a small business needs when it comes to having an accounting department, right? Wrong. Large companies have many functions … Continue reading

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The Short and the Long of It

The balance sheet is one of the main financial reports for any business.  Among other things, it shows what a company owns, what they owe, and how much they and others have invested in the business.  One of the characteristics … Continue reading

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Make Your Preferences Known in QuickBooks

QuickBooks is ready to use when you install it. But you can change its settings to make it work the way your company needs it to. There are some features that all small businesses need in their accounting software. Everyone … Continue reading

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Creating Item Records in Quickbooks

Accurate, thorough item records inform your customers and help you track inventory levels correctly. Whether you’re selling one-of-a-kind items or stocking dozens of the same kinds of products, you need to create records for each. When it comes time to … Continue reading

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Five Ways to Streamline Data Entry

Are you manually entering data into your accounting system?  If so, there may be a way to enter that data that’s faster, cheaper, and better.  Data entry automation has come a long way.  Here are five common ways to automate … Continue reading

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Do You Have a Revenue Plan for 2015?

A great way to start the new year is to get clear on exactly how you can make your revenue goal number.  A revenue plan is the perfect tool.  You’ll need to be proficient in Excel, and if not, you … Continue reading

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What Is Real-Time Accounting (and Why Should You Care)?

Real-time accounting is when your books are caught up to the present and you know exactly where you stand with your account balances, revenue, and profit. It’s truly doing your accounting in real time. The opposite of real-time accounting is … Continue reading

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Navigating Nanny Taxes and Household Payroll Compliance

Time is precious for most of us these days, and often, we need help at home so we can have more time to run our businesses or careers.  That may mean hiring help for personal tasks such as caregiving for … Continue reading

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How to Read Your Balance Sheet

The Balance Sheet is an important report in your business’s financial statements.  Most small business owners are unsure of what all of the numbers mean on this report, so let’s see if we can shed some light on what they … Continue reading

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Customize QuickBooks’ Reports, Make Better Business Decisions

QuickBooks simplifies and speeds up your daily accounting work, but you’re missing out on valuable insight if you don’t tailor your report data. Do you remember why you started using QuickBooks? You may have simply wanted to produce sales forms … Continue reading

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Is There an App for That?

The technology side of the accounting industry is rapidly changing and expanding.  Literally hundreds, if not thousands of new companies and new software applications have sprung up to help small businesses automate their processes and save time and money.   … Continue reading

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Shortcut Your Management Time with Exception Reporting

  Do you spend a lot of time reviewing stacks of reports each month so you can get the information you need to make decisions?  Do you find out after the fact that something went wrong in your business and … Continue reading

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Six Common Payroll Mistakes to Avoid

Getting payroll done has gotten so much easier than it used to be for small business owners.  But there are still some minefields when it comes to state and federal compliance.  We’ll take a look at six of them in … Continue reading

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Summertime Strategies for Your Business

Summer is a great time of year for most businesses to pause for just a little while to take stock, congratulate yourself on what you’ve accomplished so far this year, and make big plans for your future.  Here are five … Continue reading

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Is it a Business or a Hobby? 9 Questions to Ask

The IRS takes the distinction very seriously. Many small businesses start out as casual pastimes. You help troubleshoot your friends’ computer problems in your spare time, and they start telling their friends and business contacts about you. Or you use … Continue reading

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8 QuickBooks Reports That You Should Be Running Regularly

QuickBooks provides dozens of customizable report templates. You know when you need some of them, but which are musts? You send invoices because you sold products and/or services. Purchase orders go out when you’re running low on inventory, and there … Continue reading

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Haven’t Filed 2013 Taxes Yet? 5 Tips

You had good intentions, but you just couldn’t pull it together in time. Here are some suggestions for dealing with delinquent taxes. One of the problems with waiting until the last minute to prepare and file income taxes is that … Continue reading

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Five Ways to Go Green with Your Accounting

With St. Patrick’s Day and spring arriving, March is a great month to have “green” in your mind.  There are green shamrocks, green beer, the green of new vegetation, and there’s even green accounting, too.  Here are five ways to … Continue reading

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How to Avoid Seasonal Bumps in Your Cash Flow

Many businesses operate with seasonal peaks and valleys.  Retail stores just completed their busy holiday season.  Construction contractors are busy when the weather is good.   Accountants are very busy from January through April, but also experience a quarterly peak in … Continue reading

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Is Your Business Using the Right Accounting System?

Have you ever tried on a shirt or jeans and found they didn’t fit at all?  They looked great on the hangar, but that was the end of it.  Accounting systems come in all sizes, shapes, and colors just like … Continue reading

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Make QuickBooks Yours in 2014: Customize

QuickBooks can be used as is (with some exceptions), but you can customize many elements to improve your workflow, your form output and your business insight. While many of the things you purchase and use in your daily work and … Continue reading

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8 Things You Should Know About IRS Audits

Yes, the word strikes fear in every taxpayer’s heart. Here are the basics. You may know someone who’s been through an IRS audit. You’ve at least heard that it can be a grueling, complex process. But how much do you … Continue reading

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Five Fall Projects to Refresh Your Financial Results

  Five Fall Projects to Refresh Your Financial Results  As we move into the fall season and the final quarter of the year, it’s a perfect time to commit to a project in your business that will help you reach … Continue reading

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Five Fun Things to Add to Your Invoices

Five Fun Things to Add to Your Invoices When it comes to marketing, the company invoice might be the last thing you’d think about.  But think again:  it’s a great place to make every attempt to get paid faster and … Continue reading

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25 Accounting Terms You Should Know

It’s back-to-school time. Why not take a page from the kids’ books and do some learning of your own? QuickBooks is easy to use, intuitive and flexible. But it is not an accounting manual or class or tutorial. If your … Continue reading

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Do You Know Your Small Business Vitals?

Do You Know Your Small Business Vitals?  On a doctor’s visit, the first thing the nurse does is take your vitals:  your temperature, blood pressure, pulse rate, and respiration rate.  These basic measurements are the first place doctors look to … Continue reading

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QuickBooks’ Custom Fields: On Overview

Part of QuickBooks’ popularity comes from its flexibility. Here’s a look at how custom fields contribute to that element. The beauty of QuickBooks is that it can be used for so many different kinds of businesses. Its smart design lets … Continue reading

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What Does Popeye Have to Do with Accounting?

What Does Popeye Have to Do with Accounting?  You might have heard the terms “cash basis accounting” or “accrual accounting.”  Your net income number can change depending on which method your books are set up for.  Here’s a simple explanation … Continue reading

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Mobile Accounting

Mobile Accounting  If you are the type of person who loves mobile apps, texting, and getting your email on your phone, then you’re in for a treat: accounting has finally come around to your smartphone.  Here are a couple of … Continue reading

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Budgeting Breakthrough

Budgeting Breakthrough When you hear the word “budget,” what do you think about?  Most people would say something similar to “Ugghh!” If you would rather do just about anything besides create a budget, you’re not alone.  The word “budget” brings … Continue reading

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Receiving Inventory With or Without Bills in QuickBooks

When your goods come rolling in, be sure to document them correctly. You’re probably happy to see couriers delivering inventory items you’ve ordered since it means you can ship to customers, but recording the new stock means yet another repetitive … Continue reading

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Need an A/R Makeover? A Quick, 5-Item Best Practice Checklist

Technology has allowed businesses to make substantial improvements in their customer invoicing processes.  The good news is that when you implement these technologies, you will almost always get paid much faster.   If it’s been a few years since the … Continue reading

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10 Tips to Perfect Check Printing in QuickBooks

Be sure that you’ve established all the right settings and understand the process.   If you used small business accounting products in the early days, you know how frustrating it was to print checks correctly from your software. Pre-printed checks … Continue reading

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Does This Icon Make Me Look Fat?

Does This Icon Make Me Look Fat? Spring is a good time to clean up and slim down QuickBooks and its data.

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Travel Expenses Too High? Revisit the Tax Rules

You know that your travel expenses are excessive, but you don’t know how to rein them in. Here’s a brief refresher. Business travel expenses are often a necessary evil, especially if your company’s sales reach spans the globe. Services like … Continue reading

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What is Cloud Accounting?

  One of the most exciting changes in the accounting industry is cloud accounting.  The concept is easy to grasp:  cloud accounting simply puts your accounting system in a private space online so that it is fully accessible to you … Continue reading

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Five Ways to Protect Your Cash

As entrepreneurs, we work hard for our money, and the last thing we need is to have it disappear due to fraud, hackers, or identity theft.  Some people have called 2013 the year of the hacker, which is worrisome.  But … Continue reading

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Is 2013 the Year You Finally Go Mobile With Financial Data?

  Figure 1: You can see this screen no matter where you and your smartphone are – Android is pictured here.  Using QuickBooks Mobile, you’ll improve business relations, put out fires before they start and unchain yourself from your office computer. … Continue reading

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Planning for an Awesome 2013

For business with fiscal years that coincide with the calendar year, the slate of revenues and expenses will be wiped clean on New Year’s Day. Starting with a clean slate gives us a chance to reflect on our 2012 results … Continue reading

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Seven Year-End Adjustments to Make to Your Books

Year-end is coming up for many businesses, and it’d be nice to know what your final revenue and profit numbers will be for the year. Before we can calculate these key numbers, there are year-end adjustments that may need to … Continue reading

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Say Goodbye to 2012 and Ready QuickBooks for 2013

End of the year. QuickBooks has been hard at work for the past 11+ months, recording and tracking and storing all of that financial data that you’ve entered so faithfully.

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Is Your Business Missing an Accounting Skillset?

Is Your Business Missing an Accounting Skillset? In a small business, the owner ends up wearing many hats to get the product or service delivered, the customers served, and the accounts settled. Within each functional area of a small business, … Continue reading

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Employee Retirement Plans: A Win-Win Situation

Clearly, your employees are winners when you sponsor a retirement plan. But there are advantages for you, too. A few decades ago, many employees could look forward to comfortable retirements. Interest rates on savings vehicles were high. Pensions were well-funded. … Continue reading

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QuickBooks 2013 Gives You a Reason To Upgrade

Tired of QuickBooks’ cramped, claustrophobic screens and uneven interface? You’ll be pleased to see the 2013 version.    You chose QuickBooks for a variety of reasons,   a major one being its simplicity and usability.

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QuickBooks Payroll Runs: Easy, Fast, Accurate

  If you’ve already set up your QuickBooks employee and company payroll files, the hard part’s over.   It’s not just a catchy ad slogan: It’s true. Unless you have dozens of employees or numerous exceptions each payday, you can … Continue reading

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