You know money is coming in, but is your business financially healthy? Can you afford to take risks to move to the next level? In order to know the financial health of your business, you need to look at certain reports: Balance Sheet The Balance Sheet will show you the balances in your accounts at …
If you are a product-based business, it’s important to keep up with inventory for your tax returns. Because of the relationship between Inventory and Cost of Goods Sold, the bottom line of your business (the amount you have to pay taxes on) is directly affected by the value of the inventory you still possess. Here …
If you expect to owe money on your tax return, you should pay estimated taxes. If you don’t, the IRS can fine you on the money you owe, causing you to owe EVEN MORE money, which we don’t want at all! The IRS likes for you to pay by quarter. Here are the due dates: …
This is a great thing to consider! You want to be able to pay yourself, but you don’t want to be transferring money back and forth all of the time trying to cover expenses either. So how much should you keep in your bank account? The principle I recommend is to keep enough to cover …
How Much Money Should I Keep In My Bank Account? Read More »
Unless you ARE a bookkeeper, you will need to hire one at some point in your entrepreneurial journey. As you scale your business and your specific skill set is needed for more and more of the workweek, you’ll have less time for admin duties such as bookkeeping. When is a good time to take that …
You may have read that I am a QuickBooks Online Certified ProAdvisor. But what does that mean? When I began my bookkeeping business, I took the certification test that QuickBooks offers to prove that I not only know how to do bookkeeping, but I also know how to navigate their software. In taking the test, …
What is a QuickBooks Online Certified ProAdvisor? Read More »
Short answer: NO! 🙂 Long answer: So, you’re thinking you want to own your own virtual bookkeeping business. You have heard about Bookkeeper Business Launch (BBL) and Ben Robinson, and aren’t sure if you should take the leap and purchase the product. Here’s what I have to say about it: I purchased BBL in April …
Spoiler alert!! The quick answer is BOTH! Both bookkeepers and CPAs bring a specific set of skills and expertise to the table. You and your business will benefit from having both in your corner. Bookkeepers Bookkeepers are a lot like nurses. It’s true, we don’t have the same level of education that CPAs have. But …
If you sell products, you know that your profit is more than just the money that comes in. You have to subtract the amount that it cost YOU to have that product from the amount the customer pays you. How does this work from an “accounting” standpoint? Here’s a quick scenario for you: Let’s say …
How Does the Inventory and Cost of Goods Sold Relationship Work? Read More »
Does this scenario sound familiar to you? You need help with your books. They are a mess. You got busy running your business, doing marketing, filling orders, making sales… and the books were left for future-you to worry about. So you set aside a Saturday and get to work. You’re in your accounting software, making …
What If I’m Embarrassed To Have A Bookkeeper Look At My Books? Read More »
