I have the words “Get a FREE Review of Your Books” plastered all over my website, but what does this mean? What do you GET with a free review of your books? What IS it? These are the steps to my onboarding process to help you understand what a free review of your books is, and …
With just about every tax/money question that you may have, the answer is: it’s complicated. To make things easier, I’m going to share the system that I use to determine who needs a 1099: Step 1 Go through your books and make a list of all of the people that you paid more than $600 …
A Profit and Loss Report can help you see the state of your income and expenses. A Profit and Loss Report is set up as follows: Income – Cost of Goods Sold —————————– Gross Profit – Expenses —————————– Net Income (Loss) Let’s say you sell hairbows, and you brought in $4,000 last …
You can use this simple equation to see how much Equity you have in your business! Don’t worry, it’s not as complicated as the picture! 🙂 The Accounting Equation is this: Assets = Liabilities + Equity Assets are what you own. Most of the time, assets are tangible, physical items, like cash, cars, land, and equipment. Intangible …
It might save you money on your taxes! If you own a LLC, you might be able to elect S-Corp status for filing your taxes using Form 8832. (If you own a Sole Proprietorship, you may have to become an LLC with your state first in order to file this form.) Unfortunately, there is no hard …
Do you want to hire, but are unsure of what the process looks like? Don’t get bogged down by the big picture. Like all things, the process starts small and can be broken down into manageable steps. 1. Get a FREE Review of Your Books If you have a set of books already and are unsure …
Would you like to see some behind-the-scenes bookkeeping? The Chart of Accounts is a list of all of the different categories that a transaction can fall under in the business. Each business’s chart of accounts looks slightly different, and is tailored to that business’s specific needs. Usually, an account in a business’s chart of accounts …
You need a bookkeeper because your time is too valuable to be spending on your books! You have clients that need to be served! You may employees that need to be managed! You have a life OUTSIDE of work that needs your attention! You’re juggling a lot of balls in the air! Most people realize …
Would you like a simply way to calculate your Profit/Loss? Net Profit Calculator Download Calculating your own net income is a trick every entrepreneur should have in their back pocket. It can help you know how to budget for upcoming months, which months do better than others (if your business has busy seasons), and how …
Want to know what is inside “D.I.Y. Bookkeeping?” Here’s a look at the Table of Contents! I’m Glad You’re Here! The Accounting Equation and Double-Entry Bookkeeping The Chart of Accounts Karen’s October Transactions The Profit and Loss Report The Balance Sheet Karen’s November Transactions and Reports Answer Key Records, Receipts, and Randoms* BONUS Chapter: Debits and …
