You aren’t ready to hire a bookkeeper, but those books still need to be done! What can you do? If you need help with setting up a software like Quickbooks and doing your books there, I wrote a book called DIY Bookkeeping to help business owners who are just starting out. But what if you …
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 …
It’s difficult to decide how much to pay the people on your team. While there are minimum wage requirements, most of the decision is up to you. The idea is to find a sweet spot where you aren’t paying your team too little or too much. Too Little You want to pay well so that …
So you have a business idea, and you looked it up on the Internet to see if it’s a good idea or not. What you found was that not only was it a good idea, but it may be TOO GOOD of an idea, because EVERYONE is doing it! Don’t be discouraged! There is ALWAYS …
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 …
Are you shopping around for a POS system? Here are some links to the most popular systems on the market right now: Square: http://squareup.com/us/en Stripe: http://stripe.com/ Clover: http://www.clover.com/ I have had clients that use all of these systems and love them! There are also several POS systems that are tailored to specific industries. For example, I have a …
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: …
I LOVE Mike Michalowicz, but I don’t think he’s infallible. I think it’s important to note that before moving forward. For instance, I think Profit First, the Pumpkin Plan, and Fix This Next are pure gold. I have all three on audiobook and have listened to them more than once. Each time, I make sure I …
Get Different by Mike Michalowicz: An Honest Review Read More »
How often you pay other people is completely YOUR decision… … however, it is best to pay them on a predictable schedule that best fits YOUR business’s situation. You need to make sure that you are going to have enough money to in the bank to pay your employees/contractors. You don’t want to be scrambling …
How Often Should I Pay My Employees/Contractors? Read More »
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 »
