As a business owner with a set of “books”, you’ve probably come across this thing called the “Chart of accounts”. What is this, and why is it so critical to consider? So here’s the skinny: the chart of accounts is the literal backbone of your business bookkeeping. (Psst, your books are the backbone of your …
Simply: the secret to managing cash flow in a business. When a business takes every dollar that comes in and assigns it a job, amazing things start to happen. There are so many ways to do this, but that is not what this blog is about. What we get asked most is how to establish …
When it comes to managing our finances, taxes play a significant role in determining our overall financial health. As taxpayers, we often seek ways to minimize our tax liability legally. Two common strategies used to achieve this goal are capitalization and deduction. In this blog post, we will explore the differences between capitalization and deduction, …
When building a business, this is one of the questions many business owners must deal with on day one. It’s like asking a four-year-old how they like their coffee. It’s a sad truth that life isn’t fair and most new business owners have never been taught the finer points of what cash vs. accrual really …
Everyone talks about how bookkeeping is a great way to prepare for taxes. That’s the first thing people think of when they think of “bookkeeping”. Ok, true. Having sound accurate up-to-date books certainly gives you a leg up for tax time. Having a valid Profit & Loss statement gives the accountant information that will streamline …
5 DOs and 5 DON’Ts of the New Fall Season Fall officially begins this week and there are some key housekeeping things, fall cleanup if you will. DO keep an eye on your balances. DON’T assume that all your bills are on your budget. DO review your savings. DON’T give in to panic and spend …
…no, that’s not a typo. September (unbeknownst to me at least) is Self-Improvement Month, Disaster Prep Month, Responsible Dog Owner Month, AND National Velociraptor Awareness Month… among other things. So, let’s break this down. In honor of Labor Day (yeah, that’s on the calendar too!) and kids going back to school (disaster!), we are focused …
Responsible Velociraptor Self-Improvement and Disaster Prep Read More »
Reconciliation is one of those painful “best practices” that many business owners avoid, ignore, forget about or put off. In the daily grind, this hardly seems critical. And without bookkeeping software to streamline the process, reconciling your Balance Statement is downright tedious and feels like a waste of time. Reconciliation is like insurance: until there’s …
We see it all the time – during discovery sessions, we find assets that are not posted on the books. Let’s review the top four we typically see missing. Top 4 Missed Assets Often, assets get overlooked and never make their way onto the books. There are four common asset areas where business owners struggle …
What does independence mean to you? For our founding fathers, it was the need for political independence that drove them across an ocean to build their vision. For most kids around sixteen years old, that license is the ultimate in independence. Finance independence that comes from getting a job is a signifier of adulthood. And …
