Properly Recording Payroll in Your Financials
Payroll can feel like a mystery. You input some information into payroll software and out comes a pay stub. If everything is set up correctly, employees receive direct deposits, the IRS receives its payments, benefits and child support are paid, and the process runs like a well-oiled machine. Until it doesnt. Having a basic understanding […]
What You Should Know Before Your Accounting Staff Disappear
Staff leave for many reasons, and they take their knowledge and skills with them. Therefore, if you run a business, it is imperative that you know what happens in each of your departments. Otherwise, there can be several unintentional and potentially difficult challenges and discoveries that occur during the turnover. Below are a few key […]
Mastering QuickBooks: Essential Tips for Bookkeepers
In the world of bookkeeping, efficiency and accuracy are paramount. Managing finances effectively requires not only a keen eye for detail but also the right tools. Among these tools, QuickBooks stands out as a staple for bookkeepers worldwide. This powerful accounting software streamlines financial management tasks, but mastering it requires more than just basic knowledge. […]
1099 Preparation Tips
It may be June, but it is never too soon to prepare for January, specifically your 1099s! As a reminder, 1099s are used to record income. The most commonly used forms are the 1099 NEC (Nonemployee Compensation), in which businesses report payment over $600 given to nonemployees, such as an independent contractor or attorney, and […]
Avoid the Shortcut, Populate the Vendor Field
We all like shortcuts, but there are some shortcuts that you should avoid. Do you ever skip adding the Vendor when you are categorizing your bank feeds or entering expenses in your accounting software (ie. Quickbooks, Netsuite)? Skipping the step of adding the Vendor when you initially enter the transaction may save you a few […]
Optimizing the Reconciliation Report
Monthly reconciliations of bank accounts, credit cards, and even loans serve many purposes. Reconciliations ensure that the transactions entered into your bookkeeping software, such as QuickBooks, match the actual transactions that happened at your financial institution. At the completion of a reconciliation, once you have a $0 discrepancy between deposits and expenses, a […]
Simple Reports Can Help Reduce Fraud
One important step for fraud prevention is for owners to watch the business financials to identify changes in the income/expenses. This is easily done by looking at a couple of simple reports found in most accounting software packages, such as QuickBooks or NetSuite. In QuickBooks, these reports are found in the Reporting Center or under […]
Maximizing Meals & Entertainment in QuickBooks
Tax laws are ever changing from one administration to another. Customizing your chart of accounts to align with tax deduction categories is a great practice. This action not only helps your accountant at tax time determine what is deductible, but also helps your company make better cost savings or investment decisions based on what is […]
Maximize the Benefits of Linked Bank Accounts in QuickBooks Online
Linking your bank and credit card accounts to your QuickBooks Online (QBO) account can be a great time saver if done correctly. It also has the advantage of preventing typographical errors. It is like being able to copy and paste all the transactions from your bank statement to your books. QBO has a protective […]
Memorized Transactions are a Time Saver!
There is no need to waste your valuable time on posting regular, recurring transactions such as monthly bills. QuickBooks will do it for you! My phone bills all hit my credit card for the same amount each month. When I finished entering the first bill this month, I saved it, then I clicked on the […]