Recently, I've been speaking with some brand-new business owners who have been looking for a cheaper alternative to QuickBooks Online. In searching for a "real" accounting system that's (1) web-based, (2) secure and (3) cheap, I came across Wave Accounting. By far, the most intriguing aspect of Wave Accounting is the ability to tie together your personal bookkeeping with your business … [Read more...]
Five Tips to Speed Up Cash Collections
If your accounts receivable balances are edging up and getting older and older each month, then it might be a good time to bring out the aging reports. But what if we looked earlier in the cycle to see what we could do to collect the sales even sooner? Let’s take a look at five potential changes you can consider making that will speed up your cash flow, reduce aging receivables, and possibly … [Read more...]
Big Boost in IRS Mileage Rate
Starting July 1st, 2011, your business miles are going to be a lot more valuable. For every mile you drive, the IRS will let you write off 55.5 cents, up from 51 cents for January 1st through June 30th. What does this mean for you? Capture every deductible mile! Yes, that means keeping a mileage log and using it regularly, but think about all those trips that you might be missing. Running … [Read more...]
Your biz could use a bookkeeper if:
Could your small biz use a bookkeeper? It sure could, if : You are frequently paying late fees for missing the due dates on your credit cards. You have independent contractors and aren't sure how to track their payments for 1099 reporting at year-end. You have to check with the bank to see how much money is in your account. You check caller ID when the phone rings to see if it's another … [Read more...]
Closing Out The Books for 2010
Closing out the Books? Follow This Checklist As you’re cleaning up your books for year-end, there’s some steps you can take now to make tax-time easier and start the New Year off right: Verify that you have W-9 forms for each of your independent contractors or at least have their Tax Identification Number on file. You will need this information in order to prepare 1099 forms in January. … [Read more...]