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...]
Estimated Tax Payments Due September 15th
It's that time again ... time to send your estimated taxes in to Uncle Sam. So what are estimated taxes and why would you have to pay them? When you bring home a paycheck, your employer has withheld income taxes from your paycheck. But when you're self-employed, a landlord, or even an investor, you are earning income that has never had taxes withheld. Rather than settling up all at once on … [Read more...]
Weekly Accounting Checkup for Entrepreneurs
The economy is bouncing back … slowly. Sales are picking up … to some degree. So how is your business doing?? Not sure how to answer that question? Maybe you should give your business a weekly accounting checkup. Compare your own results, week to week, to look for signs of improvement or trouble areas that need your attention. What stats should you be checking? Every business is different, … [Read more...]
Top 10 Bookkeeping Mistakes
SmartMoney recently listed a Top 10 list of Bookkeeping Mistakes to Avoid. Among them are: Forgetting to track reimbursable expenses -- All those little cash receipts for postage, parking, tolls and office supplies really add up. If you don't keep track of them, there's no way you're going to be able to deduct those expenses, or be reimbursed. Not reconciling the books with the bank statement … [Read more...]