Sales tax is a simple yet complicated thing when you are a business owner. Am I required to charge it or not? Can I be exempt from paying it or not? The basic rule is this: sales tax should be charged to the end-user of the item purchased. In most states, most items are assessed…
“I tell my clients to avoid QuickBooks Online” is a common post I see on QuickBooks forums, and one that I continually rush to offset. For many accounting professionals, it seems that QuickBooks Online (QBO) is a “worst case scenario” for their clients. I want to share some new QBO features that may help change…
This day and age we are living in a technology society. Everything is online – banking, photos, shopping, music, TV shows and even movies. Yet at the same time, I am amazed at how many people don’t want to do things online. Are they going to stay in the paper age forever? Even with accounting. …
Financial control is defined as the point where someone is in charge of maintaining a central system that is devised, formulated, and approved to be the guidance regarding the accounting methods and procedures of a company. It is the one thing that can make or break the success of a business. It is the skill…
When recording business expenses, it’s important to remember that all costs fall into three categories – direct costs, indirect costs and general & administrative costs. It is important to account for your expenses accurately because it helps you understand where you are spending your money and at what point your business begins generating a profit. …
This week’s blog will be short and sweet. I was having a conversation with a client and she kept saying expenditure and I kept saying expense. When finally she asked, “Well what’s the difference?” Well believe it or not, there is a difference. A subtle one – but a difference none the less. And depending…
It seems like such a simple thing. Check the mail. Open the mail. Check the mail. Open the mail. It really is such a simple process, right? Then why do I constantly go into offices and they hand me a stack of unopened envelopes. As a business owner, you are constantly throwing money out the…
There are so many software programs out there. They range from simple to robust; from inexpensive to extremely expensive. So how do you know which one is the best one for you? You have to do you due diligence and research, research, research. As a small business owner, and even a medium size business owner,…
Profit (n.): the excess earnings over expenditures you make from providing services or selling products Breaking Even (adj.): the point or level of financial activity at which expenditures equal income; no profit or loss Is your business making a profit? Most people truly believe they are. But if they were to sit down and really…
As a small business owner, your desire is to do things the right way. And one of those things is to track your expenses. So what do you do? You go out and buy QuickBooks or some other small business accounting program. And then you make the #1 mistake all businesses make when they purchase…
