Cash flow is the lifeblood of any business, yet it remains one of the most misunderstood and mismanaged aspects of running a successful company. Over the years, I’ve seen countless businesses struggle with cash flow issues, and more often than not, these challenges stem from common mistakes hidden deep within their business systems. Solving these…
When you first start working with a new business as a bookkeeper or accountant, one of the most critical tasks is cleaning up their books. Nine times out of ten, the books you inherit will need some level of cleanup before you can start regular bookkeeping or accounting work. Without a solid foundation, monthly bookkeeping…
In the world of bookkeeping, source documents are crucial. They serve as the foundational paperwork that supports every transaction recorded in a business’s financial books. This blog post dives deep into what source documents are, why they are essential, and how to effectively manage them for successful bookkeeping. What are Source Documents? A source document…
Welcome to the world of bookkeeping without boundaries! Today, we’re diving into how to accurately record transactions within accounting software. Whether you’re just starting your bookkeeping journey or looking to refine your skills, this guide will provide essential tips to ensure your financial records are spot on. Understanding Source Documents The foundation of accurate bookkeeping…
I hate paper. Unless it is green with pictures of presidents on it. Don’t judge me – you feel the same way too. But seriously – I hate paper and how it takes control of my desk, my dresser and my kitchen table. We, and by we, I mean you and me, consume so much…
About a month ago, I did a #techtalktuesday tip on how to run financial reports in QBO. Well this week I am going to share a video on how to run financial reports in Xero. As I mentioned before, one of the questions I get most often asked is “can you send me the most…
Often times clients and business owners I train on QuickBooks Online ask if there is a way to close the books on a monthly basis in QuickBooks Online. And the answer is yes. The main time to close your books is at the end of the year after the tax return is completed. Once your return…
One of the questions I get most often is “can you send me the most recent financials.” Even though we are using QuickBooks Online and working in a collaborative environment, clients still ask me this question. Even when I am training on QuickBooks and I ask “what is one thing you want to get out…
Tracking employee time is an absolute must. It is the biggest expense in any business and for that reason needs to be monitored closely. Many businesses experience project losses due to poor time management; and that leads to a loss of profits. And let’s face it profit is the name of this game. Now while…
Starting a business is tough and maintaining it can be even tougher. And one tool that will help you measure your success is a business plan. I know I know – you don’t want to do a business plan. Well here’s the thing – without a well thought out plan you have no way of…
