QuickBooks: How To Create a Profit & Loss report to Compare Year-to-Year
/Three simple steps to generate a customized P&L comparison report in QuickBooks so you can easily evaluate your financial performance.
Read MoreTips for QuickBooks: Using Bank Downloads?
/Want to avoid getting stuck untangling a mess of financial data? Find out why it makes sense to skip the bank downloads option.
Read MoreHow to work ON your business, not just IN your business
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We’ve all heard this catchy title phrase – Work on your business, not in your business – but what does it really mean? When you work on your business, you set the course and navigate the waters, and let your team do the rowing. On the other hand, if you are working in your business, you are rowing the boat so hard you are not able to pay attention to the direction you are headed.
As the leader of your business, your responsibility is to make sure ...
Read MoreOutsource bookkeeping – a new model for financial operations
/What is a business owner to do? Outsource bookkeeping to a professional bookkeeping service. The title of this post says it is a new model. Actually, it is not really new, but it is new to many business owners who previously have only considered ...
Read MoreBest use of a business owner’s time: First, avoid the trap
/What are you doing right now? What is your time worth? Could somebody else be doing what you are doing for less money per hour than you are worth?
Read MoreFill the gap between DIY and CPA
/Small business owners start out as Do-It-Yourselfers in most areas of the business, including bookkeeping. Or they get help from a spouse. Once they grow a little, they might get help from a general administrative staffer. If they are lucky, they can find a professional bookkeeper to come in to the office part-time.
While it is important that business owners understand their numbers, their time is usually better spent on the income producing activities of their business.
Read MoreNonprofit Accounting: Restricted Funds—Not Yours Until You Earn Them
/Hey, nonprofit executive. Great news! You just received a $100,000 grant! What do you say to that?
“Start the party! Right?”
Well, actually, no—not unless your budgeted activities agreed to by the funder included having a party on their dime. And the odds of that are about as likely as the odds of you getting another grant if you spend restricted funds inappropriately. In fact, chances are that you and each board member would be responsible for repaying ...
Read MoreAre you hot? Compare your financials to other companies
/My college Econ 101 professor said that anyone who mastered the contents of his class could get a Ph.D. in Economics. His point was to underline the importance of the fundamentals. The chart of accounts is the fundamentals of company financial data.
Read MoreTips for QuickBooks: Unique User Profiles Essential for Internal Controls
/Gain greater control by setting up unique user names and passwords for each person involved in your QuickBooks accounting. Find out why sharing an Admin login doesn't work.
Read MoreBusiness Accounting: Focused on the Details
/“Business” starts with “busy.” Business owners have so much going on that the temptation to cut corners can be quite alluring. However, business accounting – done correctly – is all about the details – at least to start. For this reason, business owners are sometimes the worst choice to staff the bookkeeping function.
Cutting corners in your bookkeeping, company accounting, payroll process, and any financial management of your company could spell disaster. That is why
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