It has become apparent over the last few years that not all bookkeepers know how to correctly record income that Lawyers received if they are paid a retainer. Here are three examples of how to record income correctly if (1) you receive a retainer and record all income to one category, (2) you receive. a retainer and record income earned to different categories in stages or (3) you are paid after the settlement of a case.
Read MoreBudgeting is all about planning for success. By creating monthly, quarterly, and yearly budgets, entrepreneurs can set realistic financial goals and establish clear parameters for their business operations. Budgets serve as a roadmap, guiding entrepreneurs to make informed decisions and allocate resources effectively.
Read MoreRunning a successful entrepreneurial business involves numerous moving parts, and managing finances is undeniably one of the most critical aspects. As an entrepreneur, you may be an expert in your industry, but navigating the intricacies of bookkeeping machinery may not be your forte. That's where a skilled bookkeeper steps in. In this article, we will explore the significance of bookkeepers for entrepreneurial business owners and identify key qualities to look for while hiring one.
Read MoreIn our fast-paced and competitive world, it is easy to get caught up in the day-to-day tasks and lose sight of our true purpose. We often find ourselves asking, "What is the meaning of all of this?" The answer lies within the discovery of our "why" - our personal mission, values, and passions. When we find our "why," we unlock the key to happiness and excel in our personal lives, as well as in the world of business. In this blog, we will delve into why finding your "why" is crucial for personal fulfillment and professional success.
Read MoreFor many of us we rely on our bookkeeper or CPA to keep our books accurate and up-to-date, but at the end of the day, WE are responsible for the information we provide to the IRS and it is usually us, that end up paying additional taxes any fines and penalties. To help mitigate this risk, and you use Quickbooks, here are 4 steps you can take to make sure your information is up-to-date and accurate before you send your financials to your tax preparer.
Read MoreThere is a lifeline out there, you just need to be ready to accept it.
If you have read the book “the Compound Effect” by Darren Hardy, the main theme is that you only have to make small changes consistently to lead to big changes over time. Being overwhelmed because you feel your books are a mess or not up to date is not where any of us want to be but we somehow ended up here. Many small business owners usually find come January/February we are scrambling to get our financials to our tax preparer and many of us swear that this year will be different but 12 months pass and we are back in the same boat.
There are four things you can do now and one you may have already done so there is less to do.
Separate your business accounts from your personal accounts
Set up 3 business accounts - 3 bank accounts (“Operating”, “Tax Savings”, and “Profit”) and 1 business credit card
Invest in a cloud based accounting system and learning how to use it
Commit to work on your accounts 1 hour a week or hire a bookkeeper if the amount of time spent (charged at your hourly rate) is greater than the cost of a bookkeeper.
“Whatever you can do, or think you can do, begin it. Boldness has the power, and genius, and magic in it.”
This was the quote that showed up on my running app for Day 1 of my 52 weeks training to go from “Couch to 50Km (30 miles)”. Let the training begin…
Long distance running became a passion of mine that developed in my late 30’s, early 40’s. It started with an article in a magazine about a mom of three kids that decided she wanted to run the NY City Marathon. She started training and she completed it. A few years later when I was on one of my health kicks that involved some running on a treadmill, I was completing one of the runs and I decided I wanted to run a marathon. My husband thought I was completely crazy (and maybe I was), it took a year to train, I joined a running group after I was able to run a half marathon distance and on October 10th 2004, I ran and completed my first marathon.
Read MoreYou have been thinking about pursuing your dream of doing what you love and becoming an Entrepreneur. Where do you start? To be able to make the transition from your current job into your own space you need to have sufficient funds and a plan.
Read MoreIf you had told me at the beginning of this year that by August, I would be posting 5 days a week on social media, writing a business blog two times a month and being a guest on one of my favorite podcasts (Lift as we Climb hosted my Pat Miller ) I would have said “YOURE CRAZY”. I have always thought of myself as a numbers person, not a writer, that Facebook was used to keep in contact with friends and family, not as a marketing tool for business and never in my entire life, had I ever thought I would be interviewed on a podcast.
Read MoreYou’ve spent countless hours, nights and weekends working on your business but at the end of the year, your bank account does not reflect it.
Here are some tips to help….
Read MoreI am grateful that in the last few months I have met so many people from all across America, Australia and Africa without leaving my house.
Read MoreNo matter how hard we work to get the sale and how diligent we are invoicing our clients, if we don’t manage the receipt of that money and any delinquent accounts, we will run into cash flow issues and be paying taxes on money never received.
Read MoreLIVING IN THE NOW
I am a person who lives in the present, in the now….maybe it was the way I was born but I do believe losing both of my parents, all grandparents and an uncle by the age of 25 probably cemented the belief that the future is not guaranteed so enjoy what precious time you have now.
Read MoreBeing an entrepreneur is a rewarding. The wonderful thing about being an entrepreneur is you get to choose what hours you work, what days you work and where you work. For me, becoming an entrepreneur was born out of a desire to be able to travel with my husband, who travelled (before COVID-19) about 150 nights a year and still do what I loved – bookkeeping.
Read MoreWe are living in a world that has been turned on its side - deaths, loss of jobs and heartache for many. We still have to keep going and if we have decided that our business is something we want to continue, what do we do now? It’s time to set new goals, create a plan for the rest of the year. and start to focus on getting back on out feet and doing all we can in light of what has happened. The past is in the past and it is time to move on. One of the best ways to set new goals and make a plan, is to create a budget. If you have not created a budget before, here is a step by step how-to for you to follow.
Read MoreAnd get your books up to date..
Doing what we love invigorates us and we find it easy. For many business owners sitting down to crunch the numbers can make us feel anxious, frustrated and even nauseous. If we put it off for a week or two the task becomes daunting and then overwhelming. So we just keep putting it off until the deadline for taxes forces us to quickly put together the numbers. Each year as we prepare the information for our tax preparer, we promise ourselves next year will be different, the accounts will be kept up to date.
If your books are not up to date now is the time to SWALLOW THE FROG
Read MoreNow is a Perfect Time to get your Business Books in Order
2020 was the beginning of a new decade and many of us we were pumped up and ready to make this our best year ever...then COVID-19 hit ....and all of us have been thrown into a surreal work and life space and we are finding we are having to change what we do in order to survive.. For many business owners now is the perfect time to get your business books in order...
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