by kskruse | May 27, 2023 | Bookkeeping Tips
Bookkeeping is an essential part of running a business, but it can be overwhelming for new business owners. Here are five must-know bookkeeping tips to help you keep your finances in order and your business running smoothly.
Keep track of your expenses:
One of the most important things you can do for your business is to keep track of all your expenses. This includes things like rent, utilities, office supplies, and any other expenses you incur while running your business. Keeping track of your expenses will help you stay on top of your cash flow and budget, and will also be essential when it comes time to file your taxes.
Make a list of your regular bills and when they are due:
Another important aspect of bookkeeping is keeping track of when your bills are This includes things like rent, utilities, and any recurring payments you make for services or products. By keeping a list of when your bills are due, you can ensure that you always have the funds on hand to pay them on time.
Create a system for tracking your sales and income:
Keeping track of your sales and income is crucial to understanding the financial health of your business. Having a system in place to track your sales and income will allow you to see how much revenue you are generating, and will also help you identify areas where you can improve your sales.
Have a separate bank account for your business transactions:
It is essential for you to keep your personal and business finances separate. When you have a separate bank account for your business transactions, it makes it much easier to track your expenses and income, and will also make it easier to file your taxes.
Set aside money each month for taxes:
One of the most important things you can do as a business owner is to set aside money each month for taxes. This will help you avoid any surprises when it comes time to file your taxes, and will also help you budget for the future By following these five bookkeeping tips, you can keep your finances in order and your business running smoothly. Remember to keep detailed records, stay organized, and always have a system in place to track your expenses, income, and bills. With a little bit of effort and a lot of attention to detail, you can master the art of bookkeeping and keep your business on the road to success.
by kskruse | Apr 15, 2023 | Responsibilities
Q: What does a bookkeeper do?
A: A bookkeeper handles maintaining accurate financial records for a business. They record and categorized financial transactions. They reconcile bank statements, prepare financial statements, and manage accounts payable and receivable. They also provide financial reports to their clients.
Q: What skills do bookkeepers need?
A: Bookkeepers need strong math skills, attention to detail, and good organizational skills. Bookkeepers should also be proficient in accounting software. They also need a solid understanding of bookkeeping principles.
Q: What are the benefits of hiring a bookkeeper?
A: Time Saving, Cost Effective, Peace of Mind, Expertise
by kskruse | Oct 7, 2022 | QuickBooks Online
Are you using QuickBooks Online?
One of the most time saving tools in QuickBooks Online is using the bank feed to automatically download banking and credit card transactions. Taking advantage of this tool saves you time and money. The days of manually entering your transactions are over. All banking transactions can be imported into your QuickBooks Online bank feed.
If you use checks and enter those checks into QuickBooks Online, then once the transactions are downloaded from your bank account, you just match those transactions with the manually entered transactions.
If you use a debit card, those transactions do not have to be entered manually into QuickBooks. They are automatically downloaded from your bank; you can attach your receipt to the transaction and categorize the transaction appropriately.
So, what do I mean by categorize?
The category is the account you are charging the income or expense to.
Here is a quick video that explains this process.
by kskruse | Oct 2, 2022 | Bookkeeping Errors
Common Bookkeeping Errors
While utilizing online software to perform bookkeeping tasks has made our lives easier, there are common pitfalls that I have seen clients make that can ultimately result in incorrect income and balance statement reports. Since financial decisions are based on these reports, ensuring that day-to-day tasks are done correctly are critical to the end result. The graphic above shows some common errors. I’ll be writing more in-depth articles about each of these pitfalls in the near future.
Be sure to subscribe to receive notification of future article publications.
