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Plan :: Some Bookkeeping Tips
Some of My Favorite Bookkeeping Tips · KEEP THINGS SEPARATE o Keep your business and personal records and transactions separate from one another. You should have separate bank accounts and credit cards for your business and personal use. Purchases that are related to your business should be made with a business credit card or with a business checking debit card. This makes it a lot easier for your bookkeeper and tax preparer to easily determine expense categories. · KEEP GOOD RECORDS o Keep and file all of your receipts, invoices, bank and credit card statements and any other documents pertaining to your business. Make sure to use a system that…
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Plan :: Keeping Your Paperwork Under Control
Tips to Keep Your Paperwork Under Control I am often asked how best to organize bills, checks, receipts and the like. Honestly, there is no “right” answer to that question. First, I would say ask who needs to access and use those documents. If it is only you then you will need to come up with a system that works for you. But, more often than not, someone else is going to need to find something contained in your system. So the key is to find a balance between what makes sense and works for you and making it simple enough for someone else to understand. I find…
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Business :: Are You Ready For A Bookkeeper?
Are You Ready For A Bookkeeper? Though it is summer, the end of the year will be upon us soon enough and it might be time to start putting your paperwork in order for your tax preparer. But you have put it off all year. Now you have a big pile of “stuff” and the task seems overwhelming. You are not alone. Many small business owners choose to do their own bookkeeping and as a result the job gets pushed aside until tax time. As long as there is money in the checking account to pay the bills you are alright; right? Well, yes…and no. While you may have enough money…
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Life Planning: Saving for Retirement
Planning for Retirement I’ve said before that I am not a financial advisor. But I have learned a few things along my path. It is very important to save something for retirement. I am a firm believer that we are the makers of our own destiny and as such we are responsible for the planning that takes us to that destiny. That said, I have always been a bit skeptical about the reliability of Social Security benefits by the time I reach that golden age. So I have taken some steps to make sure there is something in the coffers when I need it. Tip #1:…
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Basic Bookkeeping Systems For Your Home-Based Business
Business Bookkeeping for Your Home-Based Business (Part 2) As we work our way through the holidays, it’s a good idea to set up your bookkeeping for the coming year. This way, when you start your business activity for the new year you will be all set to keep track of everything. A basic bookkeeping system for a home based business can be as simple as a notebook or as complex as accounting software. It’s best to keep it simple, at least at first. Get a notebook. You can get a spiral bound book so that you don’t lose pages. I would recommend a book with two sections…
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My Top Budget Trimming Tips (or “Oh No! I’m Overbudget!”)
It happens to all of us. We make that list of expenses and the total amount exceeds our income. What to do! Here are some of my favorite tips: Eliminate the unnecessary. Find those items on the list like gym memberships or other subscription services. Anything that you don’t use regularly or really look forward to receiving should be canceled. Seek out lower cost options for your “Needs”. Try bundling services for discounts. Many cable companies offer discounts for combined cell phone, land line, internet and television. You can also get great discounts on your insurance by getting multiple policies with one company. I have been with…
