As a small business owner, managing finances can be a tricky balancing act. Business credit cards can be a valuable tool to keep your finances in check, but it's essential to use them wisely. In the vast ocean of business finance, a tiny piece of plastic can be a powerful sail or an anchor—depending on how we use it. As small business owners, we often reach for this tool without a second thought. As an accountant, I've seen fi...
Starting a business can be compared to brewing a perfect cup of coffee. You need the right blend of beans, water temperature, grind size, and timing. But what happens when you start your blend with limited resources? Tom's journey of launching a coffee shop with just $10,000 has lessons sprinkled with hope, resilience, and astute decision-making. The Dream: Tom was not just another coffee lover. He dreamt of owning a coffee shop...
Ever wonder how some Etsy shops seem to thrive seamlessly while others face endless struggles? The difference often lies not in the products themselves but in the financial strategies backing those businesses. Here's an insight into the success of Sarah, an Etsy seller just like you, and how these strategies changed her game. When Sarah first approached me, her challenges mirrored those of many Etsy sellers. Her income was inconsist...
The Role of Bookkeeping in Small Business Strategy For many small business owners, eyes are often set on the future, filled with innovative visions and growth strategies. While being forward-thinking is crucial, so is managing the intricate details of day-to-day operations, particularly financial ones. Amidst the hustle and bustle of running a business, it's easy to push aside thoughts about invoices, expenditures, and cash flow. Howeve...
As an accountant, I often found myself advising small business owners on how to strengthen their financial foundations. While discussing bookkeeping, I couldn't help but draw parallels between managing finances and taking on a DIY home improvement project. Picture this: You've just bought your dream fixer-upper—a quaint little cottage with enormous potential. You know that by putting in some sweat equity, you can turn it into a cozy h...
Many QuickBooks Online users are unsure how to record a credit card payment. Should you write a check or create a transfer? How should you categorize it? Many users will mistakenly record the payment as an expense. When this happens, the payment doesn't reduce the credit card liability account on the balance sheet as it is supposed to. It also incorrectly doubles up expenses on the Profit & Loss statement. You should have already en...
A Beginner's Guide to Bookkeeping Embracing the Numbers: A Small Business Journey Hey there, fellow entrepreneurs! Let me take you on a little bookkeeping adventure today. No one really enjoys bookkeeping (except maybe us accountants), but here's the thing... You can discover something fascinating amidst the sea of numbers. Picture this: You're sitting at your desk, crunching numbers, feeling a bit overwhelmed by the whole bookkeeping o...
There are a number of financial reports that can give you information on your business's past, current, and future financial state. In my opinion, the following reports should be reviewed regularly: Balance Sheet In accounting, a balance sheet summarizes a company's assets, liabilities, and equity at a given point in time. Why is it called a balance sheet? Well, think of it as an equation: Assets = Liabilities + Equity. At a...
Who loves their Virtual Assistants? We have dealt with some really great ones, whom we LOVE, but as a business owner, you need to make sure that you are delegating the right tasks to the right people on your team. Bookkeeping is one task that you should leave to a professional bookkeeper instead of trying to train your general virtual assistant to handle these duties. A bookkeeper tracks and manages the financial transactions of a busin...
You might not have a choice. Having extra time to finish your return is often necessary if you're still waiting for tax documents to arrive in the mail or if you need additional time to organize your bookkeeping. However, filing for an extension involves both pros and cons. Pros: Reduce late penalties. You'll avoid the 5% per month late-filing penalty if you file for an extension, then file your return by the extended deadlin...
As a small business owner, managing finances can b...
Starting a business can be compared to brewing a p...
Ever wonder how some Etsy shops seem to thrive sea...
The Role of Bookkeeping in Small Business Strategy...
As an accountant, I often found myself advising sm...