How much money do you need to gross each year to make you business a business not a hobby? What margin do you need cover with the mark up on your product? You wouldn't believe the number of entrepreneurs a year that can't answer that....
Giving to charity is something most business owners do. $5 here and there for a raffle ticket, sponsorship of a local sports team, and those dinner auction ticket receipts often find their way to my bookkeeping desk coded for "charitable contribution" or "donation". The problem...
I'm always surprised when I sit down with a business owner and find that they don't know how much they have earned (or lost) so far this year. Most can tell you if they have money in their account or not but very few can...
Bookkeeping, to most people, is a least favorite chore we muddle through as a means to an end. It is a select few of us that love and crave it. Like dirty laundry and dishes, it is also forever piling up again. As soon as...
IRS Audit Rates/Statistics Based on Tax Filing TypeReturns FiledReturns AuditedPercentage AuditedSmall Corporation2,146,40018,2980.85%Large Corporation65,5469,53614.55%Subchapter S4,390,85717,4550.40%Partnership3,348,84512,8550.38%Individual137,849,6351,384,5631.01%My business prepares every clients financials from day one to protect them in an IRS audit or prepare them for an internal audit. Our policy is basic.Keep the paper records (scanned and...
If you can't answer that question you may not have the tools that you need to estimate your cash flow and prevent a shortage. One of the easiest ways to gain this knowledge is to pull an average days to pay report in QuickBooks 2011....
What records do you keep when you hire and fire an employee? Well if you can't tell the Department of Unemployment three years down the road when and why someone left your employment you may be open to invalid unemployment claims that could raise your...
[caption id="attachment_699" align="alignnone" width="600" caption="Madaket Beach, Nantucket July 2011. Are you missing the sunsets of life trying to do too much yourself?"][/caption] The most successful business owners and entrepreneurs all have learned the skill of delegating. For many small business owners one of...
by CHRISTOPHER SPELLMAN on JULY 19, 2011Small business bookkeeping tips can make a world of difference! That’s why we’ve been writing on the topic for the past few weeks. Check out our series called, “Small Business Bookkeeping – Getting Started.”This week we’ll be posting some more great tips...
Cash controls are an incredibly important part of any business. Without them a thief can take and take and go unchecked for years. The cash draw is the most obvious place to steal from and therefore one of the most commonly stolen from sources of...