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Summer is in full swing. The first thing most business owners avoid when the weather improves is generally the tedious things. Like staying on top of your bookkeeping and financials. But as the summer sun shines bright, it’s important to keep your business’s financial records just as radiant. So, we’ve put together some helpful tips to ensure your bookkeeping stays on track during the sunny season.
Streamline your expense tracking
Whether it’s business trips, conferences, team outings, or summer promotions, make sure to accurately record all expenses and keep receipts organized. This will simplify your bookkeeping process and make tax time a breeze.
Embrace cloud-based bookkeeping
Take advantage of cloud-based accounting software like QuickBooks Online, which enables you to access your financial data securely from anywhere. This flexibility allows you to enjoy your summer adventures while staying connected to your business’s financial health.
Review your budget
Summer often brings unique business opportunities and challenges. Take time to reassess your budget and adjust your financial goals for the upcoming months. Ensure you allocate resources strategically to make the most of the season’s potential.
Stay on top of invoicing
Don’t let delayed payments disrupt your summer flow. Send out invoices promptly and follow up with any overdue payments. Maintaining a healthy cash flow is crucial for a successful season.
Remember, even during the summer, your business’s financial well-being deserves attention. Implement these tips to maintain smooth bookkeeping practices and enjoy a stress-free summer.
If you don’t want to handle any of your bookkeeping over the summer, then a great option is to hire us to do it for you! Then you really can have your cake and eat it too. Get in touch with us today.
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As the summer season approaches, it’s important for business owners to consider tax planning strategies that can lead to significant savings. By taking advantage of available deductions, credits, and smart financial practices, you can optimize your tax situation and make the most of the sunny season.
Here are some essential tax tips and strategies to keep in mind:
Deduct Summer Business Travel: If you are a business owner or self-employed, summer business travel can be deductible. Keep accurate records of all business-related expenses, including transportation, lodging, meals, and conference fees.
Take Advantage of the Child and Dependent Care Tax Credit: For parents with children attending summer camps or daycare, the Child and Dependent Care Tax Credit can provide valuable savings. This credit can be claimed for a percentage of qualifying expenses, allowing parents to work or look for employment while their children are in care.
Consider Home Office Deductions: If you work from home, you may be eligible for home office deductions. Ensure that your workspace meets the IRS criteria for a home office and keep detailed records of expenses related to your workspace, such as utilities, internet, and office supplies.
Track Summer Charitable Donations: Summer is a time when many people engage in philanthropic activities and donate to charitable organizations. Keep track of all donations made during the summer months, including cash, goods, or volunteer-related expenses, as they may be tax-deductible.
By implementing these tax tips and strategies, you can make the most of the summer season while minimizing your tax burden. Remember to consult with a tax professional for personalized advice based on your unique circumstances and business. Stay proactive, organized, and informed to maximize your tax savings and enjoy a stress-free summer of financial well-being.
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A bookkeeper is a vital business team member, responsible for accurately recording and tracking financial transactions, preparing financial reports, managing accounts payable and accounts receivable, reconciling bank statements, and assisting with tax preparation.
In addition to these important tasks, a bookkeeper can help a business identify financial trends and patterns, improve cash flow management, reduce the risk of errors, support growth, and free up time for business owners to focus on other aspects of the business.
With their attention to detail, organizational skills, and expertise in working with numbers, bookkeepers play a crucial role in helping businesses stay financially healthy and successful.
Here are 10 reasons why YOU need a bookkeeper:
- To accurately record and track financial transactions: A bookkeeper can ensure that all financial transactions are recorded accurately and in a timely manner.
- To prepare financial reports: A bookkeeper can generate financial reports such as balance sheets, income statements, and cash flow statements, which can provide valuable insights into the financial health of a business.
- To manage accounts payable and accounts receivable: A bookkeeper can help a business manage its accounts payable (bills that need to be paid) and accounts receivable (money that is owed to the business).
- To reconcile bank statements: A bookkeeper can ensure that a business’s bank statements are accurate and up-to-date by reconciling them with the company’s financial records.
- To prepare for tax time: A bookkeeper can help a business stay organized and ensure all necessary documentation is in place for tax season.
- To identify financial trends and patterns: A bookkeeper can help a business identify trends and patterns that can inform decision-making and strategic planning by analyzing financial data.
- To improve cash flow management: A bookkeeper can help a business manage its cash flow more effectively by tracking expenses and identifying opportunities to reduce costs.
- To reduce the risk of errors: A bookkeeper can help reduce the risk of errors in financial recordkeeping, which can save a business time and money in the long run.
- To support growth: As a business grows, it may need more sophisticated financial management. A bookkeeper can help a business scale up its financial systems and processes.
- To free up time for business owners: By outsourcing bookkeeping tasks to a professional, business owners can focus on other aspects of their business, such as sales and marketing.
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As the sun shines brightly and the temperatures rise, summer presents the perfect opportunity for business owners to take a step back and conduct a thorough financial health check.
Assessing your business’s financial well-being during this season can provide valuable insights and help you make informed decisions for the rest of the year. Here are some key steps to consider in your summer financial assessment:
1. Start by analyzing your income and expenses for the first half of the year. Identify any trends or patterns, and compare the figures to your initial projections. This review will give you a clear picture of how your business is performing financially.
2. Review your profit margins and overall profitability. Identify areas where you can reduce costs or increase revenue. This assessment can help you fine-tune your pricing strategies and budget allocations.
3. Take the time to adjust your budget for the second half of the year based on your financial assessment. Account for any changes in income, expenses, or business goals. A well-adjusted budget will serve as a roadmap for the remainder of the year.
4. Consider gathering customer feedback on your products or services. Satisfied customers are more likely to become loyal, repeat customers. Address any concerns or suggestions to enhance customer satisfaction.
5. Engage with financial advisors or accountants to gain valuable insights and expert advice. Their expertise can help you make well-informed financial decisions and set your business up for success.
Conducting a summer financial health check allows you to identify strengths, weaknesses, and growth opportunities for your business. With this knowledge, you can proactively address any financial challenges and build a solid foundation for continued success throughout the year and beyond.
Looking for help with your business finances? We’ve been working with small business owners to free up more time, get more financial clarity, and create more cash flow in their businesses. Ready to learn more? Book a call to get started!
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Time is the most valuable resource for small business owners. But to adequately compensate for your time, you need to track how you spend it. Here are the five useful time-tracking apps for small business needs.
- Toggl: Toggl offers the ultimate simplicity; click to start the timer when you begin a task, and click again to stop it when you end it or take a break. Toggl also creates visual reports that show you how you and your employees are using your time and which projects are the most profitable. Toggl integrates with popular project management apps such as Asana, Basecamp, and GitHub. It works with one-person businesses or teams.
- Timesheets.com: Timesheets.com works for hourly and salaried workers who need to track billable hours or time spent on projects. Timesheets.com works with popular payroll companies, including QuickBooks, SurePayroll, and ADP; you can export the data into various formats. There are even HR tools, including standardized documents and storing documents privately so only relevant managers can see them.
- QuickBooks Time: Employees can clock in on their smartphones via text, email, voice call, or even Twitter. Crew features let you send entire crew alerts simultaneously or clock them all in and out simultaneously. The drag-and-drop schedule creator makes it easy to schedule employees for shifts, such as retail or restaurant work, or particular jobs, such as landscaping or construction. TSheets suits businesses with hourly workers, work crews, or mobile employees, such as field services or construction. It integrates with the most popular accounting and payroll software.
- Harvest: This time-tracking app creates visual reports showing how much time your team spends on each project. Employees can use the app’s timers to track or input their time manually. The mobile app makes it easy to track time and billable hours anywhere. You can also track expenses by simply snapping pictures of receipts and automatically pulling data from Harvest into invoices.
- Hubstaff: The Hubstaff time tracking app runs on computers or mobile apps and builds in plenty of employee monitoring tools. The app tracks mouse movements and clicks, takes random screenshots to show you what employees are actually working on, monitors employee internet use so you can see what websites they’re visiting, and even tracks which apps employees use the most. The mobile app uses GPS to track employees’ time and location on the road; employees can also track time on their mobile devices.
Need help choosing the right time tracking and scheduling software for your business—or any other aspect of managing your employees and your finances? Let us help you handle your business finances while you focus on growing your business…
The Accounting Field, Uncategorized
Here are some of the things that financial reports can tell you:
- Income: Financial reports, such as income statements or profit and loss statements, can tell you how much money a business is making.
- Expenses: Financial reports can also tell you how much a business spends on various expenses, such as salaries, rent, and utilities.
- Profitability: Financial reports can tell you whether a business is profitable by comparing income and expenses.
- Cash flow: Financial reports can show how much cash a business has and how much cash flows in and out of the company.
- Assets: Financial reports can provide information on a business’s assets, such as property, equipment, and inventory.
- Liabilities: Financial reports can also tell you about a business’s liabilities, such as loans or outstanding payments.
- Equity: Financial reports can show how much equity a business has, representing the portion of the company that shareholders own.
Financial reports provide a snapshot of a business’s financial situation, which can help make decisions about investing, lending, or doing business with that company.
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