Ahh...it's so much easier to feel cozy under blankets when you know you've gotten your checklists out of the way. Of course, if you don't know what should be on your checklist, that could keep you up, counting snowflakes. We're making it easy for you by rounding up a few handy lists you should pay attention to:
Read our earlier blog with 15 recommendations to help you tidy your books for the past year.
- Tip #15 - set your closing date password for 2017 so you don't accidentally change any information for 2017. To do this in QB Desktop: Edit>preferences>accounting>company preferences>set date/password. To do this in QBO: Gear icon>Account and Settings>Advanced>Accounting >close the books
Save Green on Black Friday – Tips for You & Your Clients
As bookkeepers, we know the importance of staying on top of your cash flow. Even if you follow your budget reasonably well, it can be easy to watch it fly out the window when the holidays arrive. Our gift to you this year is The Gift of Responsible Spending – or, How to Toe the Line in Your Christmas Stockings.
Are you intimidated by “Accountant speak”? Have you avoided looking at your accounts because it’s intimidating? Here are some helpful definitions of the most commonly used Accounting terms. Click here or here for websites with more detailed definitions.
Accounting - A method of recording, classifying, and summarizing financial information for your business
Asset - What your company owns or has rights to (ex. Accounts Receivable is an asset!)
Balance Sheet - A statement that details assets, corresponding liabilities on those assets and equity or retained earnings
Budget - Plan that formulates a company’s goals and objectives in financial terms
Did you run out of money before you ran out of month? On your credit card statements, were there unexplained charges for a “free” service after you signed up?
We frequently consult with prospective clients who’ve reached the end of their patience with bookkeeping. They discover that little things do add up, but they just can’t remember what the little things were till they try to reconcile at the end of the month.
Here are various places where you can start looking for missed items:
Is the end of your fiscal year on the horizon? Even though spending time at a ballgame is more fun than reviewing your bookkeeping files (unless you’re us!), it’s important to have a solid financial line-up. Don’t strike out unexpectedly due to poor planning. Let’s get ready to play ball!
Make sure that your business reviews these areas, just as sports teams do:
What are your stats?
Gross Profit Margin = (Revenue minus COGS) divided by Revenue
Where should it be if you compare to the industry average?