New Business Directions

Wondering why you're seeing negative #AccountsReceivable on your #CashBasis Balance Sheet? There are a few scenarios that will cause a negative accounts receivable on a cash basis balance sheet in QuickBooks. In this month's newsletter, we focus on two common ones: unapplied payments and timing differences. Read more about why they happen and what you can do about them here: https://lnkd.in/dM6B-hfP

Wondering why you're seeing negative #AccountsReceivable on your #CashBasis Balance Sheet? There are a few scenarios that will cause a negative accounts receivable on a cash basis balance sheet in QuickBooks. In this month's newsletter, we focus on two common ones: unapplied payments and timing differences. Read more about why they happen and what you can do about them here: https://lnkd.in/dM6B-hfP

It's Certification Season at New Business Directions, and we are pleased to announce Britney Schaub's THREE new certifications! Britney, our dedicated Office Manager and Certified QuickBooks ProAdvisor, has recently earned her QuickBooks Desktop Enterprise ProAdvisor Certification, QuickBooks Online ProAdvisor Certification, and Fathom Advisor Certification! It is no small feat to attain these certifications, let alone in such a short time. We are so proud of you, Britney!

Heads up: while QuickBooks Desktop isn't dead, pricing is set to increase for three QuickBooks Desktop versions as of October 1, 2024. They are: QuickBooks Desktop Pro Plus QuickBooks Desktop Mac Plus QuickBooks Desktop Premier Plus Current customers, please reach out to us to discuss your options--it may be time to consider switching to QuickBooks Desktop Enterprise or another accounting software solution!

Hiring your children within your business isn’t just about fostering responsibility—it can also be a strategic financial decision. Paying them a reasonable wage for their work not only provides them with valuable work experience but also allows you to deduct these wages as a business expense, reducing your taxable income. This approach turns allowances into investments in their future and your business's #FinancialHealth. Learn more about all the benefits of bringing your children into your #FamilyBusiness here: https://loom.ly/U-a-1go

The New Business Directions team enjoyed catching up in person for an awesome team lunch at DiMillo's On the Water!

Did you know that hiring your children can provide significant #TaxAdvantages for both parties? By paying them a reasonable salary, you can deduct these wages as a business expense. Additionally, children can earn up to a certain amount without paying federal income tax--which means more savings for the family 💰 Learn more about this smart way to manage family finances and support your business at the same time: https://loom.ly/U-a-1go #FamilyFinances #FamilyBusiness #AskAnAccountant

Did you know that hiring your children within your #FamilyBusiness also means you can introduce them to retirement savings early? Hiring your kids allows you to contribute to #retirement accounts like a #RothIRA, which can yield significant #TaxAdvantages for your family! This approach can not only help them build a secure future--it can also reduce your family's overall #TaxLiability. Learn more in our most recent article here: https://loom.ly/U-a-1go

Hiring your children in your business can lead to numerous benefits beyond financial and tax savings. As a business coach, I’ve often witnessed the power of familial bonds in the world of entrepreneurship. Bringing your children into your business can: ✅ provie them with invaluable real-world experience ✅ strengthen family bonds through shared work ✅ prepares them for future leadership roles. Investing in your children's future while securing your business's legacy is truly a win-win. To learn more about the benefits, check out our latest article: https://lnkd.in/eFUUVryf #FamilyBusiness #Entrepreneurship #SuccessionPlanning

Unlock the benefits of hiring your children within your family business! Our latest newsletter dives into how this strategy can enhance both your business and family dynamics. 👉 Read the full issue here: https://loom.ly/U-a-1go Ready for more in-depth #smallbusiness insights? Join our mailing list and get expert tips delivered to your inbox every month. Don’t miss out – hundreds already benefit from our newsletter! 👉 Join our mailing list: https://loom.ly/L4T9ObY #AskAnAccountant #BusinessLeadership #BusinessStrategy