New Business Directions’ Post

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

Customers Paying Late? Consider Finance Charges Now that we're past the holidays and you've had January to catch up on the December work that didn't get done, how's your financial workflow? Are you caught up on bills and invoices? You may be, but your customers might not be. You can find out by creating an Open Invoices report (Reports | Customers & Receivables) and looking in the Aging column to see how many days invoices are past due. Read more: https://lnkd.in/dWrGba6Y There are many ways you can encourage customers to pay faster, and finance charges may not be the best fit for your company. But if you'd like to get them set up in QuickBooks, don't hesitate to contact the office at (925) 944-1881 for help. #QuickbooksTips #FinanceCharges #JGRCPA

🚨Dont ignore your bookkeeping🚨 But where do you start? April 6th is the new tax year & when most Sole Traders begin their financial year. It's best practice to get your sales & expenses together on a monthly basis Putting this data together into your Accounting software or excel sheet then comparing this to the bank statement. This gives you a full look into what is happening to your finances in your business, the good & bad. Anything missing at this point will also be easier to find. If your needing help catching up for 23/24 tax year, get in touch either DM HELP or book an appointment via the link in my bio 💕 #supportsmallbusiness #bookkeepingtips #bookkeeperlife #behindthechair #icbbookkeeper #smallbusinesses #businesslove

It’s important to categorize transactions, but it takes time. If you have several dozen transactions to categorize everyday, you can automate this process by creating Bank Rules in QuickBooks Online. However, relying solely on bank rules without regular manual review may result in incorrectly categorized transactions, misreported income or expenses on your tax return. This may lead to inaccurate financial statements and potentially trigger an audit. Rectifying errors later requires time, effort, and professional assistance, resulting in additional costly expenses. We recommend that you let us help you set these up from the start to avoid this. Get in touch with us today!

It’s important to categorize transactions, but it takes time. If you have several dozen transactions to categorize everyday, you can automate this process by creating Bank Rules in QuickBooks Online. However, relying solely on bank rules without regular manual review may result in incorrectly categorized transactions, misreported income or expenses on your tax return. This may lead to inaccurate financial statements and potentially trigger an audit. Rectifying errors later requires time, effort, and professional assistance, resulting in additional costly expenses. We recommend that you let us help you set these up from the start to avoid this. Get in touch with us today!

It’s important to categorize transactions, but it takes time. If you have several dozen transactions to categorize everyday, you can automate this process by creating Bank Rules in QuickBooks Online. However, relying solely on bank rules without regular manual review may result in incorrectly categorized transactions, misreported income or expenses on your tax return. This may lead to inaccurate financial statements and potentially trigger an audit. Rectifying errors later requires time, effort, and professional assistance, resulting in additional costly expenses. We recommend that you let us help you set these up from the start to avoid this. Get in touch with us today!

Did you know that QuickBooks Online is quite helpful but not always perfect? It does its best with bank feeds, but sometimes its suggestions may not be accurate. Do you know how to review these suggestions and ensure you're making the right choices? Let's discuss!

If you are moving money between savings and a checking account or paying down a loan, the Transfer function in QuickBooks Online makes it easy for you to set up transfers between balance sheet accounts. But remember, it is for moving funds between two balance sheet accounts. It shouldn’t be used to record transfers between a client and their vendor’s bank account or to record income or expense.#QuickBooks. #Accounting #SmallBusiness #quickbooksonline #Finance

Improve your cash flow by following these five simple rules. The key is getting your invoicing right, by invoicing customers as soon as possible and using tools within the software to set reminders to move payments along. That said, there are a few other simple rules you can apply to manage your cash flow and get your invoices paid even faster: 1.     Keep your books accurate and up to date 2.     Don’t be too lenient with your customers 3.     Keep your accounting simple 4.     Keep your business and your personal finances separate 5.     Build a cash reserve Feel free to get in touch with us for guidance on your invoicing and business cash flow. #apcaccountants #businessadvisors #accountants #numbers #finances #profit #loss #tax #budgets #budgeting #business #businessowner #selfemployed

10 steps for a smooth month end. As the month draws to a close, you’ll want to bring your accounts up to date. Here's a simple checklist to ensure your monthly account closing is efficient and accurate: 1. Go through all bank and credit card statements. 2. Ensure all transactions are recorded and categorised correctly. 3. Send out any pending invoices. 4. Follow up on overdue payments to keep your cash flow healthy. 5. Record all expenses, no matter how small. 6. Review expenses to identify any unnecessary spending. 7. Run payroll and post your payroll journal. 8. Review your financial statements. 9. Save for tax. 10. Set goals for next month. Do you do these every month? We know that 10 is meaningless without 1-9 and we’d love to help you take control of your accounts starting today. Let us know in the comments if you want to chat about how we can help you be a business superstar. Coffee is on us ;) #noboringbookkeeper #justgrow #vitaminbeans