Author: D Allen
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How a Chart of Accounts Differs for B2B vs B2C Businesses
How a Chart of Accounts Differs for B2B vs B2C Businesses When setting up your business for effective bookkeeping, a well-structured chart of accounts is essential. The right chart of accounts helps you categorize every transaction accurately, avoid duplicate account names, and keeps your books manageable. A poorly structured chart can make it difficult to Read more
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How to Track Principal and Interest Payments on Notes Payable in Google Sheets
Here you’ll learn how to track principal and interest payments on Notes Payable in Google Sheets. I am using Google Sheets for a specific reason. If you want to use Google Sheets but value privacy, you can just use the loan number from your lending institution as the file name, or something that people can’t Read more
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How to Track Principal and Interest Payments on Loans in QuickBooks Online
Tracking Principal and Interest Payments on Liabilities in QuickBooks Online Tracking principal and interest payments on a loan in QuickBooks Online may seem complicated at first, but with a few clear steps, you can stay organized and accurate. This post will walk you through recording payments, splitting principal and interest, and keeping your accounting records Read more
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How Long Should You Keep Payroll Tax Records for Your Business?
Payroll is complicated. Because of that, many businesses choose to stay small for as long as possible before hiring employees. When you finally do hire, it’s a good instinct to hold onto anything related to payroll and employment taxes. You never know if the IRS will come knocking, and you want to be on the Read more
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How Far Back Can the IRS Audit You?
How far back can the IRS audit you? Wouldn’t it be comforting to know that certain tax years are officially off the table—that the IRS simply can’t go back that far? Even if you’ve done nothing wrong, the idea of limits is reassuring. That said, it’s still wise to operate on the principle that authorities Read more
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Sales Tax Nexus: What Online Businesses Need to Know After Wayfair
Sales tax nexus determines when a state can require your business to collect and remit sales tax—even if your business is located somewhere else entirely. Let’s say you’re a ski clothing retailer with an online store. You’re based in Reno, Nevada, and 40% of your sales are shipped to customers in Colorado. At what point Read more
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Why Families Lose Wealth (Part 5): The Inability to Trust the Next Generation With the Business
This is part five in a series on why family wealth rarely lasts beyond three generations, and how to prevent that. In this post, we’ll look at one of the most emotionally complicated causes: the inability to trust the next generation with the family business or the wealth—for any number of reasons. This issue is Read more
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Why Rags to Riches to Rags in 3 Generations, Part 4: No Mission—or a Bad Mission—for the Family
This is the fourth post in a series about why families with wealth so often go from rags to riches to rags in 3 generations. And one of the biggest reasons is simple: there is either no mission for the family, or the mission that exists is the wrong one. We accept that CEOs and Read more
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Proverbs 28:20 and the Wisdom of Getting Rich Slowly
Proverbs 28:20 teaches a kind of wisdom our culture has nearly forgotten, especially when it comes to getting rich slowly. The verse reads: “A faithful person will be richly blessed, but one eager to get rich will not go unpunished.” It’s a simple contrast, yet it reaches into the heart of how we work, build, Read more
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How to Hire People Under 18 (Who Aren’t Your Children) for Jobs in Your Small Business
Hiring minors in a small business is a bigger responsibility than many owners realize. Business owners often know the rules for hiring their spouse or their own children, but hiring people under 18 who aren’t your children has a different set of federal and state requirements. In this post, I’m walking through the tax, payroll, Read more