Author: D Allen
-
Why Rags to Rags in 3 Generations (Part 3): Lack of Succession Plan
It’s a tragic and familiar story: rags to riches to rags in three generations. Shirtsleeves to shirtsleeves. This is part three in a series that explains why wealth and success often fade across generations. If you haven’t read parts one or two yet, you can find them here and here. In addition to the first-generation Read more
-
As a bookkeeper for small business owners, I’ve seen how sales confidence and financial clarity go hand in hand. Nervousness around sales is a very common experience. No, you’re not weird. Well, maybe you are, but there’s lots of weird people who do well at sales, so that’s not the issue. When your livelihood is Read more
-
Lots of credit sales and invoices? Use Days Sales Outstanding KPI!
We started talking about KPI’s in a previous post. One Key Performance Indicator that is crucial for any business that issues invoices is Days Sold Outstanding (DSO). This is a crucial report in bookkeeping for businesses with accounts receivable. Days Sold Outstanding shows you how quickly your business collects payments. A poor DSO indicates cash Read more
-
Using Your USP to Get Customers
Getting customers: Your USP (See Ready, Fire, Aim) In an earlier post, I wrote about the optimum selling strategy. Your OSS answers these 4 questions: Number 4 includes an idea called the Unique Selling Proposition (USP). When you know your USP, you have the key to what will make your advertising the most successful. The Read more
-
How to take Installment Payments in QBO
This is for accrual-based accounting, which is best for businesses that have lots of invoices and receivables, long-term projects, and you want to match income and expenses to the time periods they actually occur. Let’s say you’re installing a koi pond for a fancy restaurant’s outdoor area. Gear wheel – Accounts and Settings Sales -> Read more
-
A Chart of Accounts for Your Online Business
When you first set up a business’s accounting software, you’ll want to make sure there is a template for online retail. QuickBooks Online does a good job asking what kind of business you have when setting up an account. It’s hard to go wrong with them. Personally, I find it easier to categorize income and Read more
-
Don’t fear taxes… They’re a GREEN Flag for your business
It is easy to put off taxes to the last minute, or not think about them until you absolutely have to. This may give you more time to focus on growing sales or improving business systems. If this is the case, then maybe that’s now it should be. If, however, you have no business reason Read more
-
Here’s How to Deduct Your Next Vacation
Many if not most of your vacations expenses can be deducted if you are smart about how you conduct your business. First, while I have studied taxes a little, I am not a CPA. Check with a CPA to see if your travel plans will be an effective and legal tax strategy. These strategies work Read more
-
How Do Spouses as Partners or Employees Affect Taxes?
Are there any advantages to hiring one’s spouse from a tax perspective? If it’s a sole prop or LLC, you don’t have to pay Federal Unemployment Tax (FUTA) when you hire your spouse. Other than that, you still have to pay Medicare, social security taxes for them. They are also still subject to federal income Read more
-
5 Ways to Keep Your Business Finances Organized
1. Use a business bank account and cards for all business transactions. Keep a business bank account and only make purchases and accept payments there. If you combine business and personal funds in the same account, the first question you need to ask yourself every time you see a transaction is: Is this for my Read more