The Shoes-4-the-Soul tournament was a huge success! We raised over 50 pair of shoes to benefit the youth of @spontaneous.acts.of.kindness. Congratulations to the winning team, Huey’s Panthers, on winnings the tournament! Catch us next year for an even bigger AND better event!
Having a functional accounting system could be the difference between success or failure when it comes to the financial health of your business. Why should all small businesses have accounting software?
1) It allows for the monitoring of receivables to track outstanding payments and customer trends.
2) It promotes understanding of the financial position of your business and helps locate the problem areas.
3) Software can ensure effective cash flow management.
4) Promotes effective record keeping in the event of an audit.
There are many MORE reasons why business owners should invest in an accounting software TODAY. There are several affordable options.
Here are a few of our favorites:
Follow their respective links to learn more about their products and pricing!
This may seem like a shameless plug, and perhaps it is. Regardless of how it may appear, there are some seriously significant reasons why you should consider outsourcing your bookkeeping to someone with experience and/or who enjoys doing the work. Here are a few quick reasons why:
Bookkeepers typically minimize and catch potentially costly errors: This can be anything from penalties, late fees, to errors due to simple data-entry errors. Great bookkeepers have an eye for the small details, so rest assured, your very likely to save many dollars of the mistakes you won’t be making.
Great bookkeepers keep a tight schedule: This is a supplement to the first point. It’s very likely your outsourced bookkeepers has a couple of other clients to manage as well. This being said, there isn’t a ton of time in slack. The work is done in a timely and efficient manner to ensure all clients are satisfied.
Bookkeepers have access to better systems that you can implement at your business: What a time to be alive! There are thousands of apps on the market specifically designed for businesses, small and large, and the bookkeepers and accountants who serve them. These apps can streamline the processes running accounts receivable, accounts payable, cash flow projections, workflow and so much more!
Bookkeepers free-up time so you are free to work on your business the way you want: This one is self-explanatory and actually the most-heard compliant from new clients. They have LITTLE time to focus on what actually got them in business initially…their passion to serve their clients. Hiring a bookkeeper can save you dozens of hours a month or even a week!
Bookkeepers provide essential data to help you scale your business: At Open Books Financial, we like to go the extra mile. Not only will we ensure that monthly bookkeeping checklist is completed, but we also provide customized metrics based on your business needs or requests.
Want to learn how our team at Open Books Financial could serve you? Let us know!
Just a quick vocab lesson for our readers. Business owners, we know that accounting REPULSES some of you…but it’s important to know basic terms so you can stay in the financial loop of your business. At minimum, try to know and most importantly, understand the following accounting terms:
FISCAL YEAR – THE 12 MONTH PERIOD THAT CONSTITUTES THE START AND END OF THE ANNUAL FINANCIAL RECORDS FOR A BUSINESS
ASSETS – ANYTHING OF MONETARY VALUE OWNED BY THE BUSINESS
LIABILITIES – FINANCIAL OBLIGATIONS OWED BY THE COMPANY, INCLUDING SALARIES, INCOME TAXES, RENTS, UTILITIES
REVENUE – SUM OF ALL MONIES GENERATED THROUGH THE SALE OF GOODS AND SERVICES, SHARES IN THE COMPANY, INTEREST, ROYALTIES, PROPERTY, ETC.
ACCOUNTS RECEIVABLE – AMOUNTS OF MONEY OWED TO THE BUSINESS BY CUSTOMERS/CLIENTS FOR GOODS AND SERVICES RENDERED
ACCRUALS – REVENUES OR EXPENSES EARNED BUT NOT RECEIVED
EQUITY – MONEY INVESTED IN THE COMPANY BY THE OWNERS
DIVIDENDS – DISTRIBUTIONS OF A PORTION OF COMPANY EARNINGS TO OWNERS
BAD DEBT – A DEBT THAT CANNOT BE RECOVERED
Understand these items and examine how they relate to your business. If you have additional questions or concerns with these items, drop us a note. We would love to help you better understand the financial health of your business or organization!
There’s nothing wrong with hiring some help! There are great benefits to hiring both employees and contractors. Be sure you know the differences! One of the most notable differences between employees and contractors are the tax implications. Simply put, the employee is responsible for withholding a certain number of taxes for the employee. Contractors are responsible for their own periodic tax withholding and subsequent payments to the city, state, and federal government. For more differences, see the info-graphic below!