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OSYB Blog: Number Crunch!

News and Views from OutSource Your Books, LLC

Watch Out – They are Coming After You! (1099 Warning)

December 20, 2011 by Ed Becker

1099 Classifications — States and the Federal Government are Cracking Down States and the Federal Government are hiring agents to go after employers who are not abiding by employee classification laws. Why? Because with huge budget deficits, pinging small businesses with penalties can bring in revenue for struggling states. Both the New York State Department […]

How to Save Time Preparing 1099s – QuickBooks Training Tip

December 16, 2011 by Ed Becker

Want to save time this year preparing 1099’s?  If you are a QuickBooks user, you’re in luck.  Follow this simple QuickBooks training tip to make 1099 preparation as efficient as possible. In order to print out accurate 1099 forms at the end of the year using your QuickBooks software, the first thing you’ll want to […]

10 Red Flags to Watch for When Reviewing Bank Statements

December 12, 2011 by Ed Becker

What’s the danger in not reconciling bank accounts regularly? Many small business owners simply log into their bank’s website for a quick review of cash balances instead of reconciling their accounts. Below, I’ll give an example of how relying on this quick case review can be a $100,000 mistake. Plus, I’ll give you 10 “red […]

Ring in the New Year With A Year End Small Business Accounting Tune Up

December 9, 2011 by Ed Becker

As a small business owner, you know that December isn’t just about holiday festivities and the holiday season. December is also another small business accounting season. It’s when you need to compile and prepare year end documents for your CPA, so he or she can file everything for you before the upcoming deadline. Which accounting […]

Get Ready for Year End – 1099 time!

December 6, 2011 by Ed Becker

December Small Business Bookkeeping Tip All businesses are required to give a Form 1099 to any service provider that the business paid for services provided during the calendar year. The deadline to issue 1099’s is January 31, so now is the time to make sure you have all W-9’s completed with current addresses and tax […]

The Pain of Small Business Bookkeeping & Accounting

December 2, 2011 by Ed Becker

Many small business owners view bookkeeping and accounting as necessary evils, frequently asking these questions: Who has the time? Doesn’t my CPA handle this? How do I control my overhead costs? How can I grow my business if I do not have useful information to make decisions? We have no cash. Why? How do I […]

Small Business Cash Flow: How to Improve It?

November 28, 2011 by Ed Becker

Cash flow and profitability are not the same thing. Understanding the difference is critical for the health (and survival) of your small business. Many small business owners run their businesses by watching there bank balances, but this can be a recipe for disaster because they are not considering key items like outstanding checks and loans. […]

How to Keep Your Business and Personal Finances Separate

November 18, 2011 by Ed Becker

4 Bookkeeping Tips for Staying Organized As small business owner, the bookkeeping procedures you stick to can either help you stay organized or contribute to a feeling of overwhelm. These four simple bookkeeping tips are easy to implement and can help any small business owner stick to the “stay organized” track: