OSYB Blog: Number Crunch!
News and Views from OutSource Your Books, LLC
Avoid Risky Business – Review Your Bank Statement Monthly
May 15, 2012 by Ed Becker
A client of ours (before becoming a client) lost $118,000 because they weren’t reviewing monthly statements. I’m going to tell you this story – one that is all the more heartbreaking because the business (a bakery) was already on the brink – but first, some basics every small business owner should know (but many don’t): […]
Is QuickBooks Right For Your Business?
April 25, 2012 by Ed Becker
If you ask business owners why they chose QuickBooks for their bookkeeping needs, you get several basic responses. Some who say “I didn’t give it much thought but I have a friend who uses it.” Others will say “my CPA uses it” A very select group will who rationalized their decision: talk about features, ease […]
Bookkeeper Madness – Does Your Bookkeeper Really Know What They Are Doing?
February 9, 2012 by Ed Becker
There’s no faster way to kill a business than to mishandle its finances. That’s why I’m surprised by how often small business owners hand their books over to a bookkeeper and simply assume everything will be OK. There are ways this assumption can really hurt your business. Plus, there’s an easy remedy. Bookkeeper Madness Mistake […]
Self-Employed? Tips on Reducing Health Care Costs
January 18, 2012 by Ed Becker
Health Insurance Deduction Did you know that for 2011, there is a self-employed health insurance deduction? Eligible self-employed individuals and S-corporation shareholders can use the self-employed health insurance deduction to reduce their income tax liability. It’s not too late the claim the deduction if you’re eligible. Who is covered? The deduction includes premiums paid for […]
Payroll Tax Cut Extended into 2012…Temporarily
December 30, 2011 by Ed Becker
Feds Approve Payroll Tax Cut Extension Nearly 160 million workers will benefit from the extension of the 2011’s reduced payroll tax rate into 2012. The Temporary Payroll Tax Cut Continuation Act of 2011 temporarily extends the two percentage point payroll tax cut for employees, continuing the reduction of their Social Security tax withholding rate from […]
Don’t Make this Mistake with QuickBooks and Credit Card Receipts
December 24, 2011 by Ed Becker
A simple, but helpful tip from my QuickBooks training files If you’re like many small businesses, you use your credit card to pay for as many small business expenses as you can: gas, office supplies, travel, meals, etc. Some small businesses use their credit cards as a line of credit. Others like accruing points. And […]
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 […]
