OSYB Blog: Number Crunch!
News and Views from OutSource Your Books, LLC
Do I Hire a Bookkeeping Service Or A Bookkeeper?
May 27, 2012 by Ed Becker
Let’s assume that you decided to hire a bookkeeper as opposed to a bookkeeping service like Outsource Your Books LLC How would you interview and select such a bookkeeper? There are many variables involved that you as a business owner may or may not be capable of making. Recruiting is more of an art than […]
I Am Behind In My Bookkeeping, Now What?
May 19, 2012 by Ed Becker
Let’s assume that you are 12 months behind with your QuickBooks tasks. You haven’t entered data, reconciled the bank accounts or done anything of substance. Your CPA is asking for year end information to make estimates. Your Accounts Payable and Accounts Receivable are outdated and you don’t have the smallest idea if you are making […]
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 […]
Quickbooks Audit Trail – Who Needs It?
April 12, 2012 by Ed Becker
A few years ago, the QuickBooks Audit Trail feature could be turned on and off. However, in the most recent versions of QuickBooks, the feature is always on. Even the administrator can’t turn it off. It has its drawbacks, but for the most part, it is a very useful feature, albeit under-utilized. What does the […]
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 […]
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 […]
