Thursday, May 30, 2019

3 Reasons You'll Never Become Wealthy

Becoming wealthy has a lot to do with your mind. Many people try to find a big break or the secret to making them rich, and in today's video, Jack Canfield discusses the 3 main reasons why you won't become wealthy.

Monday, May 27, 2019

How to Create a Payroll Schedule in QuickBooks Desktop

Make paying employees simple by setting up a Payroll Schedule in QuickBooks Desktop. A Payroll Schedule lets QuickBooks remember your pay periods, who you need to pay, and when your checks go out. So you won’t need to fill those in every time you create paychecks. These steps are the same for Basic, Enhanced or Assisted Payroll

Friday, May 24, 2019

3 Things Successful People Do Differently | Brian Tracy

Successful people maintain good habits that go hand in hand with success in every area of endeavor. How you work determines the quality and quantity of your rewards. Here are 3 things that successful people do differently than unsuccessful people.

Tuesday, May 21, 2019

The Worst Cashflow Mistakes Small Business Owners Make

The worst cash flow mistakes a small business owner can make can be counted on one hand. They have one thing in common, and that's about failing to follow the money. They're about keeping your eye on the prize, and we go through them here, ending with advice about how to track your own company money using expense management software for small businesses...

Failing to think before you splurge. Great! You've started a business. You're on the road to fame and fortune, and now's the time to invest in an expensive suit and a new car, isn't it? No, in short, it isn't. This is exactly the time NOT to commit money - yours of the company's - to anything you don't need. So there's the first lesson. Understand the difference between 'want' and 'need'. To succeed in business you need a phone, but the Armani suit can wait...

Expecting the best. This is about your financial planning. Understand that you're not going to be a millionaire in the first year. On the contrary, you'll be doing well if you can afford to pay yourself anything like a salary in Year One. If you overestimate the number of units you can sell or the clients you can get to come on board, then revenue will be lower than you predict, and you may find yourself overstretched with any finance package you've put in place.

Offering credit. Poor paying suppliers can cripple small businesses. If you're made to wait for payment, that's like offering them an interest-free loan, and you shouldn't do it. It's perfectly reasonable to ask for payment up front, so long as you're ready to honor your commitment. After all, you wouldn't expect the local supermarket to give you a month or more's credit on your grocery shop (though if you're a supplier to them, the boot would be on the other foot). In general, large organizations are slower payers, and also have complex internal procedures in place about how and when payments can be made. Better to work with smaller companies, where you have direct access to the person with the power to pay.

Being cash poor. If you've made careful and conservative cash flow forecasts in the early days of your business, everything's fine, so long as cash moves as you'd predicted. But what happens if it doesn't? If you have no cash cushion you could be in trouble. Try to have a couple of months-worth of cash in the bank so you could carry on if you had no income at all. It'll help you sleep easier, too.

Not making an unpaid finance assistant work for them. Bet that caught your attention didn't it? This is not about the kind of modern slavery that has people working for nothing, but it's about technology. It's about arming yourself with good quality business expense management software for small businesses and being disciplined in its use. In the early days of your business, you need to be especially careful with money, because having little of it generally sharpens the focus in the need to be a good money manager. In later years, when you've earned a wedge, there's no reason to take your foot off the control pedal. Keep a tight rein on finance, and you'll be rewarded with better dividends in the future. Selection of the right small business expense management software will enable you to keep track of expenses very easily, but more importantly, it will allow you to interrogate the data, and show you how effectively you're managing spending and cashflow - and show where improvements can be made. And picking the right package means it'll offer excellent value for money because the savings you make by using it are probably going to be more than the cost of investing in it in the first place.

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Saturday, May 18, 2019

How to Use Timesheets in QuickBooks Desktop

In this QuickBooks tutorial, you'll learn how to use timesheets using QuickBooks Desktop Payroll. This tutorial is relevant as long as you have Basic, Enhanced or Assisted Payroll. Specifically, we’ll go over:

How to set up employees for time tracking
How to set up and use a timesheet
How to create paychecks with timesheet data

Wednesday, May 15, 2019

How To Set Long-Term Goals In Business | Brian Tracy

Your ability to set long-term goals and constantly be thinking about the future of your business has an inordinate impact on the success and profitability of your enterprise. All top executives are long-term thinkers, and you should be too.

Sunday, May 12, 2019

Happy Mother's Day!

A mother is your first friend, your best friend, your forever friend. 

Thursday, May 9, 2019

How to Use QuickBooks Projects to Track Project Income & Costs (w/ QuickBooks Online Payroll)

In this QuickBooks Online tutorial you'll get an overview of the Projects feature that allows you to track income, material costs and labor expenses for each of your projects. Specifically, you’ll learn: 

Where to see all your projects and a snapshot of their profitability
Where to assign costs to a project
How to find more details on a project

Note: This tutorial is for users who have QuickBooks Online Payroll enabled. There is a separate tutorial if you are not a user of QuickBooks Online Payroll.

Monday, May 6, 2019

Stress Your Money Less: Three Reasons Why Small Businesses Need Accounting Firms

All small business owners know the feelings of dread and hassle that come inherently with tax time. Doing your own taxes is challenging enough, but when you've got to prepare forms for your business and your employees, it becomes even more daunting. That's where the services of accounting firms can really come in handy. But how, exactly, can they serve you? What purpose does it serve to pay someone else to handle your business's fiscal issues, and what do you need the most help with? The answers might surprise you.

Payroll Pleasure

It's recommended that unless you can afford to keep someone with a financial background on staff at all times, you don't try to handle your own payroll. For many small business owners, payroll taxes can be something that falls between the cracks with alarming ease, which can land you in hot water with the IRS pretty quickly. Outsourcing your payroll to a team of experts is the quickest and easiest way to ensure you avoid tax troubles. It's common for local, state, and federal tax regulations to change from season to season, and if you are not careful it's possible that one such change can go unnoticed. These are the sort of things that outsourced companies are trained to handle, so you can sleep just a little easier at night.

Helps Your Bottom Line

Would you have ever dreamed that outsourcing could save you some money? With the advantage of newfound visibility and clarity for your business's financials, there is a sense of control and openness that you might not have had before. This can also make you look better in the public eye should you choose to share this information broadly, and increase trust and business. Most fiscal entities won't charge you an exorbitant amount of money to take advantage of the services that they provide. You'll find that it's not common to be charged by the user, but per transaction. It's common and easy to work out arrangements that suit you best.

Lets You Focus More On You

Tasks like bookkeeping are no small feat. They take a lot of time, time that could often be spent doing something else to focus on your business's actual function and not the behind the scenes parts of it. It's also the most frequently neglected and challenging task small business owners face. Professional accounting firms can help you make sense of the ins and outs of the accounting world, and can keep your fiscal ducks in a row with little to no involvement on your part. You, in turn, get updated statistics that give you a better idea of how your business is faring. This lets you know what you need to focus on moving forward and gives you more time to form strategies to that end.

Do some digging into local accounting firms, and figure out what exactly it is you need from one to help you make the most of your business. A good head for business is important, but so is keeping all your affairs in order. The right set of people can make all the difference in the world, and make your venture fare even better than it was before.

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Friday, May 3, 2019

How to Add & Manage Users For Your Company | QuickBooks Online Tutorial 2019

In this QuickBooks Online tutorial, you'll learn how to add and edit additional users for your company including:
- Setup new users and administrators to enter transactions
- Add new users that only have access to reports, entering their time activities, or receiving payments
- Edit existing users to change their access levels