How does the IRS feel about family/friends helping you out? It was 11.13am on a Tuesday. I was sitting cross-legged on the floor in front of my laptop, listening to Dave Brubeck, banging out some work, looking forward to lunch. My caffeine buzz was wearing off, so I got up to make another cup of…
What Your Business Wants for Christmas – Part 1
At this time of year, a little end-of-year business preparation can really make the season bright. Part 1 of our two-part series is a short-and-sweet checklist for end-of-year planning. It outlines the steps you need to take for end-of-year planning, and even includes the best tools that will make it easy. If you spend just…
This is the Year You Master Your Bookkeeping
When the New Year arrives, you should be getting ready for the excitement of the year ahead. Instead, many business owners are being haunted by their taxes from the previous year. This year, we’re stopping the cycle! No delays, no last-minute rush, no lingering questions. If you’re a fourth quarter entrepreneur and you’re busy from…
What You Need to Know About Your Professional Financial Records
Financial Records For Your Business There’s no end to the information available about how long you should keep your financial records: one year, 3 years, 7 years … why is there such a wide range? It’s a loaded question and there’s a reason why it’s not a simple answer – because it all depends….
Income Statement vs. Balance Sheet vs. Cash Flow Statement
It’s an income statement, financial reports, charts, and spreadsheets . . . if you’re like most people, your eyes may glaze over when this topic comes up. Accountants like to create vehicles to track the numbers. That’s what they do. Someone has to, right? There are revenue forecasts, costs of customer acquisition, marketing budgets, and...
Why We, at The Bottom Line®, are 100% Xero
Clients often call us up and ask for help with their software. They are having difficulty with Quickbooks, or they can’t get GoDaddy Bookkeeping to compute their expenses properly, or they may want to know how to configure a certain formula in FreshBooks. If the question they ask is an accounting issue, we should be…
Understanding How Much It Is Costing You to Get Paid: Merchant Fees
If you sell widgets, which you buy wholesale for a dollar each and retail for four dollars each, you make three dollars on each widget you sell, right? When you try to balance your accounts at the end of a particular month, you compute the costs of your wholesale widgets. You bought 2000 widgets…
Post Tax Season Do’s and Don’ts for Online Entrepreneurs and Retailers
You have just finished your 2014 taxes. It’s time to sit back, kick up your feet, and relax, right? WRONG! If you haven’t been keeping up with your books for this year, you are already four months behind. You’re not going to wait until January again and try to recreate all your expenses, income, and…
Accounting Systems for Amazon Sellers
Most people think of Amazon as an online retailer, but an ever increasing aspect of their business is as an online platform for other business owners. If you own a business, Amazon wants to help you. The expertise they have developed in order fulfillment, secure payment processing, and website design. This is something you can…
Review of GoDaddy Bookkeeping ®
There are a lot options available to an entrepreneur who is just starting out in business. One that may look attractive to a new startup with limited funds for accounting software is GoDaddy Bookkeeping. Every entrepreneur needs a program to know where the business stands financially. This review of GoDaddy Bookkeeping will help you…