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Bookkeeping Mistakes




Recently a prospective client asked us about ‘job costing’ in QuickBooks (smart client).  She was planning on buying the QuickBooks Premier Contractor (she’s in the interior design and remodeling business) and converting the existing accounting systems. Her plan is to primarily use QuickBooks for job costing and wanted recommendations that might help her transition smoothly. There is no better […]

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Business startups can be a stressful and challenging process, especially if its your first startup. A single missed to-do list item might be a key element with a big impact on your future operations.  In the course of the start-up phase, it’s genuinely difficult to discern what is and is not significant and what might […]

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From single-person entities to major companies, bookkeeping is an important part of any business process. While it is typically not one of the more exciting jobs, bookkeeping is at the core of a business”s success, and mistakes can cost the company a lot. Below are ten of the most typical errors that you want to your small […]

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What happens when you know you have expenses that are not entered in to QuickBooks yet, and, its time to produce financials (end of month, end of period, end of quarter, end of year) and yet there are some costs missing. How do you fill in the gap? It might be that a vendor invoice […]

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Recently we looked at a new client’s balance sheet and saw that there were way too many accounts that gave rise to issues based on our understanding about his company.  We realized that he perhaps didn’t fully appreciate the importance of his balance sheet and how to read it. It is crucial as a business […]

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Okay, as a small business owner you’ve decided to become more responsible with maintaining your books and records… where do you start? Expert organizer Michelle Carley offers a tip sheet – BANK ACCOUNT STATEMENTS request a statement with a month-end cut-off date saves time when reconciling records with the bank statement every month fewer checks you […]

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A great accountant is worth his or her weight in ledgers. Choosing the right accountant can be the most important decision a small business can make. In the end, a good accountant is not just a bean counter but a valuable financial consultant, an auditor and a trusted adviser. They can provide you with great […]

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QuickBooks Support receives questions on many topics from persons who need support with their Intuit software.  This is the Best 10 Technical Q & A for Summer 2011 combined with links to the best particular Intuit Knowledge Base post. The more that Intuit ProAdvisors know about their QuickBooks software products, the better they can service […]

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Many businesses are effectively endangering their cash flow management by using cash basis accounting as their primary method of tracking their day to day financial dealings.  This can develop into a serious problem. Cash basis accounting doesn’t comply with GAAP principles. Source: www.accountingdepartment.com If you’re surprised to learn that, keep reading. Even though there are […]

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We recently received an e-mail – one of a series of regular releases the IRS sends to tax lawyers, accountants and certified tax preparers.  This one asked “Do you barter?” The IRS’s view of barter. The IRS begins with a simple explanation. Barter is exchanging one product or service for another, whether informally and one-on-one […]

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Here’s a question that arises frequently during QuickBooks training: What do you do if you have an invoice that won’t be paid? And, you’ve decided to give up collection efforts?  To qualify as a bad debt it must be unable to be collected, and all reasonable efforts have been exhausted to collect the amount owed. In […]

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Do you make a phone call to your bank to find out what your checking account balance is?  Get on the right foot in your QuickBooks to make for increased accuracy from your  first QuickBooks bank reconciliation onward. When you create a new QuickBooks data file, there are two ways of establishing the opening balance […]

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As a small business owner you have more far important things to do than to keep your own books. We can work with your CPA, CFO or other administrative personal to take care of your books for you, so you can get back to the job of running your business and generating profits! Each month […]

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A few hot QuickBooks tips from Gene Marks at The Marks Group is always welcomed by our Quick-Books ProAdvisor team. Tracking Referrals A client asked if there was an easy way to track referrals in QuickBooks and then pull a report which provides the referral source.

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Bookkeeping for your small business is an important, often overlooked, piece to your business success. Sooner or later small business owners realize that they need to get better financial controls in their business and they set out to look for services that can improve their business finances. Source: Justin Earl – Small business owners can […]

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“There’s no place like home,” sighed Dorothy in The Wizard of Oz. Home is an ideal, a place of respite, love, and warmth (don’t forget food!) . . . and with those qualities, what better incubator for creative ideas and prosperous thinking? Let’s not forget the practical side, too, of working from a “rent-free” office […]

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