“What management measures, gets done.” Key Performance Indicators (KPI’s) are utilized to monitor business performance against targets and goals to insure business is moving in the intended direction based on the company’s Critical Success Factors (CSF’s). CSF’s are the essential areas of business activity that must be performed to achieve the company’s mission, goals, or [...]
By Donna Rantz New 39.6% Top Tax Rate The American Taxpayer Relief Act makes permanent for 2013 and beyond, the Bush-era lower income tax rates for all. HOWEVER, there’s a new top rate if you have taxable income over $400,000 for single filers, $425,000 head-of-households, and $450,000 for joint filers. So unless your taxable income [...]
Today’s QuickBooks challenge is to help you be more efficient in QuickBooks by utilizing the simple customize feature in QuickBooks.
In general, the proper Accounts Payable procedure is to enter a bill and then pay the bill when it is due. Following this process ensures that the bill and payment are “linked”. It also eliminates the potential for duplication of expenses that could result from entering the transaction through the write checks function. To assist you with reviewing Accounts Payable (AP), I have listed 5 steps for you to follow:
If you are a ‘CASH’ business, then this challenge may not apply to you since you receive cash when services are rendered. Examples of a ‘CASH’ business would be a Hair Salon, Grocery Store, and Retail. For the rest of us who offer our clients terms, accounts receivable is a key factor for cash management. To assist you with reviewing Accounts Receivable (AR), I have listed 6 steps for you to follow.
Today’s challenge is to help you get organized and review your vendors to insure you have IRS FORM W9 on file for all vendors that require a 1099MISC. Next step is to review the vendor setup in QuickBooks to ensure that the vendor tax ID information has been entered properly into the vendor record. From there, review of the 1099 company preference is required to ensure mapping of the chart of accounts to the correct 1099MISC record box has been completed. I have provided a short video that reviews these steps.
Day Two’s challenge is to challenge the bank accounts to identify any areas that need attention. Check out my checklist to help you with this task.
Find out what’s new in QuickBooks 2013! You may be planning on upgrading or stretching a prior year upgrade. There may be some significant game changers that will move you forward in your decision to upgrade.
Can’t itemize? There are still tax breaks for you
Want to increase cash flow and profits for your business? Well, I got five must-haves that you need to pay attention to in order to achieve these goals.