Archive for February, 2013

2013 Accounting Tip #8

February 26, 2013

There are many ways to get organized for taxes. Each person needs to find the way that works for them to ensure that they will stay consistent and current. We will provide you some tips at getting started, you may even find a tip that you like better than your current way of doing things.

Make sure you pay yourself a living wage.  Many business owners are just trying to get their gig off the ground.  In doing so, their focus is on creating sales and running the day-to-day operation without having a plan on what they are going to pay themselves.  Don’t buy into the myth that all owners make a large salary from the get go.  Remember that as your business grows you will likely achieve a higher rate of pay, but this is not always true.  Many business owners consequently just draw out money whenever they feel like it or need it to not have their personal checking account bounce.  Don’t do this.  Have a plan.  Decide in advance how much of a draw you need to make a living and pay your personal expenses.  Once you have determined what is a decent wage for yourself, schedule this draw on a regular basis realizing that it may not be a wage that you want it to be, and may have to be adjusted as you work at building your business.  Make sure you follow the tax strategy for paying yourself depending on if you are a Sole Proprietor, S-Corp, C-Corp or LLC.  Seek the advice of a Tax Professional if you need additional input.

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Quotes

February 25, 2013

Photo: Live with HOPE and NEVER GIVE UP!

www.Ziglar.com

2013 Accounting Tip #7

February 19, 2013

There are many ways to get organized for taxes. Each person needs to find the way that works for them to ensure that they will stay consistent and current. We will provide you some tips at getting started, you may even find a tip that you like better than your current way of doing things.

Most business owners hate to do their paperwork, especially the nitty-gritty relating to income and expenses.  Many times they are not ready to see the impact of the details.  Therefore the task gets put off.  This is the biggest mistake you can make.  You need to set aside about an hour each week to organize your receipts, file your bank & credit card statements, reconcile your finances, and don’t let other things take priority during this time!  You’ll have more insights into your business, be able to make more informed financial decisions and let alone have everything organized when tax time approaches. Something always feels more pressing than your finances, because as a business owner it is all up to you.  But when you find the time every week, you’ll feel your stress levels — now and at year-end — fall fast.  Do yourself a huge favor and do it in bite size chunks and don’t put it off.  Schedule it in your weekly routine.

Quotes

February 18, 2013

Character is how you treat those who can do nothing for you.

– Zig Ziglar

2013 Accounting Tip #6

February 12, 2013

There are many ways to get organized for taxes. Each person needs to find the way that works for them to ensure that they will stay consistent and current. We will provide you some tips at getting started, you may even find a tip that you like better than your current way of doing things.

When you’re looking for insights into your business spending, don’t forget to properly track what is likely one of your biggest expenses: labor. Whether you’re paying for full-time staff, part-time staff or you’re the only one on the payroll, make sure you’re tracking the costs of wages, benefits, overtime and any other costs associated with labor. By tracking your spending on labor, perks and benefits, you may find you have more money to incentivize your employees — or that you’re outspending your budget.

Either way, doing the math now can help you make better decisions later.  Knowing what it costs you to have employees doing work for you, is part of the picture as to whether you are able to grow your business further with your current people or if you will need more people.  It is provides a picture as to the profit of your business venture when you know what it costs you to produce in man time hours.

Quotes

February 11, 2013

Do not wait for leaders; do it alone, person to person.
― Mother Teresa

Verify Texas Medicaid Eligibility

February 7, 2013

Each person approved for Medicaid benefits gets a Your Texas Benefits Medicaid card. However, having
a card does not necessarily mean the patient has current Medicaid coverage. You must still verify
eligibility. There are several ways to do this:

• Swipe the patient’s Your Texas Benefits Medicaid card through a standard magnetic card reader,
if your office uses that technology.

• Search for the patient using http://www.YourTexasBenefitsCard.com, a secure website with a variety
of useful features for Medicaid providers.

• Use TexMedConnect on the TMHP website at http://www.tmhp.com.

• Call the Your Texas Benefits provider helpline at 1-855-827-3747.

• Call Provider Services at the client’s medical or dental plan.

Important: Do not send patients who forgot or lost their cards to an HHSC benefits office for a paper
form. They can get a new card mailed to them by calling 1-855-827-3748. Medicaid members also can go
online to order new cards or print temporary cards. For instructions, visit http://www.YourTexasBenefits.com
and click Learn more about the Your Texas Benefits Medicaid card.

2013 Accounting Tip #5

February 5, 2013

There are many ways to get organized for taxes. Each person needs to find the way that works for them to ensure that they will stay consistent and current. We will provide you some tips at getting started, you may even find a tip that you like better than your current way of doing things.

Finally, don’t forget to get paid for the services or products you provide.  You might think that this one seems pretty obvious, but in reality you would be shocked at how many small business owners don’t properly track invoices and customer payments. You need to have a method at keeping track of your services and/or product so that you can invoice your customers timely.  If you’re not keeping proper records on what your customers or clients owe you with the information in a format that you can make sense of at a glance, it could be months before you realize you have outstanding invoices. You could be charging late fees if your customers are not making payments timely.  If you don’t know if a customer has an outstanding balance, you could be collecting payments late or missing some altogether. Make sure you’re properly tracking all payments due and recording when each invoice is paid, how long customers generally take to pay, and which customers you have had difficulties collecting payments from in the past.  This will help you stay on top of all business revenue and is the first step at Cash Flow Management.

Quotes

February 4, 2013

The smallest of disciplines, practiced every day, start an incredible process that can change our lives forever.

– Jim Rohn