Archive for March, 2013

Quotes

March 25, 2013

Your life is the sum result of all the choices you make, both consciously and unconsciously. If you can control the process of choosing, you can take control of all aspects of your life. You can find the freedom that comes from being in charge of yourself.

– Robert F. Bennett

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2013 Accounting Tip #11

March 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.

Balance your Cash Drawer/Register. Believe it or not, some small businesses feel that this is not important or they simply did not want to fool with the hassle of balancing their Cash Drawer/Registers.

There are multiple reasons why you need to do this. First, if you are not balancing, how do you know that the money is not slipping away? Employees are not dumb and though most people are honest, why put them in a tempting position? Or a position where they will rationalize and borrow money from the register and put it back later? Most of us don’t mind helping out but we should be asked.

Count your Cash Drawer/Register and balance them daily, at the beginning of a business day and at the end of a business day. It is also good to have a second person double checking the final numbers so that you leave no room for error. If you don’t want to do it yourself assign a trustworthy person the task and periodically check them. It is a lot easier to find and fix any mistake today than it will be at a later date. It also makes reconciliation go a lot faster than stopping at that point to find the discrepancy.

Quotes

March 18, 2013

Choose your love, Love your choice.

– Thomas S. Monson

2013 Accounting Tip #10

March 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.

Deposit your receipts timely.  Depending on your volume, this should be done either daily, every other day or at minimum once a week.  It is best that you deposit your receipts each day in order to reduce the risk of money being lost or stolen, and checks not clearing by the time they are deposited.  If your business does not have a lot of cash receipts, you should at least deposit your receipts every week. All checks, money orders and cash items received should be deposited intact without any deductions for expenses or advances. Use your petty cash fund to pay expenses or advances that require currency.  Better yet, write a check to reimburse the person for the expense so that you have tracking on that expense and it is accounted for.  It is not recommended that you keep large quantities of cash at your place of business.  Have a specific cash amount that you keep on hand in a petty cash fund for those instances when you need to make change.

Quotes

March 11, 2013

Being challenged in life is inevitable, being defeated is optional.

– Roger Crawford

2013 Accounting Tip #9

March 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.

Consider working with a Professional. Accountants have been trusted and respected allies to small business owners for many years. Their intimate knowledge of the profession as well as tax laws in their jurisdiction will save you money almost every time. I know how tempting it can be to save a buck and do it yourself, but it’s almost never more cost-efficient in the end. An accountant will almost always find more deductions and keep you penalty-free. On that note, the cleaner your records, the fewer billable hours you’ll have to pay, so make sure you’re organized year-round. But when things get technical or taxes are due, save yourself the money, time and headaches and call in a trusted professional.

Quotes

March 4, 2013

Tell me and I forget.  Teach me and I remember.  Involve me and I learn.

~ Ben Franklin