Posts Tagged ‘financial tracking’

Bookkeeping Tips: Tax Preparation Checklist

April 1, 2011

It is that time of year again and it is so important to have a plan in place when you file your taxes. You may need to consult with an accountant or bookkeeper. You may need to inquire about which deductions are the most advantageous for your situation. You may need to make sure you are not missing important pieces of paperwork. The simple tax preparation checklist below will get you started and on track.

1. Do you have copies of your W-2’s or 1099’s? There may also be additional paperwork related to investments of any kind that must be filed. If you are not sure ask an expert. .

2. Don’t wait until the last minute to schedule time with your accountant or bookkeeper. This time of year is crazy for people in the financial industry and you will want to make sure they have time to assist you. Last minute pressures can sometimes lead to hasty decisions.

3. Keep up on any tax credits you can take advantage of or ask an expert. New tax bills are always being passed and it can be confusing. The IRS website is a great resource for helping you stay up to date on the current tax laws. Of course there is no substitute for hiring a trustworthy accountant to stay on top of all the details.

4. If you are a W-2 employee there are deductions you can take advantage of. Ask your accountant about these and what you need to do. If you are self-employed there are a wide variety of deductions that can work for you. Be sure and keep all business related receipts and ask your accountant or bookkeeper what expenses can be used as deductions.

5. Compare itemizing your deductions vs. not itemizing them and see which scenario provides the best result for you. Again if you don’t know how to evaluate this then hire an expert.

6. Double check any exemptions you are claiming.

7. Check your eligibility for tax credits such as the child tax credit, adoption credit, education credits, etc.

8. Will you file electronically? Make sure you have everything you need in order to do so.

9. If you are a business or self-employed be prepared to make your tax payments on time.

10. Have a massage or night off planned once your taxes are done! Nothing is complete without a celebration. Enjoy that fact that another year has gone by and you have managed your finances.

Happy tax season!

 

Common Bookkeeping Mistakes Small Businesses Make

January 25, 2011

wn snap bookkeeping services asheville In an article on AllBusiness.com entitled Top 10 Bookkeeping Mistakes Made by Small Businesses some common issues are discussed. As many of us are aware small businesses are always looking for ways to save money, increase efficiency and improve profitability and performance. It is not surprising that so many small businesses often forget to keep receipts on every business related transaction, take on too many tasks themselves, and sometimes don’t communicate clearly because of their busy schedule. Some more specific mistakes you want to avoid  are:

-Listing transactions in the wrong categories on QB.
-Not having a backup system for QB files.
-Forgetting to track reimbursable expenses.
-Not properly classifying employees.
-Not properly reconciling the QB files with monthly bank statements.

These are just a few of the things you should be careful of when managing your own financial tracking and bookkeeping.

To learn more about how to keep from making common mistakes check out this great bookkeeping and financial tracking article on AllBusiness.com.

Test Drive the Latest Versions of Quickbooks

December 26, 2010

Are you thinking about purchasing the latest Quickbooks software for your small business?

Then visit the Intuit website and test drive the demos of everything from Quickbook Enterprise to Quickbooks Payroll. In order to be sure this kind of software is something your business can properly implement  it is best to test drive the software. If it seems confusing, you may want to employ a Quickbooks expert or specialist to help you create a system that can track all of the important financial data you need in order to grow your company.   You can also search the Internet for online tutorials and look in your local area for local Quickbooks trainings and classes.

Payroll, Payroll Taxes, Payroll Management: Intuit Payroll

September 28, 2010

Payroll Basics for Small Business from Intuit – Financial Tracking Experts

Are you looking to better manage your payroll and spend less time trying to organize employee data, taxes and more? Intuit can help you create financial tracking strategies  and make payroll more efficient and accurate. Click below to find out more about Payroll 101 and find out if Intuit products are right for you. 

Payroll, Payroll Taxes, Payroll Management: Intuit Payroll.

If you are looking for training and consulting when it comes to Intuit products WNC Snap can help! We offer Quickbooks training and consulting, as well as management training to assist with payroll set up, reporting and evaluation in Asheville and throughout Western North Carolina. Contact us today and let us empower you to do business based on sound financial data tat is easy to access at any time.

WNC Snap-we help make your business decisions easier!

Should companies start hiring again? Check out this CNBC.com economic debate.

August 4, 2010

Click on the link to watch an excellent video discussion Time to Start Hiring? – CNBC.com.

Hire a Bookkeeper to Track Your Business Finances and Let the Numbers Help You Choose Whether Now is the Right Time to Hire New Employees – SHOULD YOU HIRE NOW? – Find Out What the Experts are Saying on CNBC.com.

Airtime:
Wed. Aug. 4 2010

Discussing whether companies should start hiring, with Michael Farr, Farr, Miller & Washington and Bob Auer, Auer Growth Fund.

WebCPA.com Tools and Resources that Professional Tax, Accounting and Bookkeeping Experts Use

July 21, 2010

Some business owners are comfortable managing their own financial tracking and bookkeeping once they have the right financial tracking system set up and they have been trained to properly use it. WebCPA.com is an excellent resource for anyone interested in learning more about the latest bookkeeping and accounting technology.

WebCPA.com also provides access to credible, well respected accounting and financial tracking sources for advice on any number of bookkeeping skills.