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It’s December—Time for Year-End Bookkeeping! As we wrap up the year, here’s a quick checklist to keep your bookkeeping on track: ☑️ Gather Invoices & Receipts :Collect any outstanding documents from your team. ☑️ Reconcile Accounts: Make sure your cash accounts match your statements. ☑️ Close Accounts Receivable & Payable: Check what’s been paid or received and follow up on unpaid invoices. ☑️ Prepare Financial Documents: Get your bank statements, payroll reports, and inventory counts ready. ☑️ Create a Closing Schedule: Set deadlines and assign tasks to keep things organized. ☑️ Back Up Your Data: Make sure all your accounting info is securely backed up. #BusinessTips #Bookkeeping #YearEndClose #businessowner #smallbusinesssupportingsmallbusiness #contractor #serviceprovider #businessconsulting #financialplanning #December2024 #quickbooksonline #accountreceivable ##businessgrowth

If you’re a service provider or contractor, you know how important it is to keep track of payments, especially when clients are looking to work out a flexible payment plan. Here are some straightforward tips to help you manage those payments and ensure you get paid on time: 🔷 Set Up Clear Invoicing: Use tools like QuickBooks to automate recurring invoices and send payment reminders. Keeping everything organized makes it easier for both you and your clients! 🔷 Be Clear About Payment Terms: Always have written agreements that outline payment schedules. This helps avoid any misunderstandings down the line. 🔷 Offer Easy Payment Options: Accept various payment methods—credit cards, ACH transfers, or even online payment portals. The easier you make it for clients, the more likely they are to pay on time. 🔷 Stay on Top of Collections: Use automated follow-ups for overdue payments and have a clear process for escalating if needed. Sometimes a friendly reminder is all it takes! 🔷 Consider Financing Options: If clients need longer payment plans, think about partnering with financing companies. It can help them while ensuring you get paid upfront. 🔷 Regularly Review Payments: Check in on outstanding invoices weekly and analyze customer payment histories to spot trends. By staying organized and proactive, you can keep your cash flow healthy and maintain good relationships with your clients. Let’s make sure you’re getting what you’re owed! 💪💰 Feel free to share your own tips or experiences below! 👇 #BusinessTips #Contractors #ServiceProviders #PaymentPlans #CashFlow #QuickBooks #bookkeeping #Invoicing #SmallBusiness #Entrepreneurship #ClientRelationships

Cash rewards from credit cards - are they taxable? It’s a question that comes up often, so here’s the lowdown: Generally speaking, cashback rewards earned through regular credit card purchases are not taxable. The IRS sees these rewards as rebates or discounts rather than income, which is great news for most of us! Here are a few key points to keep in mind: ✅ Everyday Spending: If you’re earning cashback from your regular purchases, you can breathe easy— those rewards are typically not taxable. ✅ Exceptions: If you receive cash rewards just for signing up (without spending), those might be considered taxable income. Also, if you earn over $600 in rewards in a year, you could get a 1099-MISC form to report. ✅ Business Credit Cards: For business owners, while the rewards aren’t taxable, they may affect how much you can deduct in business expenses. ✅ Consult a Pro: Tax situations can get tricky, so it’s always a good idea to check with a tax professional if you’re unsure. Have any questions or experiences to share? Drop them in the comments!📊✨ #QuickBooks #QuickBooksOnline #Accounting #Bookkeeping #SmallBusiness #CashBackRewards #FinancialManagement #BusinessFinance #Entrepreneur #Money #BusinessOwner #FinancialPlanning #TaxTips #SelfEmployed #Budgeting #Profit #BusinessGrowth

💰 Hey everyone! We want to share some quick tips on how to record cashback rewards in QuickBooks Online. Whether you're getting credits on your card or receiving reward checks, here's how to handle them: For Credit Card Credits: 1️⃣ Go to the Home Screen and click + New 2️⃣ Select Credit Card Credit 3️⃣ Choose your credit card account 4️⃣ Enter the details: 🔶Payment Date 🔶Transaction Amount (e.g., $150) 🔶Category: Either an expense category or create an "Other Income" account for rewards For Reward Checks: 1️⃣ Create an Income Account named "Credit Card Rewards Income" 2️⃣ Record the deposit: 🔷Go to Banking > Make Deposits 🔷Select the bank account 🔷Enter credit card company as "Received From" 🔷Choose "Credit Card Rewards Income" as the Account 🔷Enter check amount and save Consider Tax Implications: Generally, credit card rewards are considered rebates and not taxable income for most situations. However, it's best to consult with your tax professional about your specific circumstances Why It Matters: Proper recording ensures accurate financial records and smooth reconciliations. Plus, it helps you track these little perks your business is earning! Have questions? Drop them in the comments! #QuickBooks #CashBackRewards #AccountingTips #SmallBusiness #FinancialManagement #CashbackTracking #RewardsCheck #ExpenseManagement #BusinessFinance #CreditCardRewards #LearnQuickBooks #BookkeepingTips #FinanceForEntrepreneurs #MoneyManagement #BusinessGrowth #businessowner #bookkeepingdiy

📢 Attention service business owners using Housecall Pro and QuickBooks Online! Are you struggling with the integration between these two platforms? You're not alone! Here's what you need to know: ✔ The integration is primarily one-way: Housecall Pro ➡ QuickBooks Online ✔ Payments don't automatically pull from QBO to Housecall Pro ✔ Common issues include tax rate mismatches, sync alerts, and data import problems Tips: 1️⃣ Carefully set up your integration 2️⃣ Ensure consistent naming across platforms 3️⃣ Regularly check for sync alerts 4️⃣ Consider working closely with your accountant While the integration can streamline operations, it's not without challenges. Some users have even resorted to manual reconciliation to maintain accuracy. Have you experienced issues with this integration? Share your experiences and tips in the comments below! #housecallpro #quickbooksonline #ServiceBusinesses #businessowner #AccountingTips #contractor #bookkeeping #contractor

What is bookkeeping cleanup? It’s like giving your finances a deep clean—way more than just monthly reconciliation, which is like doing the dishes regularly. Why is a cleanup important? 💡It catches old mistakes that could cost you. 💡You might find missed expenses to write off. 💡It makes tax time way less stressful. 💡You get a clear picture of your business’s health. Diving into old records isn’t fun, but it’s worth it! You might even uncover some extra cash! When was the last time you did a cleanup? If you can’t remember, it’s probably time! #smallbiztips #bookkeeping #financialhealth #quickbooks #bookkeepingcleanup #businessowner #smallbusiness

Are you confident in your understanding of 1099 forms and when to use them? #1099Forms #BusinessFinance #SmallBusiness #Bookkeeping #TaxTips #Accounting #Entrepreneur #FinancialLiteracy #TaxReporting #IndependentContractors #LegalServices #W9Form #TaxCompliance #BusinessOwners #SelfEmployed #QuickBooks

Did you know there's a way to save money on taxes just by hiring certain employees? It's called the Work Opportunity Tax Credit (WOTC). You can get a tax credit for hiring folks who often have a hard time finding jobs, like veterans, ex-felons, or people who've been unemployed for a while. The credit can be anywhere from $1,200 to $9,600 per employee. That's not chump change! It's good through the end of 2025, so you still have time to take advantage of it. But here's the catch - you need to get certified within 28 days of hiring. Don't worry, though. It's not as complicated as it sounds. You can find more information on IRS website. I hope this helps you keep more of your hard-earned money in your pocket! 💰 #smallbusinesstips #taxcredits #wotc #QuickBooks #pnw #bookkeeping #savemoney #businessgrowth #taxsavings #HireSmart #pnw #workopportunitytaxcredit #smallbiz #EntrepreneurTips #FinancialSavvy #SupportLocal #jobcreation #veterans #DiversityInHiring #businessowners

Let's talk about tracking expenses.💰💰💰💰 It's not the most exciting thing, but it can save you a ton of money come tax time. Here's a quick rundown of expense categories you should be keeping an eye on: 🌟 Operational Costs: —— Utilities —— Rent/mortgage —— Office supplies —— Maintenance and repairs —— Insurance 🌟 Employee-Related Expenses: —— Salaries and wages —— Training and education —— Employee benefits —— Payroll taxes 🌟 Marketing and Sales: —— Advertising —— Marketing materials —— Website and internet expenses —— Travel for business development 🌟 Professional Services: —— Legal fees —— Accounting and bookkeeping —— Consulting fees —— Bank fees 🌟 Technology and Equipment: —— Software subscriptions —— Hardware purchases —— Depreciation of equipment —— Tech support and maintenance 🌟 Miscellaneous Business Expenses: —— Licenses and permits —— Business meals and entertainment —— Subscriptions and memberships —— Startup costs And that's not even all of them but I didn't want to bore you with the whole list. The big takeaway? Organizing your expenses helps you: —— Pay less in taxes —— See where your money's going —— Make smarter decisions —— Simplify your financial reporting Just remember to check the IRS rules - some expenses are tricky. Anyone else have tips for managing business expenses? Drop them in the comments! 👇 #SmallBusiness #BusinessExpenses #FinanceTips #ExpenseTracking #EntrepreneurLife #MoneyManagement #BusinessFinance #FinancialLiteracy #StartupTips #BusinessOwner #Accounting #CashFlow #ExpenseManagement #FinancialPlanning #BusinessGrowth #SmartSpending #bookkeeping #QuickBooks

Want to boost your business profits? The right pricing strategy is key! From knowing your costs to focusing on value, these simple tips will help you maximize your earnings. Check out the full guide for practical examples and advice! #BusinessTips #PricingStrategy #SmallBusiness #BusinessGrowth #MaximizeProfits #EntrepreneurLife #bookkeeping #QuickBooks