Sue Schnitz CPA’s Post

Did you know? According to a study done by QuickBooks on Small Business Insights, 𝟯 𝗶𝗻 𝟱 𝘀𝗺𝗮𝗹𝗹 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀𝗲𝘀 𝗵𝗮𝘃𝗲 𝘂𝗻𝗽𝗮𝗶𝗱 𝗶𝗻𝘃𝗼𝗶𝗰𝗲𝘀. That's a lot of money potentially lost...! 𝗠𝗮𝗸𝗲 𝗶𝘁 𝗲𝗮𝘀𝘆 𝗳𝗼𝗿 𝗰𝘂𝘀𝘁𝗼𝗺𝗲𝗿𝘀 𝘁𝗼 𝗽𝗮𝘆 𝘆𝗼𝘂. If you're not accepting digital payments yet, it may be time to consider it! Even with some fees, digital payments can help you get paid on time and give you better control over your cash flow. ✅ 𝗜𝗻𝘀𝘁𝗮𝗻𝘁 𝗣𝗮𝘆𝗺𝗲𝗻𝘁𝘀: Customers can easily pay online, eliminating delays. ✅ 𝗠𝗼𝗿𝗲 𝗖𝗼𝗻𝘃𝗲𝗻𝗶𝗲𝗻𝗰𝗲: No more waiting for checks or dealing with mail. ✅ 𝗔𝘂𝘁𝗼𝗺𝗮𝘁𝗶𝗼𝗻 𝗦𝗮𝘃𝗲𝘀 𝗧𝗶𝗺𝗲: Streamlines your invoicing and payment processes. ✅ 𝗦𝗲𝗰𝘂𝗿𝗲 𝗮𝗻𝗱 𝗥𝗲𝗹𝗶𝗮𝗯𝗹𝗲: Reduces the risk of missing or late payments. #CahFlowTips #Bookkeeping #BookkeepingTips #DigitalPayements #OnlinePayments #QuickbooksOnline

💼 5 Tips for Managing Multiple Bank Accounts with Ease 💼 As a bookkeeper, handling multiple bank accounts can feel overwhelming, having a solid strategy in place makes a huge difference. Here are the top 5 tips for managing multiple accounts efficiently: 1. Consolidate Where Possible 🏦 If some accounts serve the same purpose, consider merging them. Fewer accounts mean less time tracking, less complexity, and fewer fees to worry about. 2. Leverage Automation ⚙️ Use automatic transfers, bill payments, and integrations with accounting software to reduce manual work and keep track of your balances. 3. Categorize Your Accounts 📊 Clearly define the purpose of each account. Whether it’s for operations, savings, or taxes, assigning a specific role ensures every transaction is easy to allocate. 4. Set Regular Check-ins ⏰ Block out time weekly to review account activity, balances, and fees. Early detection of irregularities will save you from financial headaches down the line. 5. Use Real-Time Alerts 📲 Set up notifications for low balances, deposits, or unusual activity. This way, you can stay on top of every change without checking your accounts constantly. By following these tips, you can simplify account management, maintain better control, and free up more time for growth! 🌱 #Bookkeeping #Accounting #FinancialManagement #SmallBusiness

It’s important to categorize transactions, but it takes time. If you have several dozen transactions to categorize everyday, you can automate this process by creating Bank Rules in QuickBooks Online. However, relying solely on bank rules without regular manual review may result in incorrectly categorized transactions, misreported income or expenses on your tax return. This may lead to inaccurate financial statements and potentially trigger an audit. Rectifying errors later requires time, effort, and professional assistance, resulting in additional costly expenses. We recommend that you let us help you set these up from the start to avoid this. Get in touch with us today! Set an appointment with us. https://lnkd.in/eW-qPvfD https://lnkd.in/e3nZbd8R #bookkeeping101 #bookkeeping #bookkeepingservices #bookkeepingforsmallbusiness #bookkeepinghelp #bookkeepingtips #bookkeeperforhire 

1. Keep Accurate Records of Your Income and Expenses 📊 Accurate record-keeping is the foundation of managing cash flow. Ensure that all sources of income and expenses are tracked consistently, including invoices, receipts, and payments. This will give you a clear picture of your cash inflows and outflows, helping you anticipate any cash shortages. 2. Reconcile Your Bank Accounts Regularly 🏦 Bank reconciliation helps ensure that your recorded transactions match the bank’s records. Regularly reconciling your accounts can help you spot errors or discrepancies early, which is essential for maintaining a balanced cash flow and avoiding any surprises. 3. Monitor Accounts Receivable and Payable 💳 Managing accounts receivable (what others owe you) and accounts payable (what you owe) is key to cash flow management. Follow up promptly on overdue invoices and manage payments to suppliers strategically to ensure you have enough cash to cover expenses while maintaining good supplier relationships. 4. Implement a Cash Flow Forecast 🔮 A cash flow forecast is a prediction of how much cash will flow in and out of your business over a certain period. By forecasting future cash needs, you can better plan for lean periods and make informed decisions about spending, saving, or borrowing. 5. Utilize Accounting Software or a Professional 💻 Investing in accounting software or working with a professional accountant can streamline your bookkeeping tasks, making it easier to track cash flow. With tools that automate many tasks, you can focus more on your business while ensuring your finances remain on track. These bookkeeping tips will help you manage your business’s cash flow effectively, keeping you in control and reducing the risk of financial difficulties. 🚀 #CashFlowManagement #BookkeepingTips #FinancialPlanning #BusinessFinance #CashFlowForecast #AccountingSoftware #IncomeAndExpenses #SmallBusinessTips #MoneyManagement #FinancialSuccess

𝗔𝗰𝗰𝗼𝘂𝗻𝘁𝗶𝗻𝗴 𝗧𝗶𝗽𝘀 𝗳𝗼𝗿 𝗦𝗺𝗮𝗹𝗹 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗢𝘄𝗻𝗲𝗿𝘀 📒 1. Keep Accurate Records: Maintain detailed and organized records of all transactions. This will help you track expenses, manage cash flow, and prepare for tax time. 2. Separate Business and Personal Finances: Use separate bank accounts and credit cards for business and personal expenses. This simplifies bookkeeping and ensures clear financial reporting. 3. Monitor Cash Flow Regularly: Keep an eye on your cash flow to ensure your business has enough funds to cover expenses. Regular monitoring helps prevent cash shortages and informs better financial decisions. 4. Automate Your Accounting: Utilize accounting software to automate invoicing, expense tracking, and financial reporting. This saves time and reduces the risk of errors. 5. Plan for Taxes: Set aside funds for taxes throughout the year to avoid last-minute stress. Consider working with a tax professional to ensure compliance and maximize deductions. 6. Review Financial Statements Monthly: Regularly review your income statement, balance sheet, and cash flow statement. This helps you understand your business's financial health and make informed decisions. 7. Consult with a Professional: Don’t hesitate to seek advice from an accountant or financial advisor. They can provide valuable insights and help you navigate complex financial situations.

𝗔𝗰𝗰𝗼𝘂𝗻𝘁𝗶𝗻𝗴 𝗧𝗶𝗽𝘀 𝗳𝗼𝗿 𝗦𝗺𝗮𝗹𝗹 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗢𝘄𝗻𝗲𝗿𝘀 📒 1. Keep Accurate Records: Maintain detailed and organized records of all transactions. This will help you track expenses, manage cash flow, and prepare for tax time. 2. Separate Business and Personal Finances: Use separate bank accounts and credit cards for business and personal expenses. This simplifies bookkeeping and ensures clear financial reporting. 3. Monitor Cash Flow Regularly: Keep an eye on your cash flow to ensure your business has enough funds to cover expenses. Regular monitoring helps prevent cash shortages and informs better financial decisions. 4. Automate Your Accounting: Utilize accounting software to automate invoicing, expense tracking, and financial reporting. This saves time and reduces the risk of errors. 5. Plan for Taxes: Set aside funds for taxes throughout the year to avoid last-minute stress. Consider working with a tax professional to ensure compliance and maximize deductions. 6. Review Financial Statements Monthly: Regularly review your income statement, balance sheet, and cash flow statement. This helps you understand your business's financial health and make informed decisions. 7. Consult with a Professional: Don’t hesitate to seek advice from an accountant or financial advisor. They can provide valuable insights and help you navigate complex financial situations.

New Blog! Common Mistakes in Bookkeeping #3: How to Account for Customer/Client Deposits for Future Services Accurately accounting for customer deposits is crucial for correct financial records and customer trust. Common mistakes include treating deposits as revenue, poor tracking, overlooking refunds, ignoring contractual terms, and poor communication. Bookkeepers should record deposits as liabilities, use dedicated accounts, track refunds, understand terms, and communicate clearly. These practices ensure accurate, transparent, and compliant bookkeeping. 🔹Check out our latest Blog for Common Inventory Correction Mistakes, as well as how to avoid them!🔹 Are you confident in how your business handles customer deposits for future services? Avoid common bookkeeping mistakes and ensure your financial records are accurate and transparent with Innovation Bookkeeping and Consulting LLC! Our team is here to help! We are dedicated to helping your business grow to new heights and we provide a flexible array of services tailored to suit your specific business needs and goals. 🔹For more information and to schedule a FREE Consultation, visit our website!🔹 #InnovationBookkeeping #New #Blog #Tips #Financial #Bookkeeping #Accounting #Business #BusinessOwners #BookkeepingTips #Articles #Services #SmallBusinessFinance

New Blog! Common Mistakes in Bookkeeping #3: How to Account for Customer/Client Deposits for Future Services Accurately accounting for customer deposits is crucial for correct financial records and customer trust. Common mistakes include treating deposits as revenue, poor tracking, overlooking refunds, ignoring contractual terms, and poor communication. Bookkeepers should record deposits as liabilities, use dedicated accounts, track refunds, understand terms, and communicate clearly. These practices ensure accurate, transparent, and compliant bookkeeping. 🔹Check out our latest Blog for Common Inventory Correction Mistakes, as well as how to avoid them!🔹 Are you confident in how your business handles customer deposits for future services? Avoid common bookkeeping mistakes and ensure your financial records are accurate and transparent with Innovation Bookkeeping and Consulting LLC! Our team is here to help! We are dedicated to helping your business grow to new heights and we provide a flexible array of services tailored to suit your specific business needs and goals. 🔹For more information and to schedule a FREE Consultation, visit our website!🔹 #InnovationBookkeeping #New #Blog #Tips #Financial #Bookkeeping #Accounting #Business #BusinessOwners #BookkeepingTips #Articles #Services #SmallBusinessFinance

Preparing your books for an accountant doesn't have to be a headache. Here's a quick guide to make it smooth and efficient: ➡️Organise Your Documents: Keep receipts, invoices, and bank statements in order. Digital or paper, just make sure they're accessible. ➡️ Reconcile Bank Statements: Match your records with bank statements to ensure accuracy. ➡️Review Outstanding Invoices: Know what's owed to you and what you owe. ➡️List Asset Purchases: If you've bought equipment or other assets, list them out. ➡️Keep Personal and Business Expenses Separate: This simplifies the process immensely. ➡️Use Accounting Software? Update It: Ensure all transactions are recorded. Contact us for tailored advice and assistance in getting your books in top shape info@greystoneadvisory.co.uk, 01332 913010. #accounts #finance #accounting

Let’s talk about something that keeps many business owners up at night: overdue invoices! 😱 There’s nothing worse than waiting for payments that just don’t seem to come. It’s frustrating, stressful, and can really mess with your cash flow and overall business operations. 𝗧𝗵𝗲 𝗛𝗼𝗿𝗿𝗼𝗿 𝗨𝗻𝗳𝗼𝗹𝗱𝘀: ⚠ 𝗖𝗮𝘀𝗵 𝗙𝗹𝗼𝘄 𝗖𝗿𝘂𝗻𝗰𝗵: When clients don’t pay on time, your operational budget takes a hit, making it harder to meet your own financial obligations. ⚠ 𝗖𝗹𝗶𝗲𝗻𝘁 𝗥𝗲𝗹𝗮𝘁𝗶𝗼𝗻𝘀𝗵𝗶𝗽𝘀 𝗮𝘁 𝗦𝘁𝗮𝗸𝗲: Constant reminders and collections can sour your rapport with clients, leading to potential loss of business. ⚠ 𝗜𝗻𝗰𝗿𝗲𝗮𝘀𝗲𝗱 𝗪𝗼𝗿𝗸𝗹𝗼𝗮𝗱: Tracking down overdue payments consumes valuable time that could be spent on growth and service. 𝗧𝗵𝗲 𝗙𝗶𝘅: 🔹 𝗖𝗹𝗲𝗮𝗿 𝗣𝗮𝘆𝗺𝗲𝗻𝘁 𝗧𝗲𝗿𝗺𝘀: Right from the start, be upfront about your payment terms—due dates, late fees, and even discounts for early payments. It sets the right expectations. 🔹 𝗔𝘂𝘁𝗼𝗺𝗮𝘁𝗲 𝗙𝗼𝗹𝗹𝗼𝘄-𝗨𝗽𝘀: Use accounting software to set up automatic reminders for clients when invoices are approaching their due dates—and after they’ve become overdue. 🔹 𝗖𝗿𝗲𝗮𝘁𝗲 𝗮 𝗖𝗼𝗹𝗹𝗲𝗰𝘁𝗶𝗼𝗻𝘀 𝗣𝗿𝗼𝗰𝗲𝘀𝘀: Establish a systematic approach for following up on late payments, including phone calls and formal collection letters. 🔹 𝗠𝗮𝗶𝗻𝘁𝗮𝗶𝗻 𝗢𝗽𝗲𝗻 𝗖𝗼𝗺𝗺𝘂𝗻𝗶𝗰𝗮𝘁𝗶𝗼𝗻: Foster a relationship where clients feel comfortable discussing any payment issues. Transparency can often lead to quicker resolutions. If overdue invoices are keeping you up at night, try these strategies! What’s worked for you in managing payments? Let’s discuss! #bookkeepinghorrors #bookkeeping #bookkeepingtips #auditready #financialcompliant