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MS BOOKKEEPING SERVICES

Bookkeeping for Small Businesses

Bookkeeping Help Blog

Blog

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How Should I Provide a Refund?

Posted on May 18, 2022 at 3:15 PM Comments comments (0)

Issuing refunds is a part of almost any kind of business whether you offer services or products.


Maybe someone overpaid an invoice, a customer didn’t like the product, or the service/product sold resulted in damage.

 

So, how do you go about issuing a refund and setting that up in your financial records?

 

Refund Best Practices:

One of the policies you should have for your business is a refund policy. Although you might be...

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15 Accounting Terms You Should Know

Posted on April 20, 2022 at 5:25 PM Comments comments (5)

Owning a business means that you will have financial responsibilities.

 

So, it’s important to know these terms when handling your finances or when discussing your finances with your bookkeeper or accountant.


 

 

1. Accounts Receivable

When you perform a service or provide a product, the amount your customer owes you will be the account receivable. Although you are waiting for this amount to be paid, it will still be...

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How To Set Up Records For Tracking Jobs

Posted on March 16, 2022 at 3:20 PM Comments comments (3)

Have you been tracking your jobs?

 

Keeping all projects, clients, and purchases together when completing a job is extremely important for invoicing. It can be helpful in other areas as well such as:

 

 

  • Job History: By continuously tracking your time, you are able to look back at similar jobs to give your clients better estimates on how long something will take.
  • Tracking progress: All parties included (you, your clients,...
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Assessing Finance Charges: Late Payments

Posted on February 16, 2022 at 3:20 PM Comments comments (1)

When assessing finance charges it’s best to review them monthly to keep up with everything owed.

 

Finance charges can include loan processing fees, interest charges, late fees, and other costs going beyond the amount borrowed/owed.

 

Luckily, there are ways to improve your cash flow and lessen the amount of finance charges you need to assess:

 

  • Offer discounts when your Clients or Customer pay early
  • Reduce the payment cyc...
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1099's

Posted on January 19, 2014 at 6:58 PM Comments comments (14)
Hello,
It is that time of year again for 1099 filing.
Be sure that you have reconciled the month of Dec. bank statements and credit card statements before running your 1099 report.

Also, make sure all EIN and Social Security numbers are correct and addresses are current before running 1099's.

As always, if you need any help with 1099's please give us a call.


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August check in

Posted on August 1, 2013 at 2:16 PM Comments comments (0)
Well here it is August 1st.
I hope everyone is doing a good job of reconciling all of their information with the Bank Statements and Credit Card Statements.
Last month was the deadline for quarterly payroll tax reporting.  I hope everyone met that deadline.
Now is a good time to look at your net income and put some money aside for estimated taxes, so you don't have this huge amount to pay at the end of the year.
As always if you need any help with any of this I am here to help you.  Also, if you don't know what I mean by reconciling just ask me.
Have a great month!
Maria
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Mid Year catch up

Posted on June 25, 2013 at 2:29 AM Comments comments (0)
This is just a quick note to see how things are going.
It is almost July, do you have all of your bank statements and credit card statements reconciled through May?  Now is a good time to get caught up on that so it is not a rush at the end of the year.
 
Also a reminder, 2nd quarter is quickly coming to a close.  July will be time to file and pay those quarterly payroll tax reports.
 
If you ever need help or have any questions please feel free to call.  I enjoy helping people keep their books organized and up to date.
 
Have a great rest of June.
 
Maria
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Mid year check up

Posted on May 24, 2013 at 5:02 PM Comments comments (0)
This is for all of those small business owners.
It is almost June, have you reconciled all of your bank statements and credit card statements for the year so far?  You need to make sure everything that is on your statements is also in your Quick Books file.  By doing this now it will make it easier at the end of the year to get ready for your CPA and taxes.
 
Other things to be staying on top of:
 
Sales tax reporting and payments
Payroll tax payments
 
Also, now would be a really good time to make sure all of your employees and contract labor people have given you their social security/EIN numbers and correct address.  This is easier to do now than at the last minute for end of the year W2 and 1099 filing.
 
I wish all of you a prosperous rest of your year.
 
If you need any help with your bookkeeping needs please give me a call.  I am here to help.
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Year End Work

Posted on April 5, 2013 at 5:23 PM Comments comments (3)
Well, it is almost April 15th!
Hopefully all you small business owners have everything gathered up and ready for your CPA or tax preparer.
Here is a list of what you will need for your CPA or tax preparer, of course your CPA or tax preparer will probably have questions and add to this but this is a start.
 
A Jan - Dec  Profit and Loss Statement (with all bank accounts and credit card accounts reconciled)
 
A Dec 31st Balance Sheet
 
A copy of any 1099's that your company has sent out
 
If you have payroll:
 
A copy of any W2's that your company has sent out
A copy of all quarterly payroll tax filing
 
If anyone has any questions as to what these reports are or needs help getting these reports please feel free to ask me.  I will do my best to provide what help you need.
 
 
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Reconcile those accounts

Posted on February 27, 2013 at 1:29 PM Comments comments (13)
The one thing I see that business owners are not doing is reconciling the bank statements and the credit card statements.
The only way to catch any mistakes, things left out or duplicates of an entry, is to reconcile.
In order to reconcile you must have a copy of your bank statement to work with.
If anyone has any questions I would be happy to answer them regarding this or any other bookkeeping need.
Maria
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