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Small Business Accounting

29 01, 2024

6 Tips for Learning How to Use QuickBooks

2024-01-22T16:03:41-06:00January 29, 2024|0 Comments

As the end of January approaches, are you realizing that accounting software like QuickBooks could be useful in reaching your 2024 business goals? Luckily, we are here to help by sharing these six tips for learning how to use QuickBooks with ease! 

Have a basic understanding of accounting principles.

First of all, learning QuickBooks will be easier if you have a basic grasp of accounting. That doesn’t mean you need to become an expert, but understanding the guidelines for reporting financial data is key to having accurate numbers and making informed financial decisions. 

Note your daily objectives.

If you are tackling QuickBooks on your own, try breaking up your daily objectives to help structure your learning plan. For example, day one could include going through initial QuickBooks tutorials to get started and browsing through the program to become familiar with it. 

On day two, objectives might include entering basic information, getting organized and possibly setting up a few accounts. From there, you can start learning more about inputting employee information, customer information, invoicing and so on.

Explore QuickBooks tutorials and videos. 

Next on the list of tips for learning how to use QuickBooks is a no-brainer! Take advantage of the plethora of information created by QuickBooks to help beginners like you. 

Their resources include tutorials, webinars and videos to make learning easy and self-paced. 

Learn handy QuickBooks keyboard shortcuts.

The software also uses a variety of convenient QuickBooks keyboard shortcuts to make some common actions even quicker. For instance, Ctrl + A pops up the Chart of Accounts window. Ctrl + C copies your selection to the clipboard, and Ctrl + I takes you to an invoice. 

Watch YouTube videos. 

Try learning QuickBooks through a variety of approaches, including watching YouTube videos made by QuickBooks pros. 

Work with us for one-on-one training.

Finally, when it comes to tips for learning how to use QuickBooks, work with a professional for personalized, one-on-one instruction. Did you know we are your local QuickBooks professionals in Charlotte? 

As a proud member of the QuickBooks ProAdvisor Program, we can ensure you set up QuickBooks for your business correctly from the beginning. Plus, we can help you manage and apply it moving forward.

Summary

In summary, find out more about the benefits of using QuickBooks for your small business. Then connect with us to get started. Are you looking for additional accounting information, from tax tips to deciding what business entity is right for you? Keep reading our blogs and discover all that and more! 

28 08, 2023

5 Tips for Getting Your Small Business Finances in Order

2023-08-28T12:12:08-05:00August 28, 2023|0 Comments

Managing your small business finances well is a crucial part of keeping your business running smoothly and successfully. Disorganized finances could mean sacrificing cash flow, missing out on valuable tax deductions and ultimately setting your business back. If you’re ready to get a better handle on your business finances today, check out these five tips for getting your small business finances in order.

Separate your business and personal finances.

Combining your business and personal finances (i.e., putting everything in the same bank account) may be tempting, but over time, it will complicate things. For one, it can be hard to track your business spending when you’ve consolidated it with your personal spending.

The first thing you want to do when setting up your business for financial success is to establish its structure to make a clear distinction between business and personal finances. Common options include LLCs (Limited Liability Companies), Partnerships, Sole Proprietorships and S Corporations.  

Hire a qualified bookkeeper.

Hiring a bookkeeper is a great way to help sort through your business finances and set up a financial plan. Professional bookkeepers can help restructure, reorganize and keep track of your business’s cash flow. 

These professionals understand marketing strategies and will figure out how to keep costs low, increase revenue and find potential tax breaks. In addition, bookkeepers can also reconcile your monthly books and create custom reports in order to plan your sales and marketing strategies.

Create a budget.

Running a successful small business is impossible without a business budget. Putting a budget in place allows you, as the business owner, to view the full picture when it comes to seeing where your money is coming from and where it is going. 

Additionally, creating a budget allows you to be wise about your spending priorities and be diligent in your future financial planning. This step is critical and can ultimately help relieve stress.  If you utilize QuickBooks, you can prepare a budget within it’s program.  

Limit your unnecessary expenses.

Take a look at your monthly expenses. Can your business survive without some? If your business can successfully run without certain expenses, get rid of them.

For your necessary expenses, try to downsize them. For example, you can try to find banks that don’t charge monthly fees or have any “hidden” fees.  QuickBooks has a built in way to plan out your expenses based up on your current spending.  

Create a plan to increase your revenue.

And now for one of the most important tips for getting your small business finances in order: creating a plan to increase your business’s revenue stream.

To do this successfully, you will need to have followed the previous steps. Once you’ve done that, you will be able to review your income and develop a concise plan to increase your revenue. 

Summary

Running a successful small business relies heavily on the status of your business finances. But by planning today and following these tips for getting your small business finances in order, you have all the tools you need to get started!

Need some help along the way? From setting up financial plans to handling bookkeeping and more, the Todd Greene team is here to help! Plus, for more financial tips and news, continue reading our blogs.

28 12, 2022

7 End of Year Tax Planning Tips for Small Businesses

2022-12-28T15:17:20-06:00December 28, 2022|0 Comments

Put down the gifts. Let’s get ready to wrap up another year in business. These seven end-of-year tax planning tips for small businesses will help you finish strong and set you up for future success!

Get organized now.

Don’t wait until the last minute to organize your records. One way or another, planning ahead and getting prepared before filing time will pay off.

Make time in your schedule throughout the next few days this December to ensure your year-end tax planning is handled.

Review your statements.

Part of your year-end review should include looking over your financial statements.

Not sure what statements we’re referring to? Don’t panic! Read our blog, 3 Financial Reports Every Business Owner Should Know and Understand, to get started.

Make necessary purchases.

The end of the year is a good time to make certain tax-deductible purchases. Consider stocking up on necessary office supplies, equipment, or a company vehicle, for instance.

Know your tax deductions and tax credits.

Do you understand the difference between a tax deduction and a tax credit? Find out here and determine how they apply to your business.

Be sure to check out our blog, 4 Often-Missed Business Deductions at Tax Time, for more helpful tax deduction tips.

Re-evaluate your retirement plan.

This is one of the end-of-year tax planning tips for small businesses that may come as a surprise. However, it’s a good time to consider your options for establishing a retirement plan if your company currently does offer one.

Or, look over your retirement plan and make sure you are headed in the right direction.

Evaluate your accounting processes.

Again, the end of the year is the perfect time to review. This time, we’re referring to your accounting practices.

How you are managing your records? Do you manually enter information on a spreadsheet? Are you using accounting software, working with an accountant, or both?

No matter what your recordkeeping methods are, closely examining them to see if they are working in your best interest is a good idea. Then you can make any needed adjustments for next year.

Work with a tax professional.

There are several benefits to working with a tax professional. Higher tax refunds, lower liabilities, more profitability, more time, and peace of mind are just a few examples.

Not sure where to begin? Talking to an expert (like us!) is a good place to start your tax planning journey!

Summary

Last but not least, when it comes to end-of-year tax planning tips for small businesses, stay proactive. Keep your records organized. Book your free consultation with us. Those are just a few ways to start 2023 off with a bang! For more tax tips, keep reading our blogs. Wishing you all a happy, healthy, and prosperous new year!

28 11, 2022

Shifting Our Focus to Small Business Tax Planning at Todd Greene, CPA, PLLC

2022-11-22T21:15:29-06:00November 28, 2022|0 Comments

Big things are happening around our office! One of those things involves a shift in focus specifically to small business tax and tax planning at Todd Greene, CPA, PLLC, to better serve our growing client base. With that comes the hiring of two new team members!

A new direction

Our company is focusing on a new direction, which is small business taxes, tax planning, and shorter turnaround times.

With the 2022 tax filing season right around the corner, we are getting ahead of the game now! To ensure a smoother tax season, we have hired two new team members.

Please join us in welcoming Angie Heidel, operations manager, and Jackie Salazar, bookkeeper.

Meet Angie Heidel

Originally from Michigan, this mom of two shifted gears with a recent career change of her own. She has lived in the Carolinas for 15 years and primarily worked as a listing manager in real estate, handling the operations side of things.

Now, at Todd Greene, CPA, PLLC, Angie will help us organize and track our client files while managing our day-to-day operations.

In her spare time, Angie enjoys traveling, watching her kids play sports, being active, cooking and watching football.

Meet Jackie Salazar

Jackie is a multi-tasking wizard. Not only is she working toward earning her bachelor’s degree in finance and accounting, she is also working toward a master’s in business administration. Currently, she helps provide excellent customer service and assists our team in gathering all the information and documents needed to prepare clients’ files.

Soon, she also will be teaching our clients how to use QuickBooks and analyzing data to help provide potential solutions for an improved workflow for us and our clients.

Jackie said joining Todd Greene, CPA, PLLC has taught her a wealth of valuable information. “I am so happy to be part of the team,” she said recently.

More about tax planning

With our new focus and team members, small business tax planning at Todd Greene, CPA, PLLC, is our top priority!

We will continue to take the same proactive approach to tax planning, which means going beyond “tax season.” We work with our clients all year to create a custom plan that will effectively manage tax obligations. What’s more—we’re always committed to pinpointing opportunities to save our clients money on their taxes, which we believe is especially important for the small business owner.

Summary

When it comes to small business tax planning at Todd Greene, CPA, PLLC, it all starts with a free consultation. From there, strategic tax planning—and a better understanding of your taxes—begins. To find out more about us, our team and our services, continue to read our blogs!

28 10, 2022

8 Funding Options for Small Businesses

2022-10-27T21:36:29-05:00October 28, 2022|0 Comments

Starting and maintaining your own business is no easy task. Money—or lack thereof—can be a major issue. When it comes to funding options for small businesses, here are eight viable options to consider.

Banks

Banks are good funding options for small businesses that usually offer competitive terms and low interest rates. However, bank loans can be hard to qualify for.

Qualified applicants could receive typical business loans, equipment loans or commercial real estate loans, for example.

SBA loans

SBA loans are federally backed, which makes them less risky for lenders to lend you the capital. What’s more, the interest rates tend to be low, and there are multiple types of SBA loans.

On the other hand, SBA loans may require a down payment or collateral up front. They can also take a long time to process.

Credit cards

Applying for a business credit card can be a good option if you are looking for short-term funding needs. Business credit cards typically have higher credit limits than personal credit cards.

The catch is paying off the debt before the interest begins to accrue.

Grants

Next among funding options for small businesses is free financing in the form of grants! Grants can be issued from government agencies, corporations, nonprofits and economic development groups.

Funding varies along with the qualifications and application process. The application process can also be competitive.

Equity investors

Equity investors, or individuals, could support small businesses by purchasing shares of the company. Investors generally enjoy some sort of financial gain or return for a specific amount of time.

Crowdfunding

Is your product a crowd-pleaser? If so, crowdfunding is an option worth considering. GoFundMe is an example of a crowdfunding platform. Often, it’s a way of receiving capital without racking up debt.

It gives businesses a chance to test their product while also increasing brand awareness.

Online lenders

Before moving forward with online lenders, do your research. Take your time to find the right fit. Compare lenders, look at reviews and read the fine print.

Make sure you understand the actual cost to your business in terms of fees, interest rates and other possible penalties.

Credit union financing

Credit union financing is similar to funding for banks, but it’s usually just for members. Credit unions offer favorable rates and loans backed by the SBA.

Besides a typical loan, they can offer lines of credit as well as business credit cards.

Summary

Are you ready to launch your own business? Hopefully, these funding options for small businesses will help you get started. For additional help when it comes to business planning, schedule a free consultation with us. For more financial news, keep reading our blogs.

29 06, 2022

3 Business Financial Reports Every Business Owner Should Know and Understand

2022-06-29T14:07:32-05:00June 29, 2022|0 Comments

Sometimes when it comes to business accounting, it’s good to start with the basics. Let’s review three business financial reports every business owner should know and understand as part of the essentials.

The basics

Before we jump into the first of three business financial reports every business owner should know and understand, we need to share the basic accounting formula.

Simply put, the accounting formula is Assets = Liabilities + Equity. To further clarify, we’ll briefly share what each element is.

First, assets refer to items such as bank accounts, fixed assets and accounts receivable. Secondly, liabilities include things like credit cards, long-term notes and accounts payable.

Lastly, equity is capital contributions, dividends and distributions. With these basics explained, we can move onto the first of the essential financial reports.

Balance Sheet

The balance sheet is a report that summarizes all of a company’s assets, liabilities and equity in two columns. The first column reflects assets with the second column showing liabilities and equity.

Generally, the balance sheet is created around the end of a specific time frame. For example, they are often produced quarterly or annually.

Ideally. total liabilities and equity should equal assets. Hence, the two columns represented on a balance sheet should match.

Income Statement

Next up, income statements. An income statement basically reflects the business’s income and expenses. The three main elements on this report are revenue, expenses and profit.

The income statement can be referred to as a profit and loss statement as well. Like the balance sheet, it is produced at a specific time such as monthly, quarterly or annually.

Projected Cash Flow Statement

Finally, the third must-have financial business report is the projected cash flow statement. Typically, this report illustrates a list of expected cash flow—both inflows and outflows.

Once again, it also involves a specified period of time. Usually, projected cash flow statements tend to reflect a 12-month period. Items included in the projected report are your opening balance, sales, expenses, uses of cash and a closing balance.

Summary

Now that we’ve covered the basics of three business financial reports every business owner should know and understand, are you left with more questions? That’s what we are here for! Schedule your free consultation today to discuss in greater detail these essential business reports and much more. For more industry news and guidance, keep reading our blogs.

28 04, 2022

Exploring Todd Greene, CPA’s New Business Planning Services

2022-04-27T21:05:52-05:00April 28, 2022|0 Comments

Are you kicking around the idea of starting your own business? If you are ready to take your idea next-level, start by exploring Todd Greene, CPA’s new business planning services before jumping in the game!

Starting a new business

We get it. Starting a new business can be exciting and thrilling, but it can also be overwhelming. We’ve all heard the old saying, “The devil is in the details.”

That’s why exploring Todd Greene, CPA’s new business planning services should be number one on your to-do list.

A solid foundation

Our team of experts is ready to consider every detail of your proposed business. Then we can begin to help you get organized.

This includes deciding how you want to structure and legally set-up your new business.

We can review and explain the various types of business entities and what each would mean for you and your business in terms of taxes and more.

Strategic tax planning

Again, our experts stay on top of the latest developments and regulations when it comes to new business ventures.

We can help you maximize your profits while minimizing your tax liabilities, for instance.

Setting up accounting services

Start your new business on the right foot when you know we’ve helped you correctly structure important aspects such as payroll, Social Security and insurance from the beginning.

Securing funding

Struggling to secure funding? We can help with that too. From reviewing your business plan to structuring your existing finances, we’ll help you present the information clearly to those who can help you move forward.

Growing your business

Did you know you can incorporate in a state other than your own? We can explain why this might be a good idea—and we can help you expand your business to other geographic areas!

Summary

Finally, exploring Todd Greene, CPA’s new business planning services can help you find short-term solutions with long-term goals in mind. We offer free, confidential consultations for new clients. Call us today at 704.919.3220 to learn more about our new business services and scheduling your consultation.

For more money matters and tax planning, keep reading our blogs!

29 11, 2021

An End-of-Year Checklist for Small Business Accounting

2021-12-02T20:07:53-06:00November 29, 2021|0 Comments

Before we know it, another year will be behind us! But there is still time to get a grip on your business finances. In fact, we’re sharing an end-of-year checklist for small business accounting now to help you get organized!

Get your accounts in order.

How organized are your books? The first step is making sure your books are correct, current and ready to go. Additionally, it will help you see who may owe you money and vice versa.

Prepare key financial documents.

To clarify, a few key documents include a balance sheet report, an income statement report and a cash flow report. Together, these reports help you see where you are financially and where you have been.

Plus, these reports can be used to plan for a final push to reach your financial goals for the year, or a jump start for next year’s plan.

Analyze cash flow statements.

Included on our end-of-year checklist for small business accounting is taking a hard look at your business’s cash flow statements. This report shows how your money was spent throughout the year.

By thoroughly reviewing it, you can identify spending trends for the year.

Closely review and understand your finances.

The analyzing continues with the task of reconciling any card statements with your account records. Double check each item, line-by-line, to make sure the statements match your balance sheet.

Gather your tax documents.

Now is a good time to find all of your tax forms such as the 1099-NEC or Form 1096, and W-2 and W-3 forms. Be sure to include your annual or quarterly state and federal payroll returns as well.

Update employee and payroll information.

Now is a good time to conduct an end-of-the-year employee information audit. Connect with your employees and make sure their contact information and addresses are current.

Verify vendor information.

Do the same thing with your vendors and make sure all their information is up to date in your system.

Summary

Finally, contact us to schedule your free consultation! We would be happy to help with your small business accounting year-end needs as well as planning ahead for 2022. For more accounting insights, be sure to check out our other blogs.

29 10, 2021

The Benefits of Using QuickBooks for Your Small Business

2021-10-29T16:04:02-05:00October 29, 2021|0 Comments

Opening your own business can be scary. But managing that business doesn’t have to be with the right tools. Luckily, we are here to share the benefits of using QuickBooks for your small business, one tool that we think is a must!

It saves time and money.

First of all, QuickBooks saves time and money. It offers a lot of flexibility when it comes to accounting tasks. It streamlines accounting; therefore, freeing up your time to focus on other things—like growing your business!

You will find software that is focused on small businesses.

QuickBooks is user-friendly. It is customer-oriented, and it helps you better serve your clients in the long run.

QuickBooks is efficient.

Again, there are a ton of options with this software. You can manage payroll, create invoices, time sheets, customized charts and much more.

Plus, there are a ton of helpful shortcuts within the platform.

It gives you access to money management tools.

One of the benefits of using QuickBooks for your small business is better money management. You can track tax due dates, keep up with recurring bill payments and enjoy automated records.

Additionally, you can choose to link your bank account and eliminate the need for statements.

QuickBooks works well with others.

Not only is this software user-friendly, but QuickBooks also integrates easily with other software services. For example, you can import or export data from QuickBooks to Excel (or vice versa) seamlessly.

The platform provides financial security.

For one thing, QuickBooks is constantly evolving and improving. Thus, they are one of the leading software programs in terms of new technology and safety.

Moreover, their data center is continuously monitoring the safety of your assets 24/7. They also use additional security features such as multi-factor authentication and password protected login.

QuickBooks has an automated backup service.

All transactions and financial data are automatically stored. This is another one of the benefits of using QuickBooks for your small business that saves time!

Summary

Finally, another benefit of using QuickBooks for your small business is peace of mind! When QuickBooks is set up correctly from the beginning, it is a tool that ensures efficient money management.

This is where we come in. As members of QuickBooks ProAdvisor® Program, we can help you get started. Step one, contact us to schedule your free consultation. Step two, figuring out which version of QuickBooks is right for you.

For more information about who we are, our services and general financial news, continue to read our blogs!

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