Showing posts from April, 2013

Managing your Business Finances like a Pro: Getting Started

Begin managing your finances using QuickBooks with these simple steps and quick tips. Getting Started Consult with your accountant and discuss the use of QuickBooks Buy and Install QuickBooks pro (You can buy through us  here ) Structure your various accounts- Start with the minimum number of accounts, then expand. Establish an accounting routine that works for you and stick to it. Work with your accountant and keep in close contact all year round. Good Accounting Habits Record Transactions regularly. Including but not limited to:      Buying/Expense: bills, checks, credit, paying employees, contractors      Selling/Income: estimates, invoices, sales      Credit Card Transactions Reconcile accounts monthly Update financial statements quarterly Be as accurate and Consistent as possible Fix mistakes as they happen (They are fixable!) Set Up Your Budget It is simple to set up your company’s budget in QuickBooks. The program all

Do’s and don’ts for paying part-time employees

Do’s and don’ts for paying part-time employees   Source:   The  American Institute of Professional Bookkeepers ; Bookkeeping Tips Newsletter Do  withhold FICA on part-timers, including retirees.   Even if someone who works for you part-time also has a full-time job where they have had 100% of their FICA withheld for the year, you must withhold the full amount of FICA from their pay. These individuals can obtain a refund of any overpaid FICA on their 1040. Similarly, if a retiree receiving Social Security benefits works for you, say, one day a week, you must withhold FICA.    Don’t   assume former employees who return part-time are Independent Contractors.   If they do the same job they did before they left, especially in the same tax year, they are employees, not independent contractors. Don't  base worker status on length of service.    A worker who fits the definition of “employee” is an employee and all employment taxes apply—even if he