One of the things that you don’t often hear about from retail giant Amazon is how to best go about creating a system for accounting for Amazon sellers. While there are tons of articles about becoming an Amazon seller, you’re expected to know or learn everything that comes after for yourself. That can lead to…
Why You’ll Love Our Small Business Bookkeeping Approach
Did you know that 90% of small business startups online fail within the first four months? If you want to beat the odds, you’ll need more than a great product. You’ll need a plan. And that plan has to include a system for bookkeeping online, or your finances will soon get out of control. Luckily,…
Tips for a Cozy Third Quarter
Get out your fuzzy sweaters and your financial statements…it’s time to plan for third quarter. After weeks of sweltering heat, we had a weekend of massive thunderstorms. I’m talking the kind that turn your backyard into a swimming pool and your swimming pool into a water feature. The kind with thunder bursts that make your dog howl…
Can I Write It Off? – Donations / Monetary Gifts to Your Business
How does the IRS feel about family/friends helping you out? It was 11.13am on a Tuesday. I was sitting cross-legged on the floor in front of my laptop, listening to Dave Brubeck, banging out some work, looking forward to lunch. My caffeine buzz was wearing off, so I got up to make another cup of…
What Your Business Wants for Christmas – Part 1
At this time of year, a little end-of-year business preparation can really make the season bright. Part 1 of our two-part series is a short-and-sweet checklist for end-of-year planning. It outlines the steps you need to take for end-of-year planning, and even includes the best tools that will make it easy. If you spend just…
This is the Year You Master Your Bookkeeping
When the New Year arrives, you should be getting ready for the excitement of the year ahead. Instead, many business owners are being haunted by their taxes from the previous year. This year, we’re stopping the cycle! No delays, no last-minute rush, no lingering questions. If you’re a fourth quarter entrepreneur and you’re busy from…
What You Need to Know About Your Professional Financial Records
Financial Records For Your Business There’s no end to the information available about how long you should keep your financial records: one year, 3 years, 7 years … why is there such a wide range? It’s a loaded question and there’s a reason why it’s not a simple answer – because it all depends….
Income Statement vs. Balance Sheet vs. Cash Flow Statement
It’s an income statement, financial reports, charts, and spreadsheets . . . if you’re like most people, your eyes may glaze over when this topic comes up. Accountants like to create vehicles to track the numbers. That’s what they do. Someone has to, right? There are revenue forecasts, costs of customer acquisition, marketing budgets, and...
Why We, at The Bottom Line®, are 100% Xero
Clients often call us up and ask for help with their software. They are having difficulty with Quickbooks, or they can’t get GoDaddy Bookkeeping to compute their expenses properly, or they may want to know how to configure a certain formula in FreshBooks. If the question they ask is an accounting issue, we should be…
Understanding How Much It Is Costing You to Get Paid: Merchant Fees
If you sell widgets, which you buy wholesale for a dollar each and retail for four dollars each, you make three dollars on each widget you sell, right? When you try to balance your accounts at the end of a particular month, you compute the costs of your wholesale widgets. You bought 2000 widgets…