Break Even Analysis – Part I

A break-even analysis explores the relationship between expenses and revenues. Revenues are the amounts you earn for selling your product or service. Expenses are your operating and production costs. But before we start figuring at what point we can break even, let’s go back over some accounting terminology:

What to Do if You Haven’t Filed a Tax Return

Filing a past due return may not be as difficult as you think.

Taxpayers should file all tax returns that are due, regardless of whether full payment can be made with the return. Depending on an individual’s circumstances, a taxpayer filing late may qualify for a payment plan. It is important, however, to know that full payment of taxes upfront… Continue reading

Use Accounting Ratios to Stave Off Financial Problems

Does the mere mention of accounting ratios may put your teeth on edge, and bring back bad memories of Accounting 101? It shouldn’t as ratios can help you quickly determine how your business compares against others.

Banks often use ratios to analyze your financial statements as part of the loan approval process, so it’s helpful to know in advance how… Continue reading

What QuickBooks’ Calendar Can Do for You

Yet another calendar? Yes. It’s a good idea to use QuickBooks’ calendar to stay on top of your financial transactions.

These days, some of us find ourselves updating multiple calendars. There’s the Outlook calendar or other web-based solution for scheduling and task management. Maybe a smartphone app to track to-do’s on the road, and a paper calendar as backup.

But… Continue reading

Adding Documents in QuickBooks

Accounting is about more than just numbers. QuickBooks lets you make documents available from within the program itself.

You could call QuickBooks a “green” computer program. It can conserve reams of paper by storing customer and vendor records, for example, emailing transaction forms, and accepting online payments.
Most small businesses are a long way from being “paperless offices,” despite the… Continue reading

Year-End QuickBooks Closing Checklist

As this year comes to an end, below is a checklist for QuickBooks year-end closing.

  • Get Organized – Finding all of your receipts for any deductions you may be claiming on your tax return.
  • Review Personal Bank Statements – For any business charges you paid for out of your personal account.
  • Review Business Bank Statements – For any personal charges… Continue reading

Accounting For Time In QuickBooks

If you sell services to your customers, you’ll need to understand how to use QuickBooks’ time-tracking features.

Small businesses that sell products have to do a constant balancing act. Keep too much inventory on hand, and you’re sitting on potential profits. If you don’t order enough and you run out, your customers may go to a competitor. QuickBooks provides tools… Continue reading

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