Small Business Fraud Prevention: 7 Ways to Protect Your Business
Trust Is Not An Internal Control Small business fraud prevention doesn’t require a large accounting department or complicated procedures. Strong internal controls, consistent bookkeeping, and an involved business owner can go a long way toward preventing fraud, or detecting it before a small problem becomes a devastating loss. Most business owners don’t wake up in […]
Is Your Chart of Accounts Helping Your Business or Hurting It?
One of the first things I review when taking on a new QuickBooks Online cleanup project is the client’s Chart of Accounts. More often than not, I find an accounting system that has become cluttered over the years. New accounts have been added when existing ones would have worked just fine. Old bank accounts are […]
Should Contractors Elect S Corporation Status Right Away?
Why waiting until your business is profitable may actually save you more money. One of the most common questions I hear from new contractors is: “Should I elect S Corporation status?” Not necessarily. That answer surprises many people. Social media, YouTube, and even well-meaning friends often tell new business owners that becoming an S Corporation […]
Misusing Undeposited Funds in QuickBooks Online (3rd article in the series)
If you’ve ever opened Undeposited Funds in QuickBooks Online and wondered why there’s a balance sitting there that you can’t explain, you’re not alone. As a CPA, this is one of the most common QuickBooks issues I encounter when reviewing a new client’s books. Unfortunately, it’s also one of the easiest ways to accidentally duplicate […]
QuickBooks Mistake #3: Understanding Undeposited Funds (And How to Avoid Duplicate Income)
If you’ve ever opened Undeposited Funds in QuickBooks Online and wondered why there’s a balance sitting there that you can’t explain, you’re not alone. One of the most common questions I hear from business owners is: “What is Undeposited Funds in QuickBooks Online, and why won’t it clear?” It’s one of the most misunderstood features […]
8 Lessons on Running A Successful Small Business
Every July, I watch Shark Week—and every July, I cheer for the seal. Somewhere between those breathtaking great white shark breaches, I realized there are powerful lessons every small business owner can learn about preparation, strategy, resilience, and long-term success. Here are eight business lessons inspired by Shark Week.
Why Reconciling Your Bank and Credit Card Accounts Every Month Is One of the Most Important Bookkeeping Tasks
Many small business owners believe that if their bank accounts are connected to QuickBooks Online, their bookkeeping must be accurate. Unfortunately, that’s one of the most common bookkeeping mistakes I see. While QuickBooks bank feeds are an excellent time-saving tool, they don’t verify that your accounting records are complete or correct. They simply import transactions. […]
Why Mixing Personal and Business Finances is a Costly Bookkeeping Mistake
Bookkeeping Mistake #1: Mixing Personal and Business Finances As a CPA, one of the most common bookkeeping mistakes I see is business owners mixing personal and business finances. It often starts with good intentions—using a business debit card to buy groceries because it’s convenient, paying a business expense with a personal credit card when cash […]
Why Every Business Owner Needs a Strong Professional Team
As a business owner, you wear many hats. You’re responsible for serving customers, managing employees, overseeing operations, and making important financial decisions. With so much on your plate, having the right team of trusted advisors can make all the difference. One of the most valuable investments a business owner can make is building a professional […]