Household Accounting

Household accounting can be overwhelming. But neglecting it can cost you financially and cause unnecessary stress. We are honored to offer household bookkeeping services to our clients. We don’t take for granted that our clients invite us into their home and entrust us with their personal finances. Our goal is take the stress out of household accounting and provide peace of mind. 

We ensure all bills are accounted for and paid timely. In doing this, we also review the bills for any inconsistency or mistakes. We make sure all bills have arrived and call to request any expected bills if they do not arrive on time. All supporting documents are organized and filed correctly for accurate record keeping. We review bank and credit card statements for any unusual activity.

Some of our clients may use an accounting software such as Quicken or Mint to track their finances. We are proficient with the major accounting software platforms. Utilizing these tools can be a great help. We take care of importing and coding all transactions. This information can help track budgets and produce helpful reports. With this information we can answer such questions as, “How am I spending my money?” and “Could I be saving and investing more?”.

We are also available to advise on matters.  Especially as our clients grow older, their needs may change and they can relay on our years of expertise to help guide them. For instance, they might need to change insurance plans or take an additional plan to meet their current needs and anticipate what they will need the coming years.

We work closely with CPA’s and financial advisors to form a cohesive team with our client’s best interest at the forefront. Since we are carefully tracking expenses and organizing documents throughout the year, we make the process of gathering information for tax returns seamless. 

So let’s take the pain and stress out of your household accounting by utilizing our services. We truly believe our services are a gamechanger for our clients.

Remote vs. Onsite Bookkeeping

One of the top questions we are asked when meeting with a new client is “Do you work onsite?” There is usually a note of uncertainty in their voice when they ask. This is because many bookkeepers prefer remote service. And who wouldn’t? Most of us love the idea of working comfortably at home. And with the serge of cloud based software, this is more and more possible. 

But is this best for the client? The answer is it just depends on the situation. Think about the responsibilities of the bookkeeper and whether they need to access any files, mail, checks, etc. at your office. Then consider how you work best. Do you respond well to emails and calls  or do you prefer in person meetings?

As a company, we are committed to flexibility so we can accommodate all the needs of our clients. So as a business owner, you must be honest with yourself about what is best for you. A bookkeeper should make your life easier, not harder. So decide if onsite, remote or a combination is best for you. And make sure to choose a bookkeeper who is flexible with the working situation that is best for you. As your business grows and changes over time, you will be glad you chose a bookkeeper who is accommodating and puts your interest first. 

Mid-Year Check In

As we’re approaching the mid-year mark, this is an ideal time to check in on your books. It’s very easy to be so involved in the day to day, that we ignore the big picture until yearend. By taking a look now, it’s easy to see where something might be off and avoid regrets at yearend. Below are a few things that are helpful to review.

-1099 contractors. Do you have all of their information?

-P&L Report. Is a category much different than you would expect? It’s possible you’re overspending now or perhaps categorizing an expense to the wrong account.

-Accounts Receivable. Are there any open invoices you didn’t expect?

-Net Revenue and Projections. Are you on track to hit your projections? If not, get to the bottom of why. 

Look at reducing expenses, raising revenue or adjusting your projections to a more reasonable number.

By taking a look at these areas now, you will stay in sync with your business, keep your books in order and reduce the pain out of tax prep. 

www.myatlbookkeeping.com

Hiring a Bookkeeping Service-The Perfect New Year’s Resolution!

Perhaps you are a business owner who knows it’s time to bring in a bookkeeper but you just aren't sure when to pull the trigger. The perfect time is right now! The start of a new year is the ideal time to hire a bookkeeping service. Being able to start at the beginning of the year means there isn't an up front time commitment to catch up prior months. It’s also a great time for the bookkeeper to assist setting up accounts payable and receivable systems. As business owners, the start of a new year is also when we commit to growing our business and expanding. What better way to do this than by freeing up the time you've spent doing your own bookkeeping?  Let the experts take care of the books, while you take your company to new levels.  So while you’re pondering how to improve it 2014, make hiring a bookkeeping service (and if you’re in Atlanta, specifically BBW Bookkeeping) your top resolution!

Who Gets a 1099?

Before you know it, January will be here and that means it will be time to issue 1099s. As a refresher, below are some general guidelines on who to issue 1099s to:

• All sole-proprietors/independent contractors paid more than $600 in fees (Not Employees)
• LLCs paid over $600 with the exception of LLCs who are taxed as a C or S Corp
• Attorney Fees
• Rent over $600

A few other reminders include:

• Make sure to buy 1099s for the current year. The year is printed on the forms and previous years are not accepted by the IRS.
• Buy 1099 forms early. You can buy them from any office supply store but they tend to run out quickly.
• Complete the form per the instructions. There are separate boxes for rent, attorney fees and contractor fees.

We suggest looking through your books now to make sure you have W-9s for everyone you are required to submit 1099s for. If any information is missing, request it as soon as you can. In case of an audit, you are fined per 1099 not filed. As a good rule of thumb, request a W-9 for everyone you write a check to just to be safe. 

The Start-Up Part 1

We often get calls from start-ups who have no idea where to begin with their finances. One of the common mistakes we see are not properly setting up the business and not opening a business checking account. We’ll discuss the business set up later and today will focus on the importance of setting up business checking.
Setting up a separate business account is vital. Tracking income, expense and owner’s draws are a nightmare when mixed in your personal account. This makes understanding if your business is profitable almost impossible. And when your bookkeeper does need to set up your books, it will much more time-consuming (read as costly to you unfortunately). Your best bet is setting up a business account from the get-go. If cost is the deterrent, many banks offer a free account for the first few months and some are completely free. Below are a few we like for the cost:

1.       1. Fidelity-Free checking with an opening balance of $50. https://www.lionbank.com/banking/business/checking

2.      2.  PNC-Free checking with up to 200 items a month and $100 to open.
https://www.pnc.com/webapp/unsec/Solutions.do?siteArea=/pnccorp/pnc/home/small+business/checking/free+business+checking

If you are using their merchant services, some banks such as Wells Fargo (https://www.wellsfargo.com/biz/products/accounts/checking/0 and Bank of America (https://www.bankofamerica.com/smallbusiness/checking-accounts.go waive the fees.

Of course, it might be easier for you to open a bank where you already have accounts even if there is a fee. But the important thing is to open one! It will make your bookkeeping much cleaner even if you don’t engage a bookkeeper until later. Many bookkeeping software such as QuickBooks offer bank download which is a real timesaver. But this only works if your accounts are separate. 

Choosing a Bookkeeping Software

Many times when we start working with startups, they have a lot of questions on choosing the best bookkeeping software. There are obviously a lot on the market and there are pros and cons on all of them. It really boils down to your business. While we use a variety of industry specific software, QuickBooks is still our go to for most situations. But even QuickBooks has several options to choose from. There are the desktop versions which include Pro, Premiere and Enterprise. Most small business can get by with Pro which covers all of your basic bookkeeping needs. Premiere can be customized for your specific industry which can also be helpful. A good example of this is construction companies that deal with a lot of purchase orders and change orders. If you’re dealing with a lot of inventory to track, Enterprise might be a good option. But be aware that the more sophisticated versions come with a higher price tag. An option we really like is QuickBooks Online. It’s a great option when you want your books at your fingertips at home, the office or while traveling. It’s also great for a remote bookkeeper or a bookkeeper that only comes in a limited amount of time. This allows your bookkeeper to get you any information you need without a trip to the office or having to wait until your next appointment. This also helps several members of your team to be able to work together on your books without dealing with servers or logging in remotely which can be cumbersome. We’re also big fans of the automatic download from your bank and credit cards. But be aware we’re still seeing some kinks from time to time with this function. But the time savings makes it worth it. Check for discounts on the monthly fees that come with many warehouse memberships such as Costco and Sam’s. Another great bonus with QuickBooks is that many versions import from one to another so they can accommodate your business changes.

Of course your bookkeeper can be a great help in helping you choose the best option.