You’re recording the expenses that you pay for using platforms like Square or Paypal, right? How can you tell in QuickBooks Online what your real profit is without those? I can show you how.
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You're recording the expenses that you pay for using platforms like Square or PayPal right? How can you tell in QuickBooks Online what your real profit is without those? I can show you the proper way to record those fees.
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5 Common Bookkeeping Mistakes (and how to avoid them) Mistake 1: Mixing your personal and business finances When you don’t separate your personal and business transactions, this blurs the lines and makes it difficult to track your income and expenses accurately. It can also lead to personal spending being counted as business deductions, causing tax issues later on. Solution: Open separate business and personal bank accounts and keep them entirely separate and distinct. #Busy01Consulting #Apps #CommonBookkeepingMistakes
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Just adding your credit card payment as an expense to your QuickBooks Online account will not show a deduction in your credit card account. Instead, try one of these two methods to record your payment accurately and deduct it from your credit card account: 1. Use the Pay Down Credit Card feature 2. Make a transfer from your checking account (assuming your payment is coming from this account) to your credit card account Want to know more or a helping hand to walk through it? Let me know! https://lnkd.in/gUTXdfUE
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Traditional tax prep services are NOT the move for online business. 3 reasons you need a financial partner, not a tax preparer: → A good partner understands the nuances of online business models. This means the data you clean up and gather can actually become USEFUL via custom reports based on your goals. → A CFO-style relationship means you get hard advice on scaling and a realistic budget that includes revenue forecasts. → They keep you compliant across multiple online platforms -- if you wanna bamboozle a traditional accountant, start sending him all your online payment gateways and revenue streams. You'll rack up a huge bill just for them to learn how to navigate this stuff. Saving money feels good in the moment... But "my mom's friend's cousin does taxes" isn't going to cut it for a complex online business.
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Quick question: Are you still treating your receipts like confetti? 🎉 Let's change that for FY2024! Organizing your tax records isn't just about impressing your accountant (though we do appreciate it). It's about potentially uncovering hidden deductions and credits that could put money back in your pocket. Start small - maybe set up a simple filing system or try out a receipt-scanning app. Curious about what documents you should be keeping? Shoot us a message or give us a call at (972) 629-9164, and we'll walk you through it. Your future self will thank you.
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3 simple steps to keep your online business as profitable as possible: → Find any basic tax oversights Did you take advantage of all allowable deductions? Are your books airtight and bulletproof? A couple of major purchases with no receipt is not the way to keep your books. → Kill all "zombie subscriptions" We've all had subscriptions we used but forgot to cancel. Being charged for something you don't need is just giving money way. Fix ASAP -- you'd be surprised how fast these add up. → Keep personal and biz expenses 100% separate Don't whip out your personal card for anything business related. Period. Mixing personal and business expenses creates a ton of labor for your accountant -- who now needs to scrape through ALL your personal bank statements to catch any biz stuff so you can write it off. If you keep all 3 of these under control, you'll avoid bleeding profit throughout the year. And your accountant won't have a cleanup job when tax season comes around. Need help uncovering issues like these? DM me and let's chat.
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Three services which have massively helped run my business and some free cash if anyone signs up (£275): 1. Direct debits for clients, allows you to take payments via Direct Debit - sign up today and get £100 free/each: https://lnkd.in/eCmsV2mU 2. Allow your clients to pay on finance but you get paid in full, one click integration to Xero and other payment providers - get £100 each to sign up and use: https://lnkd.in/eQW_ud9E 3. 1% cashback personally for any business spending, easy sign up and can also run Ads through it - isn't as restrictive as Amex or other providers: https://lnkd.in/eGCV_xSg - £75 each to sign up and use.
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Don't forget to write down your expenses. It might seem small, but it can make a BIG difference come tax time. 💸 By tracking your expenses, you can find all sorts of deductions you might not have even known about. Plus, it's like having a financial superhero cape - it helps you save money and avoid any tax troubles. 🦸♀️ So, start simple with an excel sheet or download an app, and start tracking those expenses. You'll thank yourself later! 😉 #taxtips #financialadvice #moneyhacks #vonmariethomas #newyork #accountant #bookkeeper #slotsopen #finances October 02, 2024 at 12:01PM via Instagram https://lnkd.in/eQgbT9AY
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🌟 Exciting News Alert 🌟 We are thrilled to announce the launch of our incredible new app, Easyman Tax! 📱💼 For all my fellow business owners and self-employed individuals out there, this app is a game-changer when it comes to raising invoices, generating reports, and keeping track of payments. Gone are the days of tedious paperwork and endless spreadsheets - with Easyman Tax, you can say goodbye to the stress of managing your finances and hello to a seamless, efficient process. 💸💻 I have been using Easyman Tax for the past few weeks and I can't even begin to express how much time and energy it has saved me. The user-friendly interface, customizable features, and automated functions make it so easy to stay on top of my finances and focus on growing my business. So, if you're ready to take your invoicing and financial management to the next level, I highly recommend giving Easyman Tax a try. #easymantax #accoutingmadeeasy #invoicing
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Categorizing transactions is crucial, but let's face it, it's time-consuming. If you're dealing with dozens of transactions daily, you can streamline the process by setting up Bank Rules in QuickBooks Online. 💼💻 But here's the kicker: solely relying on these rules without giving them a regular manual review could land you in hot water. Think incorrectly categorized transactions, misreported income, and expenses on your tax return – yikes! That could mean wonky financial statements and even an audit down the line. 📉 Fixing these errors later? Trust me, it's a headache. It eats up time, energy, and often requires professional help, leading to even more expenses. 🕒💰 So, why not let us lend a hand right from the get-go? We'll help you set up these rules to avoid any potential financial fiascos. 🤝✅ Give us a shout today! 📲 #BusinessTips #BookkeepingServices #BusinessOwner #EntrepreneurLife #HomesteadBookkeeping
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