The Warmer Weather has finally arrived; soon it will be summer. Most Business Owners let down their guard, let go on Vacations and have Fun. Coincidentally, it's also a time that Online Scammers and Hackers get active and keep their eyes looking for Accounts to hack and tamper the unfortunate company Account Holders. Cultivate a Habit of Reviewing your Statements: Every Business Owner should regularly check their Bank Statements, Credit Card/PayPal Statements, and keep a lookout for any strange activity. If anything seems out of place, contact customer service immediately and ensure that nothing is wrong. This is how we saved a Client thousands of dollars, which hitherto had been deducted continuously for 6 months from his Business Account. Maintaining a Good Bookkeeping System: When we maintain a good Bookkeeping Record, We are able to quickly detect any fraudulent and suspicious activities, and get them resolved immediately. This also helps us to save on unauthorized expenditures, as well as increasing revenue on the bottom line. Use Separate Email Accounts: This is an important email security tip that seems like a hassle but can prove worthwhile in the long run. It is advisable to have more than one Business Email Account, through which you can log on to your financial information. For many of us, Our Businesses are the gateway to other online accounts. If a company is hacked and someone gains access to your inbox, they are one step closer to everything else. Use Multiple Payment Methods: It is better to split your funds between multiple sources; this can help protect you against losing everything at once. For instance, if you purchase eBay Goods with PayPal and EBay is hacked, only your PayPal Account is at risk. This is not necessarily a catch-all solution, since if you have one credit card, you don't really have a choice but to use that particular card. But, it's a general rule to diversify whenever possible. Don't Save Personal Information: It is best to avoid storing your personal details, like card Numbers on Bill Payment Services. Everyone believes that it's a stress to put it in the information, every time you want to make a payment, but it's also safer. Protect your Computers: Use Firewalls, Anti-virus and Anti-Spyware Software on your computers and keep them updated regularly. Beware of Unsecured WI-Fi Hot Spots: As Individuals and Business Owners, We should be discreet about opening our Bank and other secure information websites in public places. The connections used in these places are mostly insecure. It's fine to check weather, social media but not Bank Accounts and statements in public places, not even when we are using our Hot Spots. Use a Strong Password: This will prevent hackers from right-guessing your password. It is an obvious fact, that Humans get password-lazy, so they re-use their password and use them for multiple accounts. Don't Re-Use your passwords. Most importantly, Passwords are your first line of defense. It is a strong way to protect yourself. Finally, it is worthy to note that the most effective way to prevent fraud is to be proactive in the design of your strategy.  It is really scary to consider the damages.

It's the month of April and We're counting down to the final days of Tax Time. Have you filed your Taxes yet? Do you know that you have a few days left, to file your Taxes?  Here are some quick ideas, to help you organize and get your documents ready for Tax Filing: Organize All your Income Statements - Get all your W-2s, 1099s , 1098s and 1095- A's( I spoke about this document in my earlier blog). Make a Checklist to ensure that none of these document is missing. Organize your Auto Log - You have to ensure that, you have all the necessary logs to support your Business miles, moving miles, medical miles and charitable miles driven by you in the Year 2014.Gather all the logs and ensure that they are all added up together and totaled. Coordinate your Deductions - If you and someone else share a dependent, you will need to confirm, that you are both on the same page, as to who will claim the dependent. This is true for Single Tax Payers, Divorced Taxpayers, Taxpayers with elderly parents/Grandparents, and Parents with Older Children. Review all other Financial Information - Review other parts of your financial life for possible organization and updates. This includes Insurance, Investments, Legal Documents, Safety Plans, Identity Theft Protection , Credit Scores, Retirement Planning, Retuirement Account Contributions and your Home's Annual Budget. Collect all your Receipts and Sort them - You can make use of your previous year's Tax Return, and begin to gather and sort your necessary Tax Records. Sort your Tax Records to match the items on your Tax Return. Review and Update your Withholdings - Make a Quick Review of your W-2 and decide if now is the time to have your Employer update your withholding amounts. A second check might be needed, after you file your Taxes. Here is a list of the common Tax Records, that we all need to have, for an effective Tax Filing: 1. Informational Tax Forms( W-2, 1099, 1098, 1095-A, Plus Others) that disclose Wages, Interest Income, Dividends and Capital Gain/Loss Activity. 2.  Other Forms, that disclose Possible Income ( Jury Duty, Unemployment, IRA    Distributions and Similar Items). 3.   Business K-1 Forms 4.  Bank and Investment Statements 5.  Mortgage Interest Statements. 6. Business Expenses. 7. Property Tax Statements. 8.  Mileage Logs for Business, Moving, Medical and Charitable Giving. 9.  Medical, Dental and Vision Expenses. 10. Tuition Paid Statements. 11. Records of Any Asset Purchases and Sales. 12.  Health Insurance Records( Including Medicare and Medicaid). 13. Charitable Receipts and Documentation. 14. Social Security Records. 15. Credit Card Statements. 16. Records of Any Out of State Purchases, that may require Sales Tax. 17. Records of Any Estimated Tax Payments. 18.  Contribution Records 19. Educational Expenses( Including Student Loan Interest Expenses). 20. Casualty and Theft Loss Documentation. 21.  Moving Expenses. 22.  Home Sales Records. If you are not sure whether any of your Documents are important for Tax Purposes, Retain the Documentation. It is better to save unnecessary documentation , than regret that you did not present the document to support your Tax Deductions. If you need assistance in organizing your Documents and getting them ready for Tax Purposes, as well as setting up your record keeping system, so that you don't miss any Tax Deductions, Feel Free to call us on 202.422.4586 to help you out. You will be glad you did.

We welcome you to the Year 2015. We are all aware that the IRS has opened up its system to start accepting our 2014 Tax Returns; we should have also started receiving our W-2s and other earned Income Statements. Even if you don't intend to file right away, you can start gathering your receipts, Bank Statements and other important documents.      It is important to know that Tax Preparation Could be a little more complicated this Year, Thanks to the New Standard Deduction Amounts and the Affordable Care Act. We have compiled the following information, for you to take note, while filing your 2014 Tax Return: 1) You need to decide which type of Deduction, you want to take: You have to compare and decide, whether you want to itemize your Deductions or take the Standard Deduction. Your itemized Deductions are the items, you paid for during the year 2014, and you may be able to deduct. Expenses could include Home Mortgage Interest, State Income Taxes or Sales Taxes (But not both), Real Estate and Personal Property Taxes and Gifts to Charities. They may also include Large Casualty or theft losses or Large Medical and Dental expenses, that insurance did not cover. Unreimbursed Employee Business Expense may also be deductible. In most Cases, Your Federal Income Tax will be less, if you take the larger of your itemized Deduction or Standard Deduction. 2) If you choose not to itemize, your Basic Standard Deduction amount depends on your Filing Status. For the 2014 Tax Returns, the Basic Amounts are: Single                        -  $6,200 ( Compared to $6,100 for Year 2013) Married Filing Jointly - $12,400 ( Compared to $12,200 for the Year 2013) Head of Household   - $ 9,100 ( Compared to $ 8,950 for the Year 2013) Married Filing Separately - $ 6,200 ( Compared to $6,100 for the Year 2013) Married Filing Jointly and Surviving Spouses - $12,400 (Compared to $12,200 for the Year 2013). 3) As a Business Owner, if you choose to itemize your Deductions, your Expenses must be Ordinary and Necessary. An Expense is 'ordinary', if it is customary and conventional for the tax Payer's line of Business. A Necessary Expense is helpful in the Tax Payer's Business, but it need not be indispensable. 4) The Standard Mileage Rate for each Business Mile driven is 56cents for the Year 2014, and rises to 57.5 cents for the Year 2015. To Claim Deduction for the Business Use of your Car, it is better to use the Standard Mileage Rate, rather than the Actual Costs. 5) As a Business Owner, you need to take note of the following Expense Treatment during the Year, so that you can reduce your Tax Liability: Business Equipment: Equipment is grouped as Capital Expenditures, and must be depreciated. This is why lumping Equipment with Supplies is not a Good Idea. Meals & Lodging: When travelling for Business, Lodging is 100% deductible but the Away from Home Meal Deduction is limited to 50% of the cost. So if Meals are charged to a Hotel Room, they must be accounted for separately, and keeping a copy of the Hotel Statement shows the charges, as well as a credit card receipt or other payment receipt is advisable. Entertainment at Sports Events & Theatres: When entertaining Customers at Sporting events and theatres, the deduction is limited to 50% of the face value of the Ticket. The Cost of Entertainment must be "directly related" or "associated with" Business or the Production of Income. Home Office Deductions: There are 2 Methods of deducting the Business Use of a Home. One is the Conventional Method of prorating the expenses (With some limitations) of the Home by Multiplying the Allowable Expenses by the Business Use Square Footage Divided by the Total Square Footage of the Home. The Other Method, referred to as the Simplified Method allows $5/ Square Foot Deduction(Maximum 300 Square Feet) without having to keep records of expenses. Both Methods have the same eligibility requirements. 6)  This will be the first Filing Season with Two Major Provisions from the Affordable Care Act on Form 1040.They are the Premium Tax Credit and the Individual Shared Responsibility Payment on Form 1040. 7) The Premium Tax Credit is a refundable Tax Credit, which is also advanceable, designed to help Eligible Individuals and Families with low or Moderate Income, so that they can afford and purchase Health Insurance through the Health Insurance Marketplace. You can claim the Credit, when you file your Taxes, and this will lower your Tax Liability or you can choose to increase your Returns. 8) The Individual Shared Responsibility Payment on Form 1040 is the Fine payment that you make with your 2014 Tax Returns, for not having Health Insurance Coverage. It is the greater of : 1% of Your Household Income that is above the Tax Return Threshold for your Filing Status, Such as Married Filing Jointly or Single. Or Your Family's Flat Dollar Amount, Which is $95 Per Adult and $47.50 Per Child, limited to a Maximum of $285 for the Year 2014; $325 for the Year 2015 and $695 for the Year 2016 and the Applicable Dollar Amount will be inflation adjusted for the Tax Years after 2016. 9)   Tax Payers will need a Form from the Market Place, called Form 1095- A, to complete their Tax Return. The Forms should arrive by Mail by the End of January or First Week in February and can also be downloaded from the MarketPlace Account. You are advised to wait for the Form 1095-A to arrive, before you file your Taxes. 10) Small Employer Health Insurance Credits: An Eligible Small Business Employer may claim Tax Credit, if it makes nonelective contributions that pay at least one-half of the cost of Health Insurance Premiums for the coverage of its participating Employees.  An Employer Contribution is considered a nonelective contribution, as long as it is not made through a Salary reduction arrangement, and is done on behalf of each employee, who enrolls in a Qualified Health Plan, offered by the Employer.This Credit is computed on Form 8941 and is claimed as a component of the General Business Credit. We have complied these Basic Information, to enlighten you about the latest Tax Changes, and prepare you to get ready for the 2015 Tax Filing Season. Remember, if you are fully prepared, it will save you time and help ensure that you receive all the Tax Benefits, Credits and Deductions Allowed. We know that Every Business is unique and the Basis of ensuring a correct Tax Liability is having a Good Record Keeping System. If you will need assistance in setting up your Record Keeping System to reflect your correct Tax Deduction. Please feel free to call us to help you out. You will be glad you did.

Setting up the Right Accounting System for your Business. Every Business needs a good Business Accounting System to increase their Business' chance for success. When Starting a Business, the first focus should be on building systems and processes, that allow us to accurately capture as much data as possible, from the setup process; It is important to remember that this process helps us to learn about our businesses and enhances our decision making, as well as giving us a better idea, of what is going on in our Business. Maintain Separate Books: When Starting a Business, the first thing to do, is to set up a Separate Bank Account for your Business, as well as a Business Debit/Credit Card. This helps to properly distinguish your personal expenses from your Business expenses, and enhances accurate tax deductions during tax periods. In addition, IRS Auditors are always quick to disallow expenses, when your Business Expenses are mingled with personal expenses. Types of Business Entity: It is important to choose the right legal and tax entity for your Business. For Tax Purposes, Sole Proprietors use a 1040 Schedule C to report their activity, while other Business entities flow their profits into their individual tax return, through a Schedule K-1. The C-Corporations require separate tax returns, without a flow- through of the profits into the personal tax returns. Every Business Owner needs to think carefully about getting the right business entity, so that you will not have unpleasant surprises during tax periods. Cash versus Accrual: These are the two approved methods of Accounting. The Cash Method is based on recording payments, immediately they are made, and revenues are recorded, when they are received. The Accrual Method is the method , whereby transactions are reported , when there is an established obligation. For a transaction to occur, this means that Income should be recognized before its receipt, and expenses are charged, before the Bill Payments. The Accrual Method of Accounting is actually the preferred method for most Businesses, especially for Tax Purposes. Sub-Ledgers: Most Businesses recognize the need to organize their business transactions into accounting groups. These Groups use their own reporting system, known as " Sub-Ledgers", and they fall into these categories: Accounts Receivables - Money Others Owe You. Accounts Payables - Money, that you owe your Vendors Sales - Revenue & Money, that you receive Fixed Assets - Assets & Properties that your Business Owns. Inventory - Goods & Materials that your Business holds for the purpose of Resale. Bookkeeping Setup: Maintaining the Books is the most important part of your Business Account Setup, and is required by Law. Your Bookkeeping System incorporates all the above mentioned points, to create usable information, which enables you to see how your Business is doing and make wise decisions. There are various Bookkeeping Tools, to help you maintain your accounting records. Examples are Microsoft Excel, QuickBooks, Sage ,Xero; but the most preferred tool is QuickBooks, because it syncs with your Bank account and updates your records regularly, and this helps ,you stay on top of your account. Remember: You are increasing your Business chance for Success, when you make your Account Setup, a priority.

Profitability is a key driver of financial success in business. The goal of every Business owner should be to make profit and improve their business to make it better. If you were having a discussion, one year from today, and looking over your financials, Will you be happy with your financial progress? This question should propel you to take action, about what you expect your profit to be for the year. Profit is like a car,that must be driven; it does not drive itself; for you to get a projected profit, you have to be on top of your profit expectations. I have listed some questions, which should stimulate you to focus on an expected profit, as the year is coming to an end: What do you expect your profit (taxable income) to be for this year? Is this level of profitability above-average for your industry? What percent of revenues does your profit represent? Is your expected profit up or down from last year? How much of your profit will be converted into cash this year? As you go through these questions, you're painting a picture of what your financial success should look like, and this will lead you to action, for an end result. Having a picture requires taking action to actualize your projected expectations. These steps below will help you achieve your financial profit picture, feel free to put them into practice and see the transformation, it brings to your business: 1)  Have a Target Goal: You need to have a financial goal for your business at the beginning of every year. The Goal can be broken into monthly, quarterly and semi-annual financial targets. It is advisable and easier to have a monthly target. 2) Monitor your Progress: Once you set your financial goals, you will need to monitor your progress, against your target every month. You can only monitor your progress by examining your monthly financial reports (Profit & Loss/ Balance Sheet Reports). If you have not been preparing your report, this should be a good time to start. 3)  Adjust: At the end of every month, you need to review your target goal against your actual results (financial reports), and decide if you need to make changes, in your business, to achieve your targets. The changes can be in form of reducing an expense category to putting a plan in place for faster accounts receivables process. This is the secret to creating your financial success for your business. I challenge you to put these into action and watch your business achieve your desired projected profit. Do you need help with interpreting your financial reports? Perhaps you are yet to prepare your financial reports for the year, and don't have an idea of your actual profit; Call us NOW for further consultation and Assistance. We will be glad to help you.

The Holidays are here and it's time to ensure that we have some cash tucked somewhere for the Holiday Shopping, Gifts, Christmas Parties, as well as Year-end Savings. In our last Newsletter, we uncovered the myth of profits, and learnt that, understanding how transactions occur in our business and its effect on our financial statement is key to managing our profits. Please feel free to refer to our last newsletter for the full details. This Month, We will be looking at 5 strategies of turning our Profits into "Cash": 1 ) Cash is King: Every company experiences an increase or decrease in Cash availability at any given period; the basic key to turning your profit into "Cash" is what you do, when you have made a Great Sale and received Payments from a Business Windfall. This should be the period to have a Savings or Cash reserve Account, whereby you can set aside a certain percentage of this revenue and discipline yourself, not to meddle with the account. This is called effective Cash Management, and it takes a lot of discipline, but if taken seriously, you will achieve great results. 2) Plug your Cash Leaks: A lot of Business Owners are surprised about the waste, inefficiency and unchecked spending of precious Cash that should have remained in their Bank Account, if they have been managed effectively. As a Business Owner, it's possible to have been a culprit of any of these acts: How many times have you paid overtime, because of poor scheduling practices or slow work performances? How many times have you purchased unwanted Goods/Items for your inventory, without taking a stock count of what you have? How often have you incurred unnecessary Bank Charges, overdraft item payments, late fees and finance charges? It's time to take a forensic trip down your Profit & Loss Statement and try to justify every expense line item, I assure ,you there will be a 5 % more profit ,just waiting to find its way to your bottom line. 3) Take Ownership of your Business Account: A lot of Business owners tend to mingle their personal expenses with their Business Account. Once you indulge in this practice, your financial reports are contaminated and become pretty worthless, especially when it comes to decision making. It's better to take ownership of your Business Account and maintain it, as a separate "entity" from your personal account. This will help you manage your cash flow better, and hence you will able to pay yourself appropriately. After all, this is the reward of being a savvy business owner. 4) Avoid taking on too much Debt: Too much debt sucks the financial life out of a company. In our last Newsletter, we learnt how Principal Loan payments occur on the Balance Sheet and are funded by your profit; Imagine what happens when your company is overburdened with debt, Chances are that you will use your Cash flow to continually offset the debts, and this causes your company to be cash starved. The only way to eliminate debt is to put yourself and your company on a "strict debt reduction diet". If possible, Stop adding further debt to your company; otherwise have a strategy on how to pay off the debt, if you MUST take on further debts. 5) Have a Budget: A Budget is a blue print of an estimation of revenues and expenses for a given period in the future. A Budget gives financial direction. A Budget keeps you on track and helps you to manage your cash flow. Preparing a Budget makes you disciplined and faithful to keeping your profits. This is the best time to prepare a Budget for your Business towards the upcoming year. As we approach the New Year, Why don't you try out these practices and watch your Cash flow grow. You will be surprised at how a few dollars will add up in your Bank Account. Do you need help with creating your Budget for the upcoming year? Are you experiencing problems with recognizing your expense line items and don't understand how your Cash flow operates? Why don't you give us a Call, We will be glad to help you out. Happy Holidays.

-Understanding the Myth of Profits. As a Business Owner, Have you ever wondered why you cannot seem to get hold of your profit? Most Business Owners ask the question....." I see that I made a Net Profit of $XXX, but where is it? ".We have been looking at the topic of profit making, and this topic is a great mystery in Businesses. We agree that making Profit is a good thing and a negative profit (Loss) is not a good one; however, the mind game begins when there is profit, but no money in the Checking account. Do you also wonder why you don't go out of Business, when your Profit & Loss Statement keeps showing a negative profit (Loss)? The Answer is simple: PROFIT IS NOT CASH. The most important fact to remember about Profit is that, Profit has no connection to how much Cash is in the bank. A Profit and Loss Statement shows the movement of transactions, which occur in your Business for any given period (monthly), and the total net effect of these transactions constitute the balance that you see on your reports. An Example is when you enter a Business transaction, and an invoice amount of $3,000 is created in your Books, your Profit and Loss Statement shows the Sale and Resulting Net Profit, but there is NO CASH, until the invoice is paid; this money remains in your Account, only for a period of time, because when you pay your vendors or make your Bill Payments/Loan Payments, the money is being used up. In conclusion, It's not Magic...........It's just having a basic understanding of how transactions occur in your Business and its effect on your Profit & Loss Statement, as well as your Balance Sheet. The Ultimate Goal is to make better financial decisions. However, take Note, You can be profitable and still be broke (Did I hear someone scream?). Turning Profit into Cash is the secret to managing your Net Profit Balances. Our Next Newsletter will feature, how you can turn your Profits into Cash; if you need help with understanding your financial reports, why don't you give us a call? We would be glad to help you.

REVISIT YOUR GOALS: This coming year,2013,it will do you good to think about your how you want your life to be,set your own agenda  and learn how to make your life better. Think about what floats your boat, then take ACTION to make your dreams a reality. My dear, you will be glad,you did. HERES WISHING YOU A HAPPY NEW YEAR AND A PROSPEROUS 2013.

It is important for every business owner to have an effective accounting system in place, so that they can increase their efficiency and manage their finances effectively. When a client comes to us in need of Bookkeeping /Accounting Services, it is noticed that most of the time,many of the business owners do not have an accounting system in place and this puts their businesses and finance in a great mess. An  accounting System is the basis of a good business and goes a long way, in showing how the business can handle its profits,manage its expenses, handle its payroll and invariably increase its net worth. We always advise our clients, to get QuickBooks, to handle their accounting/bookkeeping records. QuickBooks is a set of accounting software solution that is designed to manage payroll, inventory, sales,purchases, invoices, receipts and other needs of a small business. It is usually tailored to meet the needs of every different industries and business types. We always encourage our Clients to use Quick Books and if they cannot afford it; we can set up their company QuickBooks file on our system, and prepare their reports and send in electronic files to them, to view, their company financial position. We will go ahead to list a few reasons,why you should use QuickBooks for your Business Accounting Software: QuickBooks can be customized to work, whichever way, you desire. It is specifically designed to be flexible and adaptable to a wide range of businesses. In addition,Quick Books have customized accounting packages for all industry typesincluding the ones for Contractors, Retailers, Health Care Professionals, Non-Profit Organizations, Real Estate Industries and several others. We also advise our clients on the suitable type of QuickBooks to use for their business and invariably help them in setting up the Software,to suit their Business type. QuickBooks has been proven to be stable, reliable and consistent with using the best accounting practices, to produce financial statements, which most companies use to make business decisions that will move their companies forward. With Quick Books,you can make forecasts and budget projections, which are necessary tools if you want to move your business forward. You can contact us for more details regarding these business tools, and how to use it to work for your Business. You can grow your business with QuickBooks. QuickBooks will help you design a business plan to use while trying to secure a small business loan or line of credit, and also planning for the future. This software can create a projected Balance Sheet,Profit & Loss Statement and statement of cash flows in the formatrecommended by the U.S. Small Business Administration. The Use of QuickBooks can save you time on Bookkeeping and paperwork, because many of the simple Bookkeeping tasks are handled automatically in QuickBooks, thereby making it easier to run your business effortlessly. We have seen clients that tried doing their Bookkeeping on Microsoft Excel, and gone through so many headaches,to clear or balance an account item,after spending long hours without any solution; With QuickBooks, you do not have to exert as much effort and you are sure of getting immediate results and a reconciled account, which shows up immediately. You can create your Company Invoices with QuickBooks, as well as your receipts, and send them via email to your customers, rather than using a Microsoft template,that you always have to edit, which may lead to several errors and repetitions.With QuickBooks, once you create an invoice, it is synchronized with your accounting system. QuickBooks enables you to view your Accounts Payable(Vendors) and your Accounts Receivables (customers) without stress, and this will give you a clearer picture of how to handle your vendors and customers effectively. With QuickBooks, you can easily generate reports you need information on, so that you will always know where your business stands. As a business owner, you need to know whether you are making money or not, or whether your business is healthy or profitable. If you need to know further on how to use QuickBooks to perform this function, we are always available to train you, and show you the multiple ways, that you can generate over 100 reports on QuickBooks, which will invariably move your business forward. Every Business owner wants to get paid for their services and will also need a faster means of payments to improve the company cash flow; With QuickBooks Online Payments,you can e-mail an invoice or statement, through which your customer can easily pay you with a credit card or bank account transfer. This is really a great feature,because you do not have to wait for the check in the mail anymore. QuickBooks encourages paying your bills online, by setting up your current bank account on QuickBooks; you are ready to pay your bills without licking any envelopes or printing paper checks. You can even pay anyone from your credit card companies to your pizza service. In addition, the Online Banking feature lets you download your monthly statement from your participating bank directly into QuickBooks for easier reconciliation. Do you know that you can set up your liability accounts like Loans, Notes Payables,Credit Cards and Line of Credits on QuickBooks? Once this is done, you will be able to know your monthly balances, and see your principal and interest payments every month; doing this takes off so much stress than having to wait for the statements from your Bank ,or paying the extra charges, that will be required,in the event that you loose any of the statements. Payroll can be done via QuickBooks, this saves our client a lot of stress and money, because it will eliminate your dependence on payroll companies to prepare your payroll; and you get to see the number of hours, that your employees have worked in total for each pay period, in addition to the net amount that they are due,after tax liabilities. You are also in control of your Company Tax liabilities and payments. These are just a few of the reasons for using QuickBooks Accounting Software for your Bookkeeping services; we have found out that most business owners always underutilize a lot of the QuickBooks features, either because of ignorance or lack of training. You can always contact us to train you on how to best utilize your QuickBooks Software.We offer various QuickBooks services at very affordable rates. Our  QuickBooks Services include: -         QuickBooks Setup -         QuickBooks Personalized & Group Training -         QuickBooks Supervision/Review -         QuickBooks Support -         QuickBooks Tune Up -         QuickBooks Cleanup -         And many more It is always important to make the best use of your QuickBooks software in order to get the best financial reports for your business. Using QuickBooks Accounting Software is a smart and affordable way to get a handle on your books. Accurate records enhance educated decisions for your business and will save you money. WHY DON’T YOU CALL US TODAY ON 202-422-4586 to schedule an appointment; so that we can show you the best way to use your QuickBooks Software, and if you do not have one, DON’T WORRY, We can always purchase one for you or set up your QuickBooks Company file on our system and send you regular reports, so that you can manage your business effectively and make great business decisions. Please also feel free to fill out our contact form, so that we can get in touch with you to respond to your needs. We will love to help you.

Wow, it’s March already, and I bet that many of us have started receiving those tax refunds in the mail. For some of us, it’s not that much,while for some of us, it’s a whole lot of Big Money. Whichever category, you are in; remember that you need a good plan for your money. The important thing is that many of us have started planning on how to spend it; but I have these tips for those of us that want to give the refund a PURPOSE, because if you don't do this, you will find out that you have nothing to show for your refund at the end of it all. Here are some tips about what to do with your Tax Refund Money: Start (Add to) an emergency fund: It is always good to set some money aside for a rainy day. It is good to start off this fund with your Tax Refund, because if you decide to store that much, away from your regular paycheck or income, it will take you months or even years to make a significant deposit in your emergency fund. Pay down a Debt: If you have a lot of debt like credit card debt, title loans, car notes, student loans, hospital bills, payday loans amongst others, this will be a great time to put your refund to work by paying off these debts and eliminating your debts. You will discover that you will have so much peace of mind when you do this, and peace of mind goes a long way in keeping up a good health. Invest It: You can invest your Tax Refund in yourself, your business, your children or your family. Investing in yourself can be in form of getting an education, career training or personal improvement; you can also give your family a treat and splurge a little bit, but don't over indulge. Refinance your Mortgage or Make Home Improvements: When you refinance your mortgage, you will still pay closing costs and fees, use your refund to pay for the closing costs, and you will save thousands of dollars per year on mortgage interest. If you are happy with your mortgage rate, take a look around your house, to see how you can improve your home with some energy saving appliances. Remember that it is good to spend money now to save for later. Give to a Charitable Cause: Giving some of your Refund to a worthy charity is a great idea, more so when that donation is tax deductible, everybody wins. For some people, giving to charitable organizations is non-negotiable, but on a tight budget, donations can unfortunately go down to the bottom of a list, but you have to note that contributing to charity is an excellent use of capital and provides a huge spiritual and societal benefit. Start your Own Business: Perhaps, you have been looking for seed money to start off your long desired Business or take it to the next level; you can use your refund to get you moving in the right direction. It is a great opportunity to turn your refund into income for years to come and get a few more small business tax deductions next year too. Put it into an IRA or workplace retirement Account: Using your refund to get a head start on Roth IRA contributions is a great move, it can let your three-digit tax refund grow into a four digit addition over the course of the years, in addition, it is like using your refund to create a tax deduction. Create your own food bank: We know that it is cheaper to cook your meals than eating out, but the problem, might be the need to stock up on Food Supplies, many people struggle to find money to build this up, when they are living from paycheck to paycheck, but this is the best time to change, and stock up your home with food (both perishable and non-perishable).You will be surprised at how much savings, you will make and for many months to come, you would not have to think of eating out or buying food stuffs. Improve your Health: This is the best time to schedule that appointment to see your Doctor, Optometrist, Dentist or Physical Therapist, many people have been putting off these appointments during the past couple of years due to employment or insurance problems; perhaps you should use some of your refund to improve your health. Fix Your Car/Buy a New One: This is the best time to take your car for a Car Service, if you have not done that in a while, or alternatively even get another car, if your previous one has been giving you problems, you will be glad you did, because every time, you drive in it, you will remember that you used your refund to get it or put your car in that great condition. Pay up your Bills in Advance: There are so many bills, that we all pay from month to month, including our mortgages, insurances, child care expenses, utility bills and telephone bills; Instead of thinking of how we can scale through paying these bills as each month is approaching, we can pay up a couple of months ahead, so that we can relax and use the free funds from the following month for whatever we want to do. This sounds great right? Establish a Financial Strategy: Do you realize that working with a financial adviser can help you manage your tax refund and show you areas, of investing it and how to get great returns from your investment, You can always call on us at ROSYAN BOOKKEEPING SERVICES to show you how to manage your refund and get your ultimate returns on investments. Please feel free to let us know how you have spent your tax refund or how you intend to spend your tax refund, and we can also advise you on how to make the most from it. For those of us ,that are not getting refunds, how do you ensure that you are ready to write that check to IRS on tax day? CALL US TODAY ON 202.422.4586.You will be glad you did.

Do you know that Inputting checks, managing bank accounts and creating reports doesn't have to be an intimidating process? Wow,we have entered the second month of the year 2013, and I know that so far, it has been a great and fantastic season for us. For most people in the States,this is a period of tax preparation and filings, for both individuals andorganizations. We should know by now, that having a good bookkeeping system is essential to having a successful and smooth tax filing season. I know from experience, that some small-business owners view bookkeeping as a burdensome task that takes them away from running their business. It makes others nervous, and they may second-guess their knowledge and skills in fear of the Internal Revenue Service knocking on their door. I want to let you know that, you don’t have to be intimidated or bored by accounting or Bookkeeping. Successful business owners don’t view bookkeeping negatively. They have adopted a few basic procedures to stay on top of the paperwork. By doing so, they save time, money and a lot of stress. I have listed below the basic steps to gain control of your business bookkeeping tasks: 1.    Use accounting software such as QuickBooks: QuickBooks is a set of software solutions, designed to manage payroll, inventory, sales and other needs of a small business. Each package is developed according to different industries and their needs. The great thing about QuickBooks is the fact that it combines a variety of accounting processes into one user-friendly system, and this is why it is highly recommended. You have to become at least generally familiar with theQuickBooks software, this includes basic knowledge like knowing how to input checks, enter vendors and customers, reconcile bank accounts, and create reports and other data. Once, you have this in place, you can choose one of these different ways to maintain it: Do it yourself: You can take a class on the software or alternatively, CALL ON US for a one on one training at a great rate; We can also help you to set up your QuickBooks Chart of Accounts; once this is done, you can dedicate time each week to input information and reconcile bank statements. Please note that if you fall behind on inputting transactions, it can be difficult to catch up. This is when most people throw bank statements and receipts into a box and procrastinate. If this happens, don’t worry, you can still call on us to help you sort out your data, input your transactions and prepare your reports. Train and hire a family member to maintain the books. From a supervisory role and internal control system standpoint, it’s still critical to have a basic working knowledge of the software and procedures. We can help train your family member and also provide regular support, when needed, so that you can relax and go on with your business. Hire a local bookkeeper to provide the services you need, and turn the books over to your certified public accountant for planning and tax preparation at the end of the year. A bookkeeper will certainly be more skilled and knowledgeable than you or a family member, and you do not have to pay as much,as you will pay a CPA to do the Job. One smart strategy is to negotiate a fixed monthly fee so you can budget for the service. Engage your Bookkeeper to provide all bookkeeping services, and transfer your tax preparation to your CPA, by doing this, you are putting in place a great check and balance between what your Bookkeeper and CPA are doing. This will also ensure that you are getting most of your tax deductions accurately. 2.   Scan your receipts, business cards and other important paperwork. Some software products import directly into QuickBooks. Utilizing this type of tool will help save time and paper, and help audit-proof your record. 3.  Separate personal accounts from business accounts. Don’t mix the two.Keeping personal and business bank accounts and credit cards separate will make bookkeeping much easier and help maintain your corporate veil if you have a formal entity. 4.  Avoid cash.Instead, use your debit or credit card religiously. When you use cash you lose track of potential write-offs. If you have to pull money out of an ATM, note on the receipt the purpose of the withdrawal. 5.  Go paperless.Storing tax documents for at least six years can be a hassle. Another option is to purchase a small fireproof safe to store important personal documents(passport, life insurance, etc.) along with a regular backup of your bookkeepingsoftware and tax returns saved on a flash drive. For extra data protection,consider off-site physical storage or online data storage for these records and scanned files. 6. Auto-track your mileage. Keeping a written record of all your business, charitable and medical auto mileage can be a pain. Look into a satellite-assisted service, phone application, or software program. 7. Meet with your CPA at least twice annually. Review your business plans, financials, tax deposit amounts, payroll procedures and tax strategies.The cost of taxes is too high to leave your plans to chance. Just a few minutes on a regular basis can save thousands of dollars. Also, remember that your CPA should be bringing you strategies and ideas in these meetings. If the meeting consists of you throwing out ideas and your CPA shooting them down, you have the wrong CPA. Find a planner who is reaching out to you with ideas and strategies on a regular basis. We are available to help you out with your QuickBooks Bookkeeping Services and training,and we also offer other accounting/Bookkeeping services at great rates too. Why don’t you give us a call today and see how we can save you and your business tons of money. Email us for more details on rosyanbookkeepingservices@gmail.com ,we would love to hear from you.

Build up your Personal Balance Sheet Do you know that everyone has a personal Balance Sheet? Just a reminder,A Balance Sheet is a financial "snapshot" of a Business at any given point in time.It shows your assets and liabilities and tells you your business networth.  It is a rule that every Businesss has a Balance Sheet,so also should every individual have a personal Balance Sheet,Our Personal Balance Sheet is defined as our ability to make a difference wherever we are,and this difference creates a value for our personal life. As we gain abilities,our personal Balance Sheet improves and ultimately helps us to reach our goals. For instance,when we find ourselves in a situation,we ought to assess it and jump into it, to make something happen,whether we get credit or not;our Personal Balance Sheet goes up and will make us much more valuable,this indicates that whenever we approach any situation,we should rather consider it as an opportunity for personal growth,and watch our personal balance sheet improve. Finally,as we build our personal abilities to make a difference,we will be rewarded,just as a business balance Sheet shows the value of a business. My Dear Friends,this is the first month of a new year,it is not too late to go out and make a difference in the world and watch your personal value grow.You will greatly be rewarded for this.