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Before Payroll Part 7: Employee or Independent Contractor?

Last week I shared with you how to set up employees in QuickBooks, but what if you have 1099 independent contractors? (1099 refers to the IRS filing at the end of the year, similar to a W-2 for employees) How do you determine if a worker is an employee or independent contractor? Today I would like help you answer that question and obtain the documentation you need to back up the right working … [Read more...]

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Accounts Receivable Part 1: How to Add a Customer in QuickBooks

Today I am jumping into a new series on Accounts Receivable in your business. I would like to start off at the beginning by showing you how to add a Customer in QuickBooks. Many businesses do not use the Customer functions in QuickBooks due to their business (retail for example) where this information isn't very important. However, if you have a business where a Customer will be paying you at any … [Read more...]

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Business Management – Being Your Own Boss Part 2

Continuing on from Being Your Own Boss Part 1... this post will discuss building your environment, scheduling your time, and measuring your progress. Building Your Environment As your own boss, you have the luxury and responsibility of establishing your own working environment. Instead of being subject to your employer's ideas or limitations, you get to choose what your environment will look … [Read more...]

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Business Management – Being Your Own Boss Part 1

Being your own boss can be the most rewarding or frustrating state for a small business owner to find themselves in. It can be the most rewarding because you are working toward and gaining your own financial freedom, geographical flexibility, control over your time, and freedom to choose your future. But it can also be the most frustrating in that you can become overworked, stressed out, defeated … [Read more...]

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Marketing – Communication Systems for Small Business Owners

So if you are like me, you have a small business where you manage most all of your business functions, including client communication. My goal with client communication is to reach the broadest range of my clients using the communication medium they prefer in an efficient way. Thankfully, technology has opened the doors to many different communication systems for small business owners to … [Read more...]

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Before Payroll Part 6: Setting up Employees in QuickBooks

If you have made it this far with me with Payroll, you know we have gone through Employee Automation,  understanding the Cost of an Employee, Payroll Account Applications, Employee Payroll Documents, and Setting up Payroll Accounts in QuickBooks. This post, Setting up Employees in QuickBooks, is the 6th and final post in the "Before Payroll" series I have put together for you to help you think … [Read more...]

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Accounting Basics Part 5: QuickBooks Bank Reconciliation

Last week's accounting topic was all about entering transactions into QuickBooks, and this week builds on that topic by helping you complete a QuickBooks bank reconciliation. A bank reconciliation is where you take your bank statement for a given account and make sure all transactions are entered into QuickBooks. I will take you through all of the steps you need to do to reconcile your account at … [Read more...]

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Business Formation – Protecting Limited Liability

This post on protecting limited liability is a continuation of last week's post on business entities, I want to discuss an important topic about protecting the limited liability you need to protect your other businesses and personal assets from liability in the event of litigation or some other event. The most important element in an LLC or Corporation is protecting limited liability for the … [Read more...]

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Before Payroll Part 5: Setting up Payroll Accounts in QuickBooks

Today I will help you work on setting up Payroll Accounts in QuickBooks. It is  important that you have all of the payroll liability and expense accounts set up before running your first payroll so that you can track your liabilities and expenses correctly. Getting everything set up right beforehand will help save you trouble down the road as you accrue and pay liabilities. I will help you … [Read more...]

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Accounting Basics Part 4: How to Enter Transactions in QuickBooks

So you have QuickBooks, you have set up the Chart of Accounts, and entered your Opening Balances; now I will share with you how to enter transactions in QuickBooks. You will need to have your bank accounts, credit cards, Paypal account, and loans entered into your Chart of Accounts before you go forward with this, so make sure you are caught up to speed with my previous posts. We will review how … [Read more...]

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