Thursday Thought:
Protect your Identity and personal information on the new Smart Phones by limiting what you save and link to, lock when not in use, and purchase the phone recovery/replacement plan.
Protect your Identity and personal information on the new Smart Phones by limiting what you save and link to, lock when not in use, and purchase the phone recovery/replacement plan.
Customize Chart of Income and Expenses, personal property, mortgage and interest. Manage multiple income streams and or rental property using “Classes”. Set your categories to match those on your 1040 or Schedule C. Be creative! Blog back or email me if you need help.
The Cash method is like a checkbook. You record the income when you receive it, and record the expense when you write the check. It is easy to maintain, and good way to start for new businesses figuring out where they are going. It does not include the Accounts Receivable or Accounts Payable so may misrepresent your true income and expenses. As your business becomes more complex, you may decide you need the detail of Accrual accounting.
The Accrual method records the income when the sale is made, whether you have been paid or not, and records the expense when incurred, even though it has not been paid. It is a more intricate system to learn, however, more accurately tracks your finances. Preferred by Accountants and CPA’s for management purposes.
Which is best for your Business?
Monday Memo: Track your business drivers: Leads, Bookings, Conversion Rates, Revenue per Day, Unit Sales, Gross Margin. Talk to Customers about needs and wants. See attached link for Excel Templates from SCORE.org http://ow.ly/70prB