Truth Be Told Bookkeeping

05/22/2023

What is COGS? Cost of Goods Sold (COGS) is the direct cost incurred in making goods that have been sold during a particular period of time. It includes the cost of materials, labor, and any other direct costs associated with the production of the goods. COGS is an important metric for businesses as it helps in determining the gross profit margin. This information is vital in deciding strategies and profitability. ⚡️

05/19/2023

As a business owner, you know why having balanced books is crucial for the survival and growth of your business. Here are some ways to make managing finances easier:
💰 Keep accurate records and statements
💰 Categorize your expenses
💰 Monitor your cash flow
💰 Get professional assistance
💰 Set a budget & stick to it
💰 Reconcile frequently

Let me help you!

05/18/2023

Bookkeepers are responsible for so much more than what the general person thinks! Are bookkeepers responsible for categorizing transactions, cheering on clients, reconciling statements, or all of the above?

I'll give you a hint, it is not A, B, or C ;)

I'll be your biggest fan while I organize all your transactions, reconcile your bank accounts, and prepare reports that will help you to have a clear picture of where your business stands.

Let's talk!

05/17/2023

Did you know that reconciling your books is crucial for the financial health of your business? Reconciling helps you keep accurate track of your books, so you can identify errors and detect fraud. But, when should you reconcile books?

💸 Monthly: Reconciling your books monthly ensures that your financial records are up-to-date and accurate. It also helps you identify and correct errors early on.
💸 Quarterly: Reconciling your books quarterly is recommended if you have a small business or if your transactions are not very frequent. This helps you stay on top of your finances and make any necessary adjustments.
💸 Annually: Reconciling your books yearly is necessary for tax purposes. This helps you ensure that your financial records match your tax returns and avoid any penalties for incorrect or incomplete filings.

05/16/2023

First-time business owner? I am here to help you get to know your finances! To start off...
Net Income is the profit that a business earns after deducting work expenses. Essentially, subtract the Cost of Goods Sold, Expenses, Depreciation, Interest, Amortization, and Taxes from Income. 💰

Want to learn more?

05/15/2023

Have you heard of Quickbooks? Quickbooks is a popular accounting software that offers dozens of solutions for businesses of all sizes. Did you know that Quickbooks is used by millions of businesses around the world to assist with invoicing, expense tracking, and payroll? Quickbooks has different packages to suit many different businesses.

Take the jump into making financially sound decisions!
I can help you find the Quickbooks product that is best suited for your business.

05/14/2023

05/12/2023

If you are a solopreneur, it can be difficult to separate your business and personal expenses. Here are some easy ways to make your bookkeeper's life easier.. 💰✨
✨ Have separate debit + credit cards.
✨ Keep and file business receipts immediately.
✨ Remember that personal expenses cannot be a write-off on your business' taxes.

Let me help you with your finances!

05/11/2023

I hope that all of your financial hopes and dreams are met this month, quarter, and year! You've got this! 💰

Need help keeping track of your financial goals?
Send me a message!

05/10/2023

Paying taxes is something that everyone has to do, but it can still cause unexpected expenses in March and April if you did not keep up with how much you owe! So, learn how you can potentially increase your tax savings:
💰 Contribute to tax-advantaged retirement accounts
💰 Consider hiring a professional tax accountant

05/09/2023

Can you write off the miles you drive for work as a business owner? 🚗
If you are self-employed, you can write off the miles that you use for business purposes only. You can calculate them in two ways: by deducting actual expenses or multiplying miles driven by the IRS standard mileage rate for that period.
The mileage reimbursement rate for 2023 is 65.5 cents per mile!

Let's get to work!

05/08/2023

Keeping a pulse on your finances is so important for personal and business finances. It can help you make better-informed decisions, reach financial goals, and build savings for emergencies or other purposes. 💰🌸

May Tasks:
* Review Your Personal Estate Plans & Assess Your Emergency/Savings Funds
* Record Sales Tax Amounts Each Month & Review Client Invoices from April.
* Update Any Financial Software.