Congratulations, you have landed a new customer! In this particular climate, sparking fresh interest in any business can be challenging. Yet, you did it. Now comes the next part: What to do after you have officially landed that customer. Below is an essential to-do list from Your Favorite Orange County Bookkeepers that will not only…
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Custom fields in your accounting software are data fields that you can define yourself. They are typically associated with customers, vendors, employees, and items. Custom fields can help you store and classify additional information about these categorizes within your business. Custom fields add functionality to your accounting system. Below is a list of practical uses…
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Does your business ask customers for their credit card number at any time during the sales process? If so, it is essential to honor the privacy of customers’ private information and to stay compliant with Payment Card Industry rules. Every business that has an account with a merchant services vendor is required to follow PCI…
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When you pay a bill, are you 100% comfortable that the bill payment is correct and justified? Is there a chance that the bill is fake or fraudulent? What about duplicates? With so many fake bills being mailed to businesses these days, it is wise to think about putting rules into place. This will reduce…
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One of the most important parts of managing a business is making sure there is enough cash to keep the business running. As a business owner, you probably have an idea how much cash is in the bank at any time. The smaller your business, the more likely you are to keep an eye on…
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Each month, your accounting system yields actionable information for you to run your business better. Here are some key reports that all business owners should review every month. 1. Balance Sheet Reviewing the balance sheet can tell you balances of your current assets and current liabilities. Current assets should always be larger than current liabilities.…
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As an entrepreneur, you likely place a high value on freedom. When the word “budget” is mentioned, you may feel like it hampers your freedom. But it’s really the opposite; Here’s why: According to a 2019 article in Small Business Trends, “Startup Statistics – The Numbers You Need to Know,” 82% of businesses that fail,…
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There’s a difference between procrastinating and prioritizing. Great entrepreneurs know how to put the most important tasks first. Would you call yourself a procrastinator? If so, you’re not alone, and with our to-do-lists growing daily, the percentage of people who procrastinate chronically has increased over the last few decades. If you find yourself procrastinating and…
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The account on your income statement called Cost of Goods Sold can be confusing to non-accountants. In this article, your favorite Orange County Bookkeeper will attempt to de-mystify it and explain how it works. Cost of Goods Sold is an account in your Chart of Accounts that is a very special type of expense. It…
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Can you believe that half of 2019 is gone already? That means it is an opportune time to take stock of how your business has done for the first half of 2019 so that you can meet your financial goals for the entire year. Team One Accounting, your Orange County bookkeeper, wants to help you…
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