Your Favorite Orange County Bookkeeper’s ask: Does Your Business Have a Safety Net?
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…
Five Key Reports for Your Business from your Favorite Orange County Bookkeeper
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.…
Why Having a Budget Is Important From Your Favorite Orange County Bookkeeper
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,…
How to Beat Procrastination from Your Favorite Orange County Bookkeeper
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…
Understanding Cost of Goods Sold From Your Favorite Orange County Bookkeeper
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…
A Mid-Year Review From Your Favorite Orange County Bookkeeper
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…
Your Orange County Bookkeeper Wants to Know! Do You Know Who Your Top Customers Are?
Every business has customers, and while all customers are important, most entrepreneurs will agree that some customers are more important than others. This may be due to the amount of revenue the customer brings in, their ability to refer new clients to you, the interesting challenges of the customer, or another factor. Your Orange County…
Five Timeless Tips to Improve Customer Service from Your Orange County Bookkeeper
Having repeat customers is essential to many businesses. The key to keep clients coming back is to provide them with great customer service. Here are five ideas to rate your business’s ingenuity when it comes to serving customers. 1. Make a great first impression. When customers make a purchase from you, make them feel great…
How AI Is Changing Accounting – From Your Favorite Orange County Bookkeeper
Artificial Intelligence (AI) has arrived in the accounting field and it’s huge! AI is helping to streamline the Orange County bookkeeper‘s accounting tasks, find patterns in data you can take action on, and generally making workflow more efficient. Here are just a few places we’re seeing AI impact accounting. Transaction Coding Most systems have incorporated…