NERD NOTES

If you’ve set up shop somewhere, you’re likely to have at least a cash till and a method of accepting credit cards.  Great!  Take money any way you can get it, right?  But it’s also important to [...]

New to the world of outsourcing?  You’re going to love it!  Here are five ways to keep the relationship running smoothly. Implement smart procedures We work by the hour, and we’re not looking to [...]

You’ve probably heard of a CPA (Certified Public Accountant), but what is a CPB?  Some kind of junior CPA?  Sort of… CPB stands for Certified Public Bookkeeper.  While there is not a state [...]

As mentioned in the post about CPB’s, there are no legal standards to calling yourself a bookkeeper.  So it’s sort of buyer-beware when you’re looking to hire one.    We hate seeing bad [...]

Bartering has been a method of transacting business since the beginning of time.  It is a common misconception that bartering is illegal.  It’s not… bartering and not reporting it is what gets [...]

When it comes to QuickBooks, there are plenty of options – desktop, online, varying degrees of bells and whistles… How do you know which is right for you?  That really depends on how your [...]

It can be uncomfortable being your own collection agent, especially in a local small business environment.  But remember, those receivables are your paycheck, so here are some tips for getting [...]

Money goes in, money goes out, it all ends up somewhere on the P&L, right? Nope. Take our quiz to see what counts and income and expense, and what doesn’t. Is This Considered Income? 1. [...]

As mentioned in our last post, it’s important for your books to match your bank statements. That’s where undeposited funds comes in. It serves two purposes: to group payments going in the bank [...]

Your bank account is the ultimate truth in your business, so it’s important that your books are reconciled to the statements. Any number of things can happen throughout the course of the month: [...]

A debit card transaction is just that – an immediate debit from your bank account. But a credit card represents not-yet-paid expenses, and therefore, it is actually a liability account. The data [...]

There are several ways to record sales in QuickBooks. Sometimes it’s best to make invoices, sometimes it’s not. What it really depends on is if you are looking to track individual customers or [...]

In a previous post, we addressed the P&L. The other important financial statement is the Balance Sheet. One way to think of it is a report of what you own and what you owe. It has three major [...]

Put simply, a Profit & Loss Statement (also called P&L or Income Statement) is the report that summarizes your business income and expenses.  There are three types of accounts that go on [...]