Erica Sporer Always Know Your Cash -What to Do When Cash Runs Low If your cash supplies seem to be dwindling, don’t panic. There are plenty of steps you can take to improve your cash situation, both immediately and for the long haul. For quick infusions, you (and your co-owners) may have to dip into personal funds … Read more
Always Know Your Cash – Reconcile Your Bank Statement If you’ve ever had any kind of bank account for which you received periodic statements, you know that the balance you think you have doesn’t always match up exactly to the balance the bank thinks you have. In fact, as explained in before post, it would … Read more
Always Know Your Cash -Recording Your Outgoing Cash Whenever you pay out cash (even if you do it by writing a check), you record that transaction in your cash disbursements journal. This special journal helps you track your outgoing cash as simply as possible by including special columns for the accounts you use most. The … Read more
Always Know Your Cash -Tracking Your Incoming Cash When money comes into your company, it’s called cash receipts. When you do your bookkeeping, you record that incoming money in your cash receipts journal. This special journal is set up to make your job as easy as possible and to keep you from writing the same … Read more
Always Know Your Cash – The Basics of Cash Flow Cash flow describes the way money comes into and out of your business. As you might expect, when money comes in, it’s called cash inflow; when money goes out, it’s cash outflow. Keeping track of both sides of your cash equation is critical to the … Read more
Always Know Your Cash – Earning Profits but Out of Cash One of the most baffling accounting occurrences for the newly initiated is when their company shows a clear profit, but their cash is running frighteningly low. New business owners often confuse making money (i.e., earning profits) with having money. However, profits don’t always mean … Read more
Always Know Your Cash – The Importance of Having Cash No business can survive without cash. Even with monumental profits on the books and the promise of growing future sales, a company without cash will not make it. If you don’t have enough money to pay your bills, your vendors will stop supplying you with … Read more
Managing the Payroll – Still Want to Do It Yourself? There is no question that you can do the payroll yourself if you want to. The main benefit to that is saving money; both bookkeepers and payroll services cost money. However, figuring out the payroll can suck up a lot of time, even using dedicated … Read more
Managing the Payroll – Never Mess Around with Payroll Taxes One common and potentially business-crushing mistake made by new employers is using withholding taxes as a business bank account. Rather than make payroll deposits in full and on time, they cover their other cash-flow gaps by borrowing from the payroll tax account. Doing that is … Read more
Managing the Payroll – Payroll Tax Reporting and Filing The rules for reporting, filing, and paying payroll taxes are written in a lengthy and somewhat convoluted way. Just thumbing through the various federal tax instruction guides, not to mention the state versions, could turn off even the most enthusiastic numbers cruncher. What they really say, … Read more
