Archive for October, 2009

Work-Life Balance Reality Check…

October 29, 2009

There is no shame in wanting something, but you need to weigh the costs – you need to start by being totally honest with yourself –

  • What do you want?
  • What are you willing to do to get it?

Are you willing to lose your health, family, your life? For most of us the answer is a resounding NO! The answer is so simple, we rarely see it until it is too late… unfortunately all too often, the thing that gives, or is put last is family & it does not have to be that way

You can have your cake & eat it too… Do only what you are truly passionate about in your professional & personal life and outsource the rest. Why should you struggle doing things that you don’t want to do but need to be done when you would much rather focus on your passion and your family…

Good Luck!

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Accounting 101: Manual or Computerized System:

October 26, 2009

Depends entirely on your style.

They serve the same purpose and have the same elements:

  • Cash in journal  [deposits],
  • Cash out journal [checks/payments],
  • Income statement,
  • Balance sheet,
  • Accounts receivable ledger [what your customer owe you],
  • Accounts payable  ledger [what you owe].

Accounting 101: System Basics

October 22, 2009

Start simple & expand with your business.

Be consistent – schedule time to record your business transactions –daily, weekly or monthly depending on your volume – don’t wait until year end!

Take your time & be accurate. Remember “Garbage In Garbage Out!”

What you put into it will be what you get out of it. And what you want to get out of it is information to help RUN your business not just year end tax information.

Accounting 101: Recordkeeping: Why do you need good records?

October 21, 2009

Managing cash is critical to running any successful business! Knowing where the cash IS and where it GOES helps you make sound decisions:

· prepare for taxes
· borrow money
· pay bill timely
· collect bills when due
· keep on budget
· to watch costs
· to prevent theft
· for legal support

Accounting 101: Debits Equals Credits…

October 20, 2009

What you Buy [debits] is equal to the Cash Paid and/or Debt Owed [credits].

Do you know where your money goes?

  • For your personal use just use a simple program like Quicken or MS Money to track your spending.
  • For your small business, move up to QuickBooks or Microsoft Office Accounting.

You will be amazed at what you find out.

The more you know, the more you can take CONTROL!