Well, I guess I’m technically not blowing my own horn…but I am very happy to share a new testimonial:
“We threw a big project in Kelly’s lap and she got it done on time and under budget. Her patience and humor make her a pleasure to work with, and she clearly has sound financial judgement, providing us with insight and constructive suggestions for improving our operations. We highly recommend her services, and are excited to continue working with Kelly as a “business partner” – so that we can spend more time doing what we like to do!”
Thanks, Carey! I really enjoy working with you too!
It’s time to start preparing 2009 1099 forms. Every year the question arises: Who gets a 1099?
For the complete answer, see: http://www.irs.gov/pub/irs-pdf/i1099msc.pdf
In general, service providers you have paid $600 or more in 2009 need to be issued a 1099. Service providers include: independent contractors, accountants, public relations firms, janitorial services, etc. Payments to service providers are reported in box 7, non-employee compensation. Sales commissions paid to non-employees are also reported in box 7. This does depend on the type of entity you paid:
- Sole proprietors, partnerships, and LLC’s taxed as sole proprietors or partnerships DO get a 1099.
- C Corporations, S Corporations, and LLC’s taxed as C or S Corporations DO NOT need to be issued a 1099.
I have clients using QuickBooks for Mac. I like to work from my office and they like to keep QuickBooks on their machine. Of course, I can take control of their machine with any number of applications and do my work directly on their machine.
An easier, free method is to simply share the data file using a Dropbox. With this method, each computer will have its own copy of QuickBooks for Mac and will simply open the data file stored in the Dropbox.
No one likes tracking their time, but it is important, even if you bill on a fixed fee basis. Here’s why…
- It allows project costing of your fixed fee projects which can help you stay on budget and profitable.
- It gives you the information you need to price future projects.
- You’ll know how much time and money you’ve spent on R&D projects, so you can take advantage of any available tax credits.
- Your bookkeeper/accountant will be able to generate more accurate financials because you’ll have the information to value work in progress.
- The accurate financials will allow you to view your financial trends. Watching your trends allows you to make decisions early, so you don’t end up in a cash crunch panic.
- Time tracking for business owners and salaried employees can lead to a better work/life balance. You’ll see any areas where you aren’t being productive and you can adjust your work habits to get more out of your work day in less time.
- You can value the time you’re spending on tasks outside of your expertise and make an informed decision about outsourcing those tasks.
- You can right size your staff. By gaining visibility in how time is spent, you will see when your staff is in danger of burning out. On the flip side, too large of a staff means lower profits and bonuses, so you’ll be able to see the need to downsize as well.
There are a couple of ways to handle customer deposits in QuickBooks.
Method 1: Receive Payment Without Applying to an Invoice
If the customer hands you a check you, can simply receive the payment without applying it to an invoice. This will create a credit on their account. While this method will allow you to apply the credit to the project invoice, it usually isn’t the best way to handle the situation.
I finally updated my QuickBooks ProAdvisor Certification. I’m now officially a Certified QuickBooks ProAdvisor for 2008 and 2009 versions. I even learned a couple of new tricks through the process.
I also recently became an MYOB Bookkeeping Partner. Unfortunately, MYOB is far behind Intuit in building out their training and tools for accountants and bookkeepers. At any rate, I’m happy to be a partner with MYOB and have free access to their technical support team.
If you have spent much time with 2nd grade boys, you’ll know that productivity and focus are not things they excel in naturally. My son is in the 2nd grade; I know them well. (Note: I know girls exhibit these traits too, it just seems really pronounced in 2nd grade boys)
I’ve been supporting the accounting needs of mac users for quite some time. Until last week, I was using my mac mini to help those clients. I foolishly bought a mac mini because I already had a pc laptop and, like it or not, most accounting is done on the pc platform. And I didn’t want to spend the money fully transition.
Last week, a windows update corrupted my computer. I don’t know what’s wrong with it. It has numerous issues and I’ll have to reinstall the operating system (man, I hate Vista). To get up and running quickly, I transitioned to the mac mini.
I LOVED it (except being chained to my desk and only having one monitor). I said “to heck with the budget, I NEED a MacBook”. Seriously. I know, I’m an accountant. I reason that I’m much more efficient on one machine rather than two. Plus cut and paste between the virtual machine and the mac is awesome!