Question: I have been working for a Distributor for a few years, but am thinking of leaving them and starting out on my own. What steps should I take? Answer: Starting a business from scratch has many variables to be addressed, here are four from the accountant’s perspective. 1. Be sure you are free of…
Read More
I believe that many businesses have brands that suck. I mean suck away opportunities for sales and profits! Let me explain. First, there are many companies out there with brand names that only indicate they sell printing or promotional products. Names like, “City Printing Company” or “Peoria Promotional Products LLC.” These names suggest the company…
Read More
Question: Can I enter credit card charges as journal entries in QuickBooks Premier? Answer: QuickBooks strongly discourages making journal entries, except in a few rare instances. You should not enter credit card charges as journal entries. QuickBooks has an icon on the homepage just for that. It’s in the lower righthand corner of the homepage…
Read More
Upon release of a new feature or invention, I hear people say, “I wish I had thought of that.” Depending on the topic, I occasionally hear people say, “I thought of that, I could be a millionaire!” Just last week, I opened my Kindle reader on my iPad and tried the “continuous scroll” feature. I…
Read More
Question: I send my bank and credit card statements to my accountant at year end to do my taxes. What benefits are there to using something like QuickBooks instead? Answer: There are lots of reasons. First, in QuickBooks, you are able to write and submit orders to customers and suppliers. From there, you can track…
Read More
It never ceases to amaze me that airplanes can fly. These big, heavy metal bodies loaded down with lots of people and baggage are able to take off and fly through the sky. Airplanes are able to fly because they are propelled to move forward, and their fast, forward motion, combined with air coming off…
Read More
Question: Can you clarify “Customers,” “Vendors,” “Employees” and “Other Names?” Too often I use “Other Names.” Is that right? Answer: No. It is best to set these up correctly from the beginning. Fixing later is difficult. In this section, QuickBooks allows a name to be used only one time. If you put everyone in “Other…
Read More
Question: Why do I have supplier purchase orders that show as open in QuickBooks Premier even though I know I have paid them? Answer: There could be two explanations. First, there are times that your supplier purchase order does not mark all items as closed even though they are paid. To check this, open the…
Read More
Most of my articles for “Million Dollar Mindset” are about creating financial wealth. But having just attended the funeral and celebration of life for a good friend of mine, and a good friend to the entire industry, I feel compelled to share my thoughts on the wealth that really matters. It seems to me that…
Read More
Question: My accountant wants me to buy some business insurance. Is that something I should have? Answer: I, too, advise my clients to purchase business liability insurance. It can protect you and your assets in the event of a lawsuit. If you are a sole proprietor, your personal assets are at risk with a lawsuit.…
Read More