Following up on Why you procrastinate on invoicing and what to do about it, Chris Van Patten sent this question by email: It’s great to have clients who pay on (or ahead of!) time, especially when I have to deal with other clients who still don’t pay months after the job is done. I’d be…
The IRS has a very nice video/audio section for Small Business issues. I realize that many small business owners do not like to consider the tax side of their business. This is a bad idea. Eventually you will have to pay attention even if only once a year when you file your tax returns. You…
Another online invoice service? Yes, and for good reason. We need an online invoice service that excels at recurring invoices. That’s what Vance Lucas decided, so he started InvoiceMore. Here’s an example. You create and host websites for customers. You bill customers for monthly hosting, annual domain names, and quarterly maintenance. With most invoice services,…
Here’s the reader question of the day: “In accounting, how do you post a land purchase?” Of course, I promptly turned this over to Maesz, our resident accounting expert. Here’s her reply: This is for a pure land purchase — no buildings, fences, wells, etc (technically these must be assigned value at purchase and then…
Every once in awhile the futility of a company policy just gets to you. While the following is meant as a joke, it has an unwelcome ring of truth to it. Denied Joke— Sanford P. BlankMy wife received a credit-card application in the mail that she had not requested. She didn’t want it, but I…
This month I am hosting a Lunch & Learn titled “How to Pay Business Debts You Can’t Afford” and when I read this Fences in Your Mind Excerpt it made me wonder how many small business owners are right there; strangling in debt and fighting mental fences that say there is nothing to do about…
An anonymous commenter asked us to confirm that inventory does not affect profit and loss statements, but does affect cash flow. Inventory is product you buy to resell, so yes, it affects your cash flow. You spent money to purchase it. You collect money when you sell it.If you are preparing Cash Flow Statements, you’ll…
For those of you who have contracted work out to other people, and who have paid those people $600 or more in the past year, now is the time to report that to the IRS and to remind the subcontractors that the payments they received are taxable. It is time to issue Form 1099 MISC….
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