Valor Bookkeeping LLC

Howdy folks!

Wanted to post here that since bringing on an assistant back in June and updating some processes, we freed up time and are NOW able to bring on another client...maybe 2 depending on scope of work.

Valor's ideal client:

-In business 2+ years
-Uses QBO or Wave for their financial records
-May or may not be up to date on tracking their finances
-May or may not run payroll
-Looking for insights into their financials to help support business decisions
-Looking for higher level financial guidance with regard to pricing methodologies, cash flow management, budgets/forecasting, project profitability (just to name a few).

I learned that I did myself a disservice with calling my business solely bookkeeping as my skill set goes beyond a traditional bookkeeping role sooooooo I also need to tweak my name...suggestions welcome!

Valor Bookkeeping
Brave With Numbers So You Don't Have To Be™

Call now to connect with business.

Remember us?! I know, I know, our presence has been lacking! We expanded at a faster than expected rate and are now FINALLY getting through to some of the "housekeeping" items.

Which brings me here today!!! I am SUPER excited to share that Valor has a website!!!! A HUGE thank-you to Lauren Patrice Hurlie for getting this site put together and all dolled up.

Feel free to head over there to get more insight into our service offerings and how we support our clients!

If anything resonates with you or you immediately think of someone who could benefit by bringing us in, feel free to share our info.

Home | Valor Bookkeeping Valor Bookkeeping goes beyond traditional bookkeeping and seeks to empower business owners in strategic decision-making along with helping them achieving streamlined financial operations and ultimately growth. When it comes to bookkeeping, cashflow management, job costing and all other finance-relat...

Are you a Business Owner?

Do you run your business based on the balance in your business checking account? If yes, YOU ARE NOT ALONE.

Do you run your monthly Profit & Loss (P&L) statements to see how you did in a given month? Do you know what this is? Do you review them with your bookkeeper or accountant?

There is a BIGGER picture of your business (and for you) that business owners should be familiar with, so they are able to make strategic daily decisions.

Don't be blind to your financials; take control of your business and steer it where YOU want it to go!

HaPpY FRI-YAY everyone!!!

Check it out!! I am officially part of the Chamber of Commerce!!! Looking forward to networking with local businesses to see how I can help their businesses reach their goals and see the bigger picture of financial health!

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***Reminder***

Make sure to review your Q1 Profit & Loss (P&L)!!

No matter how big or small your business is, it is a crucial document you should be reviewing and adjust next quarter according to your goals!

*******PSA*******

If you use accounting software and you get a message that your account is not paid for. DO NOT DO ANYTHING.

Always go into your account and check your subscription info ON THE PROGRAM.

Don't let the pressure of the tax filing deadlines cause you to hand over your banking information EVER!

The former month has closed!!

Make sure to send your bank account(s), source docs to your bookkeeper so they are able to reconcile your accounts!

Better yet; give you bookkeeper "read only" access and it will be one less thing that you have to do!!

Client WIN!!!

During a clean-up, I was able to find multiple cases of duplicate payments being tracked incorrectly in QuickBooks which was overstating a clients' income.

You work hard for your money!! Don't pay tax on extra funds that wasn't really income!!

Are you a Business Owner?

Do you run your business based on the balance in your business checking account? If yes, YOU ARE NOT ALONE.

Do you run your monthly Profit & Loss (P&L) statements to see how you did in a given month? Do you know what this is? Do you review them with your bookkeeper or accountant?

There is a BIGGER picture of your business (and for you) that business owners should be familiar with, so they are able to make strategic daily decisions.

Don't be blind to your financials; take control of your business and steer it where YOU want it to go!

MONTHLY MILESTONE

One thing that has always been challenging for me is that when it comes to work, I become immersed and don't come up for air often neglecting other areas of my life. Now having a husband and little children, this is no longer an acceptable way to manage.

I take pride in my work, but I know there has got to be a be a better way to balance it with all other things in my life.

With more clients on the horizon, I FINALLY sat down to make a work schedule to rather than dedicating EVERY FREE minute to it.

For my business to keep growing, I need to be on top of my game, and this will allow me to do just that. Whether I keep to the schedule, is another story but at least I have created myself a road map. WISH ME LUCK!

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MONTHLY MILESTONE

I had a client who had set up "Rules" for their bank feed to reduce the time they spent categorizing bank feed and it would auto-add. Makes sense, to save time, right?!

During a DIAGNOSTIC REVIEW, I found that his "ATT" telephone expense rule was also auto-adding anyone with had the letters ATT in their name. So all the vendors and clients with the name Matthew along with any transactions with "ATT" in the name were being classified as a Telephone Expense.

It was an important find that needed correcting and reclassification...I can confirm that MATTHEW is a common name 🤣

The best part was that I got to show my client the value of having someone keep their eyes on the books and how auto-rules, though an awesome feature, can play tricks on ya!

MONTHLY MILESTONE

I was hired by my client to handle Account Payables and Account Receivables. After being on a call with my client and his accountant, my client better understood my experience and knowledge and expanded my workload to handle all of his bookkeeping needs!!

I have learned that it isn't about getting ALL the work. It is about growing rapport and letting your skills shine through! 🙌

Happy HuMp DaY Everyone!!

I am finding that a lot of business owners want to keep their bookkeeping in-house to save on cost. WHICH I totally understand in order to keep costs down.

HOWEVER, I am seeing that the bulk of my business is made from cleaning up and reclassifying what has already been done.

Don't let your lack of time, or knowledge of proper bookkeeping cost your business money.

Reach out for a comprehensive Diagnostic Review- find more details in the Services section!

HAPPY 2023 Everyone!!!

My Social Media presence has been TERRIBLE as I have been handling re-org/clean up work on a few of clients' books.

THAT has started to wind down as I get ready to hand it over to the accountants to do their magic!

If you own a business, or know somebody who does, feel free to send them my way as I am now able to pick up another client...possibly two.

Hello FB World!

Happy Q4!!!! 🎉

Did I just make you sweat?! Raise your blood pressure?! 💦 Are your finances are a MeSs and you don't know where to begin?

Don't you worry! Help is available but YOU have to take the first step and send out your SOS!

Valor Bookkeeping; Brave with Numbers, So You Don't Have to Be 😉

Happy TuEsDaY!!!

Fun Fact:

Did you know that Bookkeeping has been around since the days of Ancient Mesopotamia?! 🤯 It was a way to track transactions of agricultural trade and herd growth.

ONE MORE SLEEP and we are in Q4!!

Tax filing deadlines are cominggggg!!

Send your bookkeeper any pending items so they are able to get your books as current as possible as we approach year end!

Sole proprietorships (and Single Member LLCs): Schedule C and personal tax return (IRS Form 1040) due April 17, 2023.

Partnerships: IRS Form 1065 due March 15, 2023.

Multimember LLCs: IRS Form 1065 due March 15, 2023.

S-corporations: IRS Form 1120S due March 15, 2023.

C-corporations: IRS Form 1120 due April 17, 2023.

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Do you run a business or handle household finances?

QUIZ TIME!

As it approaches the end of the month, are you on track to be ahead or behind? How does your YTD (year-to-date) look?

What is still open in your receivables? What is overdue? How about your Payables?

Whenever managing finances, you should ABSOLUTELY have a pulse on these questions.

If you are concerned that you need support and/or guidance on how to better manage your bottom line, I'm here for ya!

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Last week I posted about service inquiries I was receiving; this week I will help distinguish the difference between Bookkeeping and Accounting.

MAIN DIFFERENCE - Bookkeepers focus on the day-to-day and Accountants focus on the big picture.

WORKFLOW - Bookkeepers gather, classify and organize business transactions for Accountants to use for Tax Returns.

Happy aLmOsT FRIDAY!!!

I've received some inquiries regarding the services I offer. I think there is some confusion regarding how Bookkeeping and Accounting differ.

Here is a list of things I do as a bookkeeper:

-Categorizing Business Transactions
-Expense Management
-Managing Accounts Payable
-Managing Accounts Receivable
-Reconciling Accounts (Checking, Savings, etc.)
-Prepare Key Financial Statements

Next week, I will dive deeper into how the two roles overlap.

(Icons created by Eucalyp - Flaticon)

Happy Wednesday Everyone!!

Have you ever thought about starting a business?!

Did you incur business expenses BEFORE it was a business? Or did it not come to fruition?

EITHER WAY, these expenses are considered START UP COSTS and should be included to reduce your tax burden.

Make sure you aren't missing out on deductions whether or not your business happened and be sure to consult with your accountant.

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Final DEBUNK of the Week!

"My business is too small for a bookkeeper."

What if I told you that you didn't have to feel that anxiety ridden feeling when your accountant starts to reach out and mentions phrases like "tax return deadline" or "supporting documentation."

A bookkeeper keeps your financials in order all year round so you don't need to rush and gather your information in a haphazard manner.

Now if THAT isn't a reason in of itself and you are worried about having to pay for the added expenses, it is eligible for WRITE-OFF as it is an ordinary and necessary expense for your business.

Reach out to give yourself the gift of hiring a bookkeeper!

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Let the DEBUNK continue!

"I can do my own bookkeeping, its only data-entry and I can use QuickBooks."

YES you can use QB and YES the information needs to be put into the database.

Once it is in there, it needs to be categorized to the correct account. QuickBooks makes assumptions that often need to be overridden.

What if you use a personal card to cover a business expenses? Are you correctly categorizing monies you take out of your business? Are you double checking your incoming funds? Do you have receipts that aren't accounted for? Do you have a mechanism to collect sales tax (if applicable)?

As a fellow business owner, I GET IT! We want to be self-sufficient at all things related to our business but at the cost of missing write-offs and incorrectly reporting profitability, it may actually not be worth it and end up costing you money.

Reach out today to ensure that you are getting the most out of your financials!

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Let us begin this shortened week with a DEBUNK of Bookkeeping, Shall We?!

"I already have an accountant, so a bookkeeper is just an added expenses."

Bookkeeping and accounting are two separate professions. Bookkeepers live in the nitty gritty of your financials and hand it off to the accountant to plug into your tax return.

Fully capable of handling day to day financials, accountants often charge more than bookkeepers for this monthly service. You should be provided with the ongoing monthly reports and/or insights that should be driving your business all. year. round.

Once annual books are closed, you should have a full view of "trim the fat" opportunities and where your "bread and butter" is made. This could also be seasonally driven so strategizing your year accordingly based on prior year trends may be important.

Are YOU ready to work more purposefully and run your business strategically...and be able to schedule in more R&R days?!?! Email Valor today!

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Did you know that proper bookkeeping aids business analysis?

It is easy to get sucked into the grind of day to day business and not have an opportunity to take a look at the big picture. I know many business owners who handle their own books but they have NO IDEA what the numbers mean or how to use them in order to make strategic business decisions.

If you are a business owner looking to gain more insight and/or wanting to offload your bookkeeping responsibilities, feel free to reach out!

Did you know that as a business owner, all you truly need to do is make an estimate for your client?

Once accepted by the client, I can manage the invoicing, reconcile payments, and monitor your Accounts Receivable (A/R).

Potential Clients Tracked - great for Marketing Purposes ✅
Management of outstanding bills - more money in your pocket ✅

Feel free to reach out and see how else I can help service your business!

Happy August EVERYONE!!! I don't know where the days are going but they are FLYINGGGGG.

Are paper receipts taking over your desk?! Or are hidden in a drawer somewhere?! Maybe in a box??

ALWAYS document your expenses to reduce your taxable income!! Don't just put monies into your business; UTILIZE this tax benefit!!