Azle Bookkeeping

First attempt at potato soup, so yummy!!! How are you staying warm on this cold, snowy day in Texas?

𝗪𝗵𝗮𝘁 𝗶𝗳 𝗶𝘁 𝗱𝗶𝗱𝗻’𝘁 𝗵𝗮𝘃𝗲 𝘁𝗼 𝗯𝗲 𝘀𝗼 𝗵𝗮𝗿𝗱? ❤️

I’m serious – take a second to imagine what it would be like if your business finances weren’t *so* hard … or even – dare I say! - easy:

🤩 𝗪𝗛𝗔𝗧 𝗜𝗙 tax season was a 𝘀𝗺𝗼𝗼𝘁𝗵 𝗮𝗻𝗱 𝗲𝗮𝘀𝘆 process you finished early – and barely had to think about?

😍 𝗪𝗛𝗔𝗧 𝗜𝗙 checking your business bank account (and the new client deposits!) was a 𝗾𝘂𝗶𝗰𝗸 (𝗮𝗻𝗱 𝗳𝘂𝗻!) part of your daily routine?

🥳 𝗪𝗛𝗔𝗧 𝗜𝗙 you were 𝗲𝘅𝗰𝗶𝘁𝗲𝗱 to get your financial reports, and knew exactly how to turn them into 𝗽𝗿𝗼𝗳𝗶𝘁𝗮𝗯𝗹𝗲 business strategies?

… Probably sounds too good to be true, right?

Let me guess: You probably think that it’s totally normal:

🤯 𝗡𝗼𝗿𝗺𝗮𝗹 … to be in a constant state of 𝗽𝗮𝗻𝗶𝗰 during tax season

🤮 𝗡𝗼𝗿𝗺𝗮𝗹 … to 𝗱𝗿𝗲𝗮𝗱 checking your business bank account

😰 𝗡𝗼𝗿𝗺𝗮𝗹 … to 𝗮𝘃𝗼𝗶𝗱 financial reports (because why bother? They’re always 𝗼𝘂𝘁𝗱𝗮𝘁𝗲𝗱 and 𝘂𝗻𝗿𝗲𝗮𝗱𝗮𝗯𝗹𝗲 anyways … )

But here’s the thing:

𝙄𝙩 𝙙𝙤𝙚𝙨𝙣’𝙩 𝙝𝙖𝙫𝙚 𝙩𝙤 𝙗𝙚 𝙩𝙝𝙞𝙨 𝙬𝙖𝙮.

I’m serious – it really doesn’t.

Starting today (yup, today) you can get the help you need to transform your business finances

😱 From a total nightmare

😇 To an absolute breeze

All you have to do is hire a nerdy numbers-lovin’ superstar bookkeeper (like me!)

❤️ No matter how far behind your financial records are, I’ll get you caught up and current

❤️ Tax season freaks you out? I’ll be your partner through it all, helping to make it a smooth and stress-free process for you

❤️ And don’t worry about those financial reports – I’ll turn them into clean and current tools for your business (written in easy-to-read plain English!)

So stop dreading and avoiding and panicking and procrastinating and downright 𝙃𝘼𝙏𝙄𝙉𝙂 your business finances.

And stop accepting the lie that “that’s just the way it is”

𝙄𝙩 𝙙𝙤𝙚𝙨𝙣’𝙩 𝙝𝙖𝙫𝙚 𝙩𝙤 𝙗𝙚 𝙩𝙝𝙞𝙨 𝙬𝙖𝙮.

Just reach out today and I could have you smiling just like this cutie!!

So we can start making your business finances

❤️ Easier

❤️ Less stressful

❤️ And (at least in my opinion!) more fun!

[email protected]
682-261-2124
Or send me a DM.

Today is the last day to file 1099s for your business. Let me know if you need help.

So do I need to worry about collecting + filing sales tax for my business? 🤔 And if so – what percentage or amount do I need to charge?”

Hoo boy – this is actually a surprisingly complicated question 😬

Here’s why:

🇺🇸 𝗘𝗮𝗰𝗵 𝘀𝘁𝗮𝘁𝗲 𝗶𝘀 𝗱𝗶𝗳𝗳𝗲𝗿𝗲𝗻𝘁

There is no universal federal sales tax rate – sales tax is determined by each individual state, therefore the rules and rates and filing frequencies differ from state to state.

And it’s not just state taxes – there are also local taxes (like county and city) to factor in as well.

🗺️ 𝗔𝗹𝗹 𝗽𝗵𝘆𝘀𝗶𝗰𝗮𝗹 𝗹𝗼𝗰𝗮𝘁𝗶𝗼𝗻𝘀 𝗼𝗳 𝘆𝗼𝘂𝗿 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗮𝗿𝗲 𝗮 𝗳𝗮𝗰𝘁𝗼𝗿

What if your business is located in Ohio, but you have a warehouse located in Pennsylvania? Or a salesman located in Illinois? Did you travel to Kentucky to sell your goods at a weekend convention? That all has an effect, too.

(And don’t get me started on the confusions and complications of drop-shipping and Amazon Fulfilment)

📦 𝗦𝗼𝗺𝗲𝘁𝗶𝗺𝗲𝘀 𝘄𝗵𝗲𝗿𝗲 𝘆𝗼𝘂 𝘀𝗵𝗶𝗽 𝘁𝗼 𝗶𝘀 𝗮 𝗳𝗮𝗰𝘁𝗼𝗿

While some states require you to collect sales tax based on your business location, most states are “destination-based. Therefore, you need to factor in the buyer’s ship-to location.

💰 𝗬𝗼𝘂𝗿 𝗮𝗺𝗼𝘂𝗻𝘁 𝗼𝗳 𝘀𝗮𝗹𝗲𝘀 𝗮𝗳𝗳𝗲𝗰𝘁𝘀 𝘁𝗵𝗶𝘀 𝗮𝘀 𝘄𝗲𝗹𝗹

Depending on the state, if you’re physically located in State A and selling in State B, you don’t need to collect sales tax in State B until you cross a certain sales total minimum (like $100k in sales)

So again - this simple question doesn’t have a simple answer 😅

However, here are a couple of amazing resources to help you figure this out for you and your business:

This article from Bench about sales tax basics:

👉 https://bench.co/blog/tax-tips/sales-tax-basics/

This amazing state map tax tool from Taxjar:

👉 https://www.taxjar.com/resources/sales-tax/states

This video walking you through how to set up sales tax in your Quickbooks Online account:

👉 https://youtu.be/MiRQ6CSVMlg

Also, reach out to your states Department of Revenue for specific questions or regulations local to you.

Hopefully, one or more those resources can help clarify the sales tax needs specific to you and your business!

What about you? How do you handle sales tax management in your business? I’d love to hear your favorite tricks + tools!

[email protected]
682-261-2124

Did you know that 40% of business owners say that bookkeeping + taxes are the worst part of their business? Contact us today to hand off the worst part - and get back to the best parts of your business!

https://calendly.com/azlebk
[email protected]
682-261-2124

Last night I worked on a Bookkeeping checklist for small business owners.

If you are not in a place to outsource and need something to keep you organized, comment below with "CHECKLIST" to get it!

If Bookkeeping is not your thing and you are ready to outsource, comment "I'M IN" below and we will reach out to set up a meeting.

Are you ready to take control of your financial future in 2022?

Yes, I am talking to you - Service Based Business Owners.

Every year you make the same false promise that you will get your bookkeeping done on time.

You will know and understand your financial situation better this year.

But here you are realizing that you've barely touched your books at all in 2021

You truly are not sure how your business performed - other than you have money in your bank account - and well that's good!

I get it, you have been busy doing what you love and focusing on your clients.

Luckily for you - there are people who help with this Exact thing…

& This is EXACTLY why I am going to be LIVE Friday at 1:00 PM CST to tell you exactly what to do to avoid this costly mistake again.

I will be revealing how it can be easy to get help.

Why you probably need to bring in an expert to support you.

And Exactly what your next steps to bookkeeping bliss truly look like so you NEVER have to feel overwhelmed again.

So, Are you coming?

Comment “Live” to be there live.

Comment “Replay” so I can get you the replay.

PSA: It might be time to start talking business over meals! To help the restaurant industry bounce back from a devastating recession the IRS is allowing a full deduction for business meals provided by a restaurant in 2021 or 2022.

What does this mean? All meal expenses while conducting business are now 100% tax deductible.

**Be sure to save receipts and write down who you met with and small note on what was discussed. **

Let's get out there and support our AMAZING local restaurants!!!
Here is a link to read more: https://www.irs.gov/.../treasury-irs-provide-guidance-on....
Or you can PM me with any questions

[email protected]
682-261-2124

Tax deadline has been extended for Texas, Oklahoma, and Louisiana due to the crazy weather we have had this year. There is still time to get your books in order. If you need help with this, send me a message.

[email protected]
https://calendly.com/azlebk
682-261-2124

A bookkeeper is like a Nurse, they take your vitals and document all the necessary info.
An accountant is like a Doctor, they take all that info. and make larger decisions based on the info.

Love this analogy !! Helps to understand why both are so important to your business

Our website has had a makeover. Check it out!!

Azlebookkeeping.com

Business owners FYI if you file 1040 it has been extended a month

🔥 🔥 🤔 - Tax tip of the week - 🤔 🔥 🔥

This is the last week to get pregnant if you want another dependent in 2021.

You’re welcome! ~ Azle Bookkeeping

🎉Business Owners🎉

Do you need your books up to date to file your taxes ??

We are currently offering 50% off 2020 clean up/back work for new monthly clients!!

You can reach us by email at [email protected] or message here through Facebook.

Is your business going through a growth spurt right now?

If it is, then first things first – congrats! That’s amazing! 🥳

But here’s the second thing I always say to fast-growing business owners … be careful, and pay attention to your cash flow! 😬

I know, periods of rapid growth are exciting – but, if you aren’t careful, they can also be dangerous for your business. 💣

Know why? Because even if you have a lot a of new business coming IN, you may have even more new expenses going OUT. And that can cause a serious, even fatal, problem for your business (and your bank account).

Keep in mind: 82% of business failures are a result of cash flow problems 🙈

So, even though I know you’re busy right now, please make sure to keep asking these 3 important questions:

(1) Are any (or a lot) of your client invoices more than 30 days past-due?

This is how you get money in the door – so make sure you send invoices (and reminders) promptly!

(2) Are you having trouble paying your vendors on time?

Whether the problem is a disorganized A/P system, or a low bank balance, both are cash flow problems that need fixed.

(3) Are you referring to cash flow reports – not just P+L statements and bank balances – before making large new purchases and investments?

Just because the cash is in the bank today doesn’t mean that it’s available for use. Especially as your expenses grow and change, you need to make sure you have enough to cover BOTH current and additional expenses.

Those questions should help keep your cash flow in focus for now 🤓 But if you want to learn more, feel free to check out the helpful article in the comments 👇

(P.S. If you feel like you’re in a little over your head with your current growth spurt, and just don’t have the time to track this – no worries! Just reach out. I’d love to help you keep growing your business, safely and smoothly!)

682-261-2124
[email protected]

How many hours do you spend manually inputting financial information for your business?

I ask, because there’s a lot of automated bookkeeping apps out there that can save you SO much time (and some of them are free!)

So, if you’re still:

⌨️ Typing in your bank statements one line at a time
📨 Paying your vendors with mailed checks (that usually arrive a little late)
🚙 Always forgetting to scribble your business mileage in that tiny log book in your glove compartment

Then I’ve got a list of tools that can save you a LOT of time, hassle and even money.

Here’s a quick hit list of my favorite time-saving apps to automate 8 of your most common business bookkeeping needs:

✅ LOGGING MILEAGE: MileIQ and TripLog
✅ ON-TIME VENDOR PAYMENTS: Auto bill payment through your bank website, or through Bill Pay for Quickbooks
✅ EXPENSE MANAGEMENT: Connect your bank website to your financial software to auto-download transactions and set up automatic categorization
✅ DOCUMENT STORAGE: Google Drive and Dropbox
✅ RECEIPT TRACKING: Shoeboxed, Receipt Bank, and HubDoc
✅ SALES TAX TRACKING: TaxJar, Avalara
✅ PAYROLL: Gusto, ADP
✅ TIME TRACKING: Toggl and Clockify

AND - one last bonus tip! If none of these apps give you the exact kind of automation you need, make sure to check out Zapier!

Through Zapier you can customize an almost-unlimited variation of automations that you can design to fit your unique business needs. (Check it out! It’s pretty cool)

Anyways, I hope that something in that list rang a bell and helps you start saving more time today!

What about you? What do you find to be the most time-consuming task in your business bookkeeping?

Do you use PayPal to accept payments in your business? If so, you probably already know what a headache it can be trying to connect it to QuickBooks (never mind trying to manage the transactions) 😬

Don’t worry – it’s not just you!

There’s actually at least THREE different ways to connect and manage your PayPal account in QuickBooks (confusing, right?).

So if you’re struggling with PayPal, or trying to figure out which is best for your business, here’s a quick overview of the three styles (and a good link below👇) to help you get started:

✅ PAYPAL BANK FEEDS

This option gives far less detail and automation; for example, it only provides summaries for sales transactions (not details), but it does categorize expenses and transfers. However, it’s a good option if you need more detailed control over a low volume of transactions.

✅ SYNC WITH PAYPAL APP

This option is a middle-ground blend of detailed automation vs manual input. Sales transactions are detailed, but vendor payments and transfers still need to be manually categorized.

✅ CONNECT TO PAYPAL APP

This offers the highest level of automation and transaction detail. However, that’s not always the best option – and it will only allow you to choose one income account, and multi-currency isn’t supported.

(Also, just in case you were wondering, there’s no direct way for someone to pay your emailed QuickBooks invoice from their PayPal account 😉 )

You can also check out the QuickBooks article in the comments for more in-depth info (and find links to other helpful articles with more info on each type of connection!)

Or, of course, if learning the detailed in and outs of PayPal syncing isn’t really your idea of a good time, then you’re in luck – I LOVE this stuff, and I handle it for my clients every single day!

Feel free to reach out and schedule a call today – I’d love to help take this off your plate, and give you back more of your time!

[email protected]
or send a DM through messenger.

Check out this link from the IRS about tips for operating a business – it covers everything, from paying independent contractors, to non-taxable income, to an IRS tax calendar for small businesses, and more! Great resource for all of my fellow small business owners!!

[email protected]

https://www.irs.gov/businesses/small-businesses-self-employed/operating-a-business

Operating a Business | Internal Revenue Service Find information about getting an employer identification number (EIN), understanding deductions and tax credits and using the IRS tax calendar.

Do your client payments trip you up when you’re trying to log them in to QuickBooks?

Especially the following month, when you’re trying to match the deposits on your bank statement to your invoice payments … but the amounts never seem to match?

Here’s an example of what I mean:

Let’s say you receive a check from a client - let’s make it fun and say you received $100 from Luke Skywalker for repairing his lightsaber. 😉

Then, later in the afternoon, Darth Vader drops off $200 and Obi Wan Kenobi writes you a check for $300.

And the next day, when you go to the bank, you deposit all three checks for a total deposit of $600.

Now, when you get your bank statement the following month, the only line item for those 3 checks will be “$600 deposit”; there won’t be any indication or detail of the three separate checks. So how do you match and reconcile each check?

(And guess what? Even if you are paid via Stripe or PayPal instead of paper checks, it’s pretty much the same process – a delayed deposit and payments bundled together)

So – why does that matter?

Because:

(1) If you want to know + track exactly when your clients paid you, and

(2) If you want to know exactly what was in that $600 deposit, even when you’re looking at it 6 months later and forgot which checks you cashed that day, then you’ll need to make sure you use an extra step in QuickBooks, using an account called “Undeposited Funds”.

I promise, It’s not as hard as it may sound. 😉 Just check out the helpful link in the comments – it’ll walk you through the whole process, step by step. Then you won’t have any trouble tracking client payments and matching your deposits!

And of course, if you have any questions about this process, or just want someone to take care of this financial stuff for you - just reach out! I’d love to help.

[email protected]
AzleBookkeeping.com

Happy New Year's Eve!!!! Hope everyone has a great evening! Stay safe and dry.

It is New Year's resolution time (if you do that sort of thing). Here is a short article on how to set a goal that will help you be successful in 2021. Let's bring in this new year the right way!!

https://www.forbes.com/sites/forbescommunicationscouncil/2020/08/03/four-ways-to-take-your-goal-setting-to-the-next-level/?sh=409728563a85

Council Post: Four Ways To Take Your Goal Setting To The Next Level Despite our best efforts, we’re bound to experience setbacks that are outside of our control. But remember that your goal is progress, not perfection.

Whether you need to catch up bookkeeping work for 2020 or are just starting out and want to be organized for 2021, I am sharing my discount for QuickBooks Online products. Send me a message/email and I can provide the information for 50% off of your first year of QuickBooks Online!!

[email protected]

So, if your business is already tax-ready and up-to-date, go ahead and keep on scrolling – you don’t need to read any of this. 😉

But, if you’re like many small business owners:

⏰ Your financial software and bank statement data has fallen months behind
💵 You haven’t seen a financial report on your business since your 2019 taxes were finished
😬 And it’s been so long since you’ve opened your Quickbooks account, you don’t even remember what your log-in and password is

Don’t worry – you’re not alone. However, NOW is definitely the time to start working on getting current – NOT April 14th (especially if you don’t want to pay your accountant’s premium fees for last-minute rush work)

Here’s 3 easy first steps to help you get started now without feeling overwhelmed:

(1) Plan for and block out scheduled time on your calendar just for this task, whether it’s a single afternoon, a full day, or more – treat that time slot with the same importance as a client meeting

(2) Gather up and/or download all your financial documents in one place. This includes bank statements, receipts (both hard copy and electronic), vendor invoices, mileage logbook, and other similar documents.

(3) Open up all your financial software and apps in one session and get refreshed. Do you have the log-in information for everything? Is your bank feed still connected to your software? When was the last time you reconciled each account? Write notes and create a checklist as you go

Then you’ll know exactly where your business’ financial records are at, so you know how and where to get started!

And at that point, you’ll be more than ready to move on to the attached article for more details on the next steps.

I hope that helps you get started and not feel so overwhelmed!

(P.S. If the thought of trying to untangle and update your business records feels too overwhelming – or you just flat-out don’t have the time for it – just reach out! Bookkeeping catch-up is one of the many things I do for my clients – and I’d love to help you, too, without having to stress out or spend a bunch of time on it!)

https://bench.co/blog/bookkeeping/catch-up-bookkeeping-guide/

How to Catch up on Your Bookkeeping | Bench Accounting Behind on your bookkeeping for the year? Use this step-by-step process to get your books up-to-date in no time.

Merry Christmas Eve!! ❤️💚

❤️💚❤️💚

Christmas is next week. What are your go to stocking stuffers? My oldest has always loved bath bombs, lip gloss, stickers, and bath toys.

Ever wish your bookkeeping and financial software was more like Siri? 😉 Especially for your business finance questions?

Like, “Hey Siri – how can I reduce my business expenses?”, or, “Hey Siri – how can I increase my business’ profit margin?”

Here’s the good news – as long as your bookkeeping data is up to date, your financial reports can act as a “Siri” for your business finances. All you have to know is where to look!

Here’s a couple of examples:

📱 “Hey Siri – how can I reduce my business expenses?”

☑️ Go into your reports, select “Transaction Detail by Account”, customize the report to only show expenses, and set the report period for the last 3-6 months. Review the list for recurring expenses – cancel the ones you no longer need, or downgrade to cheaper subscriptions if you use them infrequently!

📱 “Hey Siri – which of my products or services should I focus my marketing efforts on?”

☑️ Go into your reports, select “Profit and Loss”, and set the report period. To make it easier, in Quickbooks you can set “Compare another period” to more easily see the growth and differences. Look at the items under “income” – as long as your different revenue streams have already been categorized into sub-items of income, you’ll easily see which ones are generating the most revenue and are most worthy of your marketing efforts!
Pretty helpful, right? I’ve also added a link to a couple of articles about financial reports in the comments below if you want to learn more.

And, of course, if you ever need any help getting clear answers (in plain English) about your business - just let me know! I help my clients create and read these reports every day – and would love to help you, too!

2020 is coming to an end. Are you prepared to file for your 1099's? Did you know there are two different forms now depending on what you paid for? If you paid over $600 to a contractor, then you will need to file the 1099-NEC. If you paid over $600 to an individual or LLC for rent, legal settlement, or award winnings, then you will file a 1099-MISC. Below is a great article on these changes and updates. Message me if you have any questions.

https://bench.co/blog/tax-tips/1099-nec-vs-misc/

1099-NEC and 1099-MISC: What's New for 2020 | Bench Accounting 1099 forms are changing for 2020. If you are a contractor or hired a contractor, you will now be filing a Form 1099-NEC. Here's everything you need to know about this change.

It has been a long week of tax talk/prep. Lets have a little Christmas fun!!!

My favorite is Rudolph the Red-Nosed Reindeer. What's yours?

126 days.

That’s how much time you have left to prepare for and finish your taxes.

I know, it still sounds like a lot of time right now – but that deadline is gonna come faster than you think.

So before you say “I’ve got PLENTY of time!” and back burner your 2020 taxes until April 14th, here’s 3 questions to help you stop procrastinating and get started while you still have the time:

(1) ARE YOUR RECORDS CURRENT? 📅

“I’m too busy this month – I’ll catch up next month.” Sound familiar? … Also … how many months in a row have you said that? Two months? Six months? Ten?

Now think how long your bookkeeping usually takes you – all the invoices you track, receipts you file, bank statements you reconcile. 10 hours a month? 10 hours a week … ?

Suddenly, 6 months of procrastination can become days (or weeks!) of receipt-hunting and research and data entry.

(2) ARE YOUR RECORDS ACCURATE? ✅

Maybe you’re up to date – but how confident are you that the data was input correctly?

If your records are incorrect, then it DOUBLES the amount of time you need to prepare your records – first, the hours (or weeks) needed to undo the mistakes, and then the hours (or weeks) needed to redo your records correctly!

3) DO YOU HAVE A BAD HABIT OF WAITING UNTIL THE LAST MINUTE? ⏰

I get it – I’m a business owner, too. I know how hard it is to do (and remember) ten thousand things – and how easy it is to ignore the tasks I don’t like.

But if you try to wait until the last minute to prepare your taxes:

⏰ Bookkeepers and accountants will be SLAMMED before the tax deadline – and won’t have time to help
💵 And the ones who will manage to squeeze you in will charge you a premium rate to expedite your records at the last minute
🤯 Not to mention the stress you’ll go through trying to cram months of work into just a few days

So please - save yourself a LOT of time, stress and money in April by getting help and getting started NOW.

That’s exactly what I do for my clients all year round. And I’d love to help make your tax prep – and April 15th deadline – easy and stress-free, too!