4 Questions to Ask When Interviewing for a Bookkeeper
| February 4, 2013 | Posted by Steve Webster under Accountants and Bookkeepers, Accounting Software, Small Business Fraud |
There are hundreds of interview questions you could ask in a job interview. I have made a list of 4 questions to ask that are specific to hiring a bookkeeper. In addition to your regular interview questions, these questions will give you a glimpse into the personality and character of the bookkeeping candidate. For most small businesses, a bookkeeper is in a position of trust and you want to make sure they are not only competent but also honest and dependable. QUESTION: A general ledger account is out of balance by $.24. Describe the process you would take to discover the… more
6 Things the IRS Expects Employers to Know
| January 28, 2013 | Posted by Steve Webster under Accountants and Bookkeepers, Payroll, Taxes |
Running a small business is not easy and the IRS does not make it any easier. I’ve listed six things that inexperienced small business owners may not even realize but the IRS expects them to know. 1. Reporting New Hires You probably know that employers need to verify that each new employee is legally eligible to work in the United States by completing the I-9 form but you may not know that the IRS also requires employers to report each new hire to a state new hire registry. Employers have to report the employee name, address, social security number and the date of… more
How to Stop Your Bookkeeper From Stealing From You
| December 26, 2012 | Posted by Steve Webster under Small Business Fraud |
“Trust but Verify”, was a phrase made famous by U.S. president Ronald Reagan when discussing U.S. relations with the former Soviet Union. The same should apply to a small business owner’s relationship with their bookkeeper. According to the Association of Certified Fraud Examiners, the smaller the company, the more likely fraud will ruin your business. http://www.acfe.com/rttn-highlights.aspx They noted that small companies typically employ fewer anti-fraud controls than larger companies, which increases their vulnerability to fraud. You may not be able to hire an internal auditor to help you catch a bookkeeper that is stealing from you, but if you put the following these five recommendations you… more
Is it Time to Get a New Accountant?
| December 17, 2012 | Posted by Steve Webster under Accountants and Bookkeepers, Southern Indiana Business |
Hopefully, as a small business owner, you develop a long-term relationship with a great accountant that earns every penny you pay him. But, if your accountant starts to exhibit the following 4 bad business practices, it might be time to get a new accountant. You aren’t getting the support or advice you need. As a small business owner, a great accountant should not only be able to pay your bills on time, figure your taxes and prepare your financial statements, they should go above and beyond and help you save money in ways you weren’t expecting. For example, the “fiscal cliff” that you hear… more
After You Make the Sale Don’t Forget to Collect the Money
| December 10, 2012 | Posted by Steve Webster under Accountants and Bookkeepers, Accounting Software, Southern Indiana Business |
You closed the deal and you made the sale. Great! But if you made the sale on terms, your job is not finished. A successful business can close down if it runs out of cash. If you sell on extended terms, sooner or later (hopefully sooner), you will realize that your increased revenue does not mean increased money in the bank. You have to make sure you receive payment in an agreed upon amount of time. Photos Used With Permission For this reason, as a small business owner, you should have your bookkeeper run and monitor the Aged Accounts Receivables… more
My Estimated Tax Payment Advice
| December 3, 2012 | Posted by Steve Webster under Southern Indiana Business, Taxes |
Income tax systems in the United States are called pay-as-you-go-systems. That means you pay your income tax throughout the year either by having your employer withhold your tax and pay the government on your behalf or if you are self-employed, by you making estimated tax payments. Small business owners, which include S-Corp shareholders, and the self-employed have historically been less compliant which leads to a greater number of penalties and higher penalty amounts than taxpayers as a whole. Estimated tax payments are required when you expect to owe at least $1,000 in the upcoming tax year after subtracting withholdings and the lesser of 90%… more
Potential Payroll Tax Changes
| November 29, 2012 | Posted by Steve Webster under Accountants and Bookkeepers, Payroll, Southern Indiana Business |
This infographic from Intuit helps explain some of the payroll tax changes that may happen in 2013. Taxes are a major expense for your small business and they should be tracked and managed by your accountant just like material purchases or payroll. via: Potential Payroll Tax Changes to be Aware of in 2013 more
Indiana Employers Will Pay Higher Taxes in 2013
| November 26, 2012 | Posted by Steve Webster under Accountants and Bookkeepers, Payroll, Taxes |
If you are an Indiana business with employees, your FUTA (Federal Unemployment Tax Act) tax will increase in 2013. The FUTA tax is a tax the federal government collects from employers covered by a state’s UI (unemployment insurance) program to create a Federal Unemployment Trust Fund. The normal tax rate is 6% on the first $7,000 however employers receive a credit of 5.4% when they file their Form 940 which results in a net tax of .6%. Because Indiana had to borrow money from the federal trust fund, and they have not paid it back, Indiana employers are not allowed to claim the full 5.4%… more
Three Ways to Get More Local Customers
| November 23, 2012 | Posted by Steve Webster under Accountants and Bookkeepers, Southern Indiana Business |
Most of the businesses I deal with are local to me and we all seem to have the same problem of getting more local customers. I created the following video on YouTube to give you three ideas on how to get more local customers. The first two tips I have already implemented. The third tip is a little more difficult for an accounting and bookkeeping service like mine to do but it would definitely bring in more customers. more
Jeffersonville has Big Plans for their Big Four Bridge
| November 19, 2012 | Posted by Steve Webster under Southern Indiana Business |
The plans for the Big Four Bridge in Jeffersonville, Indiana were released recently and in my opinion it looks impressive. Any business, but especially restaurants, in downtown Jeffersonville should be very happy to see it built. Once built, the entire park should be a compliment to the Great Lawn on the Louisville side of the Ohio River. The ramp should be completed in April 2013 and the additional construction should be completed in an additional 14 months. You can read more at the City of Jeffersonville website. more
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