Virtual Bookkeeping Services | Business Accounting | Reconciled

Last Minute Year End Tax Strategies for Small Business Owners

Mon, 15 Dec 2025 16:54:40 GMT

Take advantage of year end tax strategies as an Arizona based business

Q: What can I still do before December 31 to reduce taxes?

A: Many Tempe and Maricopa County owners in Phoenix, Mesa, and Scottsdale can still time equipment purchases, pay bonuses, and make retirement contributions so the deductions land in this tax year.

Q: Do my books need to be up to date for year end tax moves?

A: Yes. Without accurate bookkeeping, it is hard to know what you can safely deduct. Reconciled provides small business bookkeeping services in Maricopa so your tax strategy is based on real numbers.

Q: Is waiting until tax filing season a problem?

A: Often yes. By then, you may have missed chances to shift income or expenses before year end. A short review in December can help you plan with your accounting team instead of rushing in March or April.

Are you ready to review your books and make smart year end tax moves for your Tempe and Maricopa County business?

Visit our website : https://www.reconciled.com

Book a free consultation : https://bit.ly/reconciledaccounting

Reconciled has been named one of Accounting Today’s Best Accounting Firms to Work For, which reflects the strength of the team guiding your tax and accounting decisions. That same expertise is available to small business owners across Maricopa County.

For the 2nd Time, Reconciled Makes the Inc. 5000, Ranking at No. 1983, With Three-Year Revenue Growth of 282 Percent

leads@reconciled.co (Reconciled It) — Fri, 18 Aug 2023 16:07:37 GMT

Reconciled Ranks #124 in Financial Services

New York, NY (August 15, 2023) - Inc. announced today that Reconciled, a leading provider of cloud-based bookkeeping and accounting services headquartered in Burlington, Vermont, ranks #1983 on the 2023 Inc. 5000, its annual list of the fastest-growing private companies in the United States. Reconciled also ranks #124 in the Financial Services category, solidifying its status as a trailblazer in the industry.

“Running a business has only gotten harder since the end of the pandemic,” says Inc. editor-in-chief Scott Omelianuk. “To make the Inc. 5000—with the fast growth that requires—is truly an accomplishment. Inc. is thrilled to honor the companies that are building our future.”

The Inc. 5000 class of 2023 represents companies that have driven rapid revenue growth while navigating inflationary pressure, the rising costs of capital, and seemingly intractable hiring challenges. Among this year’s top 500 companies, the average median three-year revenue growth rate ticked up to an astonishing 2,238 percent. In all, this year’s Inc. 5000 companies have added 1,187,266 jobs to the economy over the past three years.

"It is a tremendous honor for Reconciled to be recognized on the INC 5000 list and to hold such a high rank in our category," said Michael Ly, CEO and Founder of Reconciled. "This achievement is a testament to the dedication and hard work of our team, the trust of our valued clients, and our unwavering commitment to delivering top-notch financial services. We are incredibly proud of this recognition and look forward to continuing our journey of growth and innovation."

With a focus on leveraging cutting-edge technology, personalized support, and a team of highly skilled professionals, Reconciled has emerged as a leader in the virtual bookkeeping and accounting industry. Their leading-edge approach has enabled businesses to streamline financial processes, gain valuable insights, and make informed strategic decisions to drive growth.

Reconciled's rank on the Inc. 5000 list signifies its impressive growth trajectory over the past year, with 282% 3-year growth. The company acquired three firms in the past three years: HR Business Solutions in Chattanooga, TN, Accounting Services Group in Tempe, AZ, and Bean Team in Tallahassee, FL. Reconciled also expanded its services with the launch of a new tax and advisory department.

Reconciled’s dedication to driving efficiency and financial clarity for businesses has earned them the trust and loyalty of an expanding national client base of small and large companies, with client partners in manufacturing, e-commerce, non-profit, professional services, and food and beverage and several other industries.

More about Inc. and the Inc. 5000

Methodology

Companies on the 2023 Inc. 5000 are ranked according to percentage revenue growth from 2019 to 2022. To qualify, companies must have been founded and generating revenue by March 31, 2019. They must be U.S.-based, privately held, for-profit, and independent—not subsidiaries or divisions of other companies—as of December 31, 2022. (Since then, some on the list may have gone public or been acquired.) The minimum revenue required for 2019 is $100,000; the minimum for 2022 is $2 million. As always, Inc. reserves the right to decline applicants for subjective reasons. Growth rates used to determine company rankings were calculated to four decimal places.

About Inc.

Inc. Business Media is the leading multimedia brand for entrepreneurs. Through its journalism, Inc. aims to inform, educate, and elevate the profile of our community: the risk-takers, the innovators, and the ultra-driven go-getters who are creating our future. Inc.’s award-winning work reaches more than 50 million people across a variety of channels, including events, print, digital, video, podcasts, newsletters, and social media. Its proprietary Inc. 5000 list, produced every year since 1982, analyzes company data to rank the fastest-growing privately held businesses in the United States. The recognition that comes with inclusion on this and other prestigious Inc. lists, such as Female Founders and Power Partners, gives the founders of top businesses the opportunity to engage with an exclusive community of their peers, and credibility that helps them drive sales and recruit talent. For more information and to see the full list of winners, visit www.inc.com .

Small Business Mid-Year Checklist: Are You On Track?

leads@reconciled.co (Reconciled It) — Tue, 18 Jul 2023 17:49:12 GMT

7 Tasks for Small Businesses to Tackle During the Mid-Year Review

The halfway mark of the year presents an ideal opportunity for small business owners to pause, take stock, and assess their business operations. To ensure that you're on track to meet your annual goals, we have compiled a comprehensive checklist for a mid-year review. This list also comes with a collection of useful resources to help you address any potential gaps.

1. Financial Review

First and foremost, analyze your company's financial health. Examine your Profit & Loss statement, compare actuals with forecasts, and understand any discrepancies.

Check your sales revenue: Are you on track to meet your annual targets?
Analyze expenses: Are there areas where you can cut costs?
Review cash flow: Is there enough to cover all operating expenses and future investments?

Reconciled advisors are here to help answer questions and guide you through a financial overview.

2. Marketing & Sales Review

Marketing and sales efforts should be in alignment with your overall business goals. Review your campaigns' effectiveness, sales conversions, and customer acquisition costs.

Evaluate marketing campaigns: Are they producing a positive ROI?
Check sales conversion rates: Is your sales team meeting their targets?
Review customer acquisition cost: Is it sustainable in the long term?

Here’s a great article about the different kinds of marketing analytics and how you can best leverage the data for decision making.

3. Operational Efficiency

Optimizing your operations is crucial to improve profitability. Whether you’re selling a service or a tangible product, checking

in on your inventory and capacity are crucial to making it through the rest of the year.

Review your inventory: Are you overstocking or understocking items?
Evaluate processes: Are there areas where efficiency can be improved?
Analyze staff productivity: Are there any concerns?

4. Customer Satisfaction

Happy customers lead to business growth. Assess how satisfied your customers are with your products or services.

Gather customer feedback: Are customers happy with your products/services?
Monitor online reputation: What are customers saying about you online?
Evaluate customer support: Is it effective and efficient?

Getting customers to share their thoughts can be a challenge. Here are some great tips to get your customers to open up.

5. HR and Staffing

Your team is your biggest asset. Review HR policies, employee satisfaction, and staffing needs.

Review HR policies: Are they up-to-date and relevant?
Measure employee satisfaction: Is morale high?
Assess staffing needs: Do you need more employees?

Curious to know what the HR landscape may look like in the future? Check out the 2023 State of HR Report from Qualtrics.

6. Compliance and Legal

Ensure you're following all relevant laws and regulations to avoid potential fines and legal issues.

Compliance: Are you following all local, state, and federal regulations?
Business licenses and permits: Are they all up to date?
Review contracts: Are all business contracts, agreements, and leases up-to-date?

Check out this great article to learn more about the legal considerations for small businesses.

7. Strategic Planning

Lastly, revisit your mission, vision, and objectives to ensure they align with your current business landscape. Also, identify any necessary updates or modifications to reflect changing market conditions or emerging trends.

Adjust strategies: Do your plans need to be updated based on the mid-year performance?
Set goals for the second half: What do you want to achieve by year-end?
Plan for the next year : Start thinking about your business goals for the next year.

Remember, the key to achieving long-term success in your business is regular checks and adjustments. Use this mid-year review to set your business on the right track for the rest of the year and beyond. Happy reviewing!

Road Map to Seasonal Hiring: A Comprehensive Guide

leads@reconciled.co (Reconciled It) — Thu, 18 May 2023 21:57:45 GMT

Your Small Business Guide to Seasonal Staffing

As the seasons change, so does the demand across various sectors, making seasonal hiring a pivotal factor in many businesses. Hiring for seasonal positions, however, can often feel like navigating a labyrinth of challenges and complexities. Reconciled is here to guide you through the twists and turns of seasonal hiring, ensuring that you recruit effectively, manage seamlessly, and pave the way for operational success.

Step 1: Identifying Your Needs

Before embarking on your seasonal hiring journey, it's vital to identify your business needs accurately. Analyze previous years' data to anticipate the surge in demand, determine the number of additional staff required, and specify the skills and qualifications needed. Recognize the roles that need to be filled and the job responsibilities associated with each.

Step 2: Early Recruitment

Starting your recruitment early gives you a larger pool of applicants and more time to assess candidates. Advertise your vacancies through various channels, including online job boards, social media, and local community networks. Clearly communicate the job roles, expectations, and duration of the contract.

Step 3: Efficient Screening and Interviews

Due to the large volume of applicants and the time-sensitive nature of seasonal hiring, streamlining your screening and interview process is crucial. Implement a well-structured interview process and focus on the essential skills and adaptability of the candidates. Group interviews can be time-efficient and also help assess candidates' team interaction capabilities.

Step 4: Quick and Effective Onboarding

Once you've selected your seasonal staff, a structured, efficient onboarding process is paramount. Use easy-to-understand training materials and consider e-learning modules to expedite the process. Make sure your new hires understand their responsibilities, work schedules, and the company culture.

Step 5: Seamless Integration

Integrating seasonal staff into your existing team smoothly is key to operational efficiency. Encourage team bonding and foster an inclusive work culture. Assigning a mentor or buddy from the existing staff can help seasonal employees settle in quickly and perform effectively.

Step 6: Employee Engagement

Keep your seasonal staff motivated and engaged to reduce turnover . Communicate the potential for future opportunities, offer performance-based incentives, and appreciate their efforts regularly. Even though their stint may be temporary, they should feel valued and recognized.

Step 7: Legal Compliance

Navigating the legal landscape of seasonal hiring can be tricky. Stay updated with laws and regulations pertaining to seasonal workers, such as wage and hour laws, overtime pay, and age restrictions. Clear communication of these rules to seasonal employees can prevent compliance issues.

Step 8: Post-Season Evaluation

After the season ends, take the time to evaluate the process. Gather feedback from seasonal employees, review their performance, and analyze any challenges encountered. This evaluation will provide insights for refining future hiring processes. Don’t forget to maintain a good relationship with seasonal workers who perform well - they might be assets in the upcoming seasons.

We can help you get there!

Seasonal hiring, with its unique dynamics, can seem daunting. However, with a well-defined road map, the journey can become a lot smoother. Our HR professionals can help you navigate this labyrinth. By identifying your needs, recruiting early, onboarding effectively, and managing staff efficiently, you can harness the power of seasonal hiring to meet demand surges and contribute to business success. Remember, your seasonal staff can be your brand ambassadors, even when their tenure ends, and a positive experience can ensure their return in future seasons or even pave the way for permanent roles. If you're interested in learning more about our HR Services, schedule a time to meet with us here !

Balancing the Books for a Greener Future

leads@reconciled.co (Reconciled It) — Fri, 14 Apr 2023 21:44:41 GMT

Earth Day Insights for Small Businesses

Earth Day is a global event dedicated to raising awareness about environmental issues and promoting sustainable practices. Small businesses have a unique opportunity to make a big impact on sustainability by embracing eco-friendly practices in their daily operations. We hope this post inspires small businesses to take actionable steps towards sustainability and contribute to a greener future this Earth Day.

Understanding your environmental footprint

The first step in becoming a more sustainable small business is understanding your environmental footprint. Assess your current practices, including energy consumption, waste production, and supply chain operations, to identify areas for improvement. Tools like the EPA's Carbon Footprint Calculator can help you measure your greenhouse gas emissions and create a baseline for monitoring progress.

Reducing energy consumption

Small businesses can significantly reduce their environmental impact by adopting energy-efficient measures. Simple changes like switching to LED lighting, using Energy Star-rated appliances, and properly insulating your premises can lead to substantial energy savings . Investing in renewable energy sources, such as solar panels, can further decrease your carbon footprint and lower utility costs.

Sustainable Procurement

According to a study done by Unilever , a third of all global consumers are choosing to buy from brands they believe are doing social or environmental good. Small businesses can prioritize purchasing products and services from eco-friendly suppliers. This involves choosing suppliers that use sustainable materials, have environmentally friendly production processes, and offer products with a long lifespan. By supporting these suppliers, small businesses contribute to the growth of the green economy and encourage other suppliers to adopt sustainable practices.

Paperless operations

By digitizing records and embracing electronic documentation, small businesses can drastically reduce their consumption of natural resources. Paperless operations not only save trees but also reduce waste, transportation emissions, and energy consumption associated with paper production. In addition to the environmental benefits, paperless operations free up storage space and improve overall efficiency. Digital documents are easier to access, search, and share among team members, reducing the time spent locating and managing physical files.

Engaging with your community:

Small businesses can amplify their impact by engaging with their local community and promoting sustainability initiatives. Partner with local environmental organizations, sponsor eco-friendly events, or collaborate with other small businesses to create shared sustainability goals. By working together, you can create a more significant impact on your community and the planet.

As we celebrate Earth Day, there's an opportunity for small businesses to recognize their role in promoting sustainability and reducing their environmental impact. We recommend understanding your carbon footprint, reducing your energy consumption, being intentional with who you work with, reducing your paper consumption, and engaging with your community. If you're looking to work with a cloud-based business partner, who can help you measure your sustainability impact, we'd love to connect!

6 Tips on How to Apply Spring Cleaning to Your Finances

leads@reconciled.co (Reconciled It) — Tue, 28 Mar 2023 13:45:00 GMT

Spring cleaning is around the corner! Is your financial house in order?

The Spring season doesn’t just bring warmer weather, it brings a motivation to clean out those junk drawers, closets, and garages. It’s a great time to freshen up and declutter your home, but it's also a great time to clean up your finances. As the end of the financial year approaches, it's an excellent opportunity to review your financial reports and get your financial house in order. Here are 6 tips on how to apply spring cleaning to your finances:

Review your financial statements

The first step in spring cleaning your finances is to review your financial statements . This includes your income statement, balance sheet, and cash flow statement. Take a close look at your revenue and expenses, your assets and liabilities, and your cash flow. This will help you identify any areas where you can cut costs, increase revenue, or improve your cash flow.

Clean up your accounts receivable

One area that often needs attention is accounts receivable. If you have outstanding invoices, now is the time to follow up with your customers and collect the money owed to you. Consider offering incentives such as early payment discounts or installment plans to encourage prompt payment. You may also want to review your credit policies to ensure that you're not extending credit to customers who are unlikely to pay.

Audit your inventory

If you're in the business of selling products, take the time to audit your inventory. This means checking that your physical inventory matches your inventory records. If there are any discrepancies, investigate and make the necessary adjustments. You may also want to review your inventory management practices to ensure that you're not overstocking or understocking.

Review your tax obligations

Spring is also a good time to review your tax obligations. This includes reviewing your tax filings from the previous year and ensuring that you're on track to meet your current year tax obligations. If you're unsure about any tax matters, consider consulting with a tax professional .

Check your compliance

Depending on the size and type of your business, you may have various compliance requirements. This may include regulatory compliance, such as adhering to environmental or health and safety regulations. It may also include financial reporting compliance, such as ensuring that your financial statements meet the relevant accounting standards. Take the time to review your compliance obligations and ensure that you're meeting them.

Set financial goals

Finally, spring is a good time to set financial goals for the coming year. This may include setting revenue targets, reducing costs, or improving your cash flow. It's important to set realistic goals that are achievable and align with your overall business strategy.

Applying spring cleaning to your finances can help you get your financial house in order and set you up for success in the coming year. By reviewing your financial statements, cleaning up your accounts receivable, auditing your inventory, reviewing your tax obligations and compliance, and setting financial goals, you can improve your financial position and make informed decisions for your business. Contact us for more tips on how to get your financial house in order or to help you kick start the financial spring cleaning season.

From the CEO: When to Stop Tracking Financials in Spreadsheets

Tue, 14 Feb 2023 14:48:16 GMT

As a business owner, you know how important accounting is. Many businesses rely on spreadsheets to organize and manage their financial data. However, online accounting systems are becoming increasingly popular and offer advantages over spreadsheets. When is it time to move away from spreadsheets and transition to an online accounting system?

Your Business is Growing

Are you sending more invoices to clients, or are your vendor bills piling up? In that case, it’s probably time to implement a workflow process . An online system can help you streamline these workflows by tracking open bills, posting bills, or automating the bill pay process. You can even send invoices and collect payments from the online accounting system.

You Need Reports Frequently

Are you planning to apply for a line of credit, or do you need to have a grasp on your bottom line each month? Consistent reporting in spreadsheets can be very manual and time-consuming. An online accounting system can generate reports quickly, providing access to accurate, up-to-date information about your business’s financial health at any given moment.

You Spend Too Much Time on Data Entry

Are you spending hours on tedious data entry tasks? An online accounting system can automatically reconcile your accounts and categorize your transactions, allowing you to focus on what matters most - running your business! An online system can sync directly with your bank accounts to feed your transactions into the platform automatically. Moving away from spreadsheets to an online accounting system could be a great way to free up your valuable time and energy for other functions like customer service or product development.

The decision to switch from spreadsheet-based accounting to an online system depends on various factors, like the size of your business, the complexity of its operations, and how often you need access to financial information. A spreadsheet may suffice if you are a small business owner with simple cash accounting processes and don’t require frequent financial reporting. However, if you’re recording transactions on an accrual basis and dealing with multiple departments, vendors, or clients, an online system may be necessary sooner rather than later. It's also worth considering any compliance requirements, as these may require more sophisticated tools than spreadsheets can provide.

5 Tips for Choosing a Professional Accounting Partner

Fri, 20 Jan 2023 23:16:00 GMT

At the heart of many successful businesses is an accurate and up-to-date system of bookkeeping.

This allows you to have a clear picture of your finances, so you can make informed decisions about how to grow and improve your business. That’s why it is so important that you hire an accounting partner who can help you implement and maintain this system. But how do you go about finding the right fit for your business? Here are 5 tips to keep in mind when looking for an accounting partner.

Five tips for choosing the right professional accounting Partner for Your Business

1. Professional Qualifications

First, make sure that your potential partner has all the necessary qualifications. Look for a partner who is a Certified Public Accountant (CPA), or has an equivalent certification such as a Chartered Accountant (CA). This ensures that the person you are considering has met rigorous standards and is qualified to handle more complex tasks such as providing tax advice or reviewing financial statements.

2. Industry Experience

It’s also important that they have experience working with businesses in your industry. Different industries require different approaches, so having someone on board who understands the specific challenges and opportunities facing your sector can be invaluable. Ask questions about their previous clients and find out if they have been able to provide them with effective solutions.

3. Track Record of Success

Ask them directly what successes they have had over the years and what strategies they implemented to achieve those successes. You want someone who knows how to get results, not just someone who talks about potential outcomes without ever delivering on them. A good professional accounting partner should be able to provide tangible evidence of their abilities through case studies or testimonials from satisfied clients.

4. Clear and Transparent Pricing

Another important thing to look for in an accounting partner is clear and transparent pricing. You should never have to guess how much you’ll be charged for services. Instead, the accounting partner should provide you with a detailed breakdown of their fees so that you can budget accordingly. Furthermore, they should be upfront about any additional charges that may apply, such as travel expenses or late-night phone calls.

5. Understands Customer Service

Finally, you want to find an accounting partner who takes customer service very seriously. This means they should take the time to get to know your business and understand your specific needs before starting work on your books. Additionally, this partner should be available to answer any questions you have along the way and provide updates on their progress regularly. Only by taking this personalized approach can the bookkeeping partner ensure that they’re providing the best possible service for your business.

Keep these 5 tips in mind when selecting an accounting partner: professional qualifications, industry experience, track record of success, transparent pricing, and quality customer service. Once you find a partner that checks all those boxes, you will be well on your way to bringing your business to new heights!

Are you a business owner or manager in need of the best virtual bookkeeping and accounting services? Look no further than Reconciled , a leader in setting the standard for consistency and quality. Find out more today by calling 802.242.1352!

The post 5 Tips for Choosing a Professional Accounting Partner appeared first on Reconciled .

Guide to filing 1099s: MISC vs NEC

Wed, 07 Dec 2022 16:09:00 GMT

If you’re an employer with contract workers, this guide is for you. Many businesses choose to employ independent contractors because it provides a lot of flexibility for adding or reducing work capacity. Contractors can be hired on for any amount of time, and aren’t entitled to the same benefits as employees of the company.

It is important to note that prior to 2020, independent contractors and the businesses that hired them either received or were issued a 1099-MISC; however the IRS now requires contractor income to be reported on the 1099-NEC form. If you work with contractors or do contracting work as someone who’s self-employed, here’s everything you need to know.

What is Non-employee Compensation

Non-employee compensation is any payment to an independent contractor who performs a service for your trade or business. This can include fees, commissions, prizes, awards, and other forms of compensation.

Nonemployee compensation is treated differently than wages paid to an employee. When you pay an employee, you generally have to withhold income tax and payroll taxes from their wages. At the end of the year, you issue a W-2 showing the income the employee earned and the taxes withheld from their paychecks.

When you hire an independent contractor, you’re generally not responsible for withholding income taxes, Social Security, or Medicare taxes from their compensation. The worker is responsible for paying those taxes out of their own income. Instead of issuing a Form W-2 to the worker, you issue a 1099-NEC, which reports the total payments you made to them during the prior year.

Who needs to file 1099 NEC?

If the following conditions are met, your business needs to file a 1099-NEC for each independent contractor:

Additionally, you will need to send Form 1099-NEC if you withheld any federal income tax from non-employee compensation payments under the backup withholding rules, regardless of the amount.

Exceptions to filing 1099-NEC

Payments to corporations or LLCs taxed as corporations do not require you to file a 1099-NEC. However, there are a few exceptions as outlined in the IRS Instructions for Form 1099-MISC and 1099-NEC .

Payments made by credit card or debit card or via a third-party payment processor , like PayPal or Stripe, also do not require you to file a 1099-NEC. Payments made via these methods are included on a 1099-K issued by the financial institution or payment processor.

Non-employee Compensation (NEC) vs. Miscellaneous Income (MISC)

Payments to non-employee individuals for things other than services should be reported on a different 1099 form. You must file form 1099-MISC, Miscellaneous Income, to report payments of $600 or more your business made to individuals for things like rent, royalties, prizes and awards, fishing boat proceeds, medical and health care payments, crop insurance proceeds, and payments to an attorney. For additional details on form 1099-MISC instructions, please reference the IRS website , or ask your accountant.

Deadline to file Form 1099-NEC

You’re required to send Copy B of Form 1099-NEC to payees and file Copy A with the IRS by January 31. Filing can be done with paper copies or electronically. If you need it, Copy 1 is for filing a copy with a state tax department. You can find the 1099 NEC forms here.

If any of those dates fall on a weekend or holiday, the filing deadline shifts to the next business day.

The post Guide to filing 1099s: MISC vs NEC appeared first on Reconciled .

5 Best HR Practices Your Business Can Execute

Mon, 25 Jul 2022 14:56:00 GMT

Ly-Ann is a New HR Assistant

Ly-Ann has just entered the workforce by assuming the role of an HR Assistant. Being new in the company’s HR ecosystem, she held ideals (as most fresh graduates do) that she believes must be upheld without compromise. To Ly-Ann, HR matters should not be a complicated affair. She believes that working in the Human Resources department should be simple and anchored to a singular goal: to give fair and just treatment to all employees regardless of position and caliber.

Ly-Ann is a part of a generation of Human Resource personnel that has been making impressive strides across industries. Businesses have been realizing that employee satisfaction is just as crucial as customer satisfaction, hence their current focus on Employee Retention.

A report lodged by Oracle Netsuite stipulates that 47% of HR teams believe that Employee Retention takes a huge part of the notable challenges they consistently face.

Meanwhile, according to a survey conducted by Pew Research from February 7 to 13 2021, 57% of employees leave their jobs because they feel disrespected at work. While low salary takes the top spot with 63%, the statistic on the former simply cannot be ignored. This telegraphs deep regard for fair treatment in the workplace as something decisive in their stay with a company.

As these figures stand, Ly-Ann’s heart is definitely in the right place. HR professionals like her know that there are various ways Human Resource departments can devise ways to put employee interests first while propping up their companies toward greater revenue and recognition.

If you are a business owner or an HR professional looking to adopt sound business practices to strengthen Employee Retention, this article could help you out. Here are 5 of the best HR practices that your company could implement.

The 5 HR Practices Your Company Can Adapt

1. Strengthen Employees’ Sense of Job Security

A survey conducted by OnRec.com on 1,100 U.K. professionals found that 27.7% of them value job security.

More often than not, professionals would contemplate and worry about their chances of retaining the job they currently hold. Unavoidable factors like a downturn in the economy and company layoffs may exacerbate employees’ anxiety about whether or not they would continue being employed.

As this is the case, if a Human Resource department aims at increasing its company’s Employee Retention rates, it needs to up its game. It can do so by developing consistent advancement opportunities, implementing regular employee recognition, and offering disability protection such as special compensation packages or insurance. These will communicate to employees that they are valued in the company, dispelling any apprehensions they may be harboring.

2. Perform Selective Recruitment

Selective Hiring or Selective Recruitment simply pertains to targeted recruitment of a company through strategies seen as more proactive in securing the right candidates for certain posts. This entails more preparation from the Human Resources department. Identification of the position’s major tasks takes precedence as this will help in determining what kind of skills and candidates the department needs to target.

Being able to perform HR outsourcing and hire the right professionals for specific posts will augment Employee Retention rates. How? By putting employees in positions that they studied and trained for, they will not be placed in any posts that do not jive with their competencies. This compatibility in their professional preference creates precedence for work satisfaction.

A study conducted by Personnel Psychology published by the Wiley Online Library shows a considerable difference between the performances of employees who work jobs that fit their credentials and those who were hired who do not possess the apt profile. The study showed a staggering difference of 400% across industries and job types.

Apart from increasing the company’s competitive advantage, the findings strongly suggest that the professionals can generate better productivity levels in light of being in fields they are competent in.

Apart from this, employees who are in the field they are fit for are more likely to show professional commitment.

3. Implement a Fair and Competent Performance-Based Compensation System

Hiring the right people for a certain profession entails higher compensation packages. This is crucial as these individuals will provide the companies they work for with a competitive edge.

The compensation package that needs to be looked into includes Base Pay and several employee benefits. HR Specialists should examine the rates that other companies in their industry are currently offering to determine the average pay their company should be providing.

Human Resource departments should also extend rewards that equal the employees’ contribution to their companies. Called Performance-Related Rewards, these types of employee benefits tie performance outcomes with rewards an employee is due. Performance should then be determined through clear and structured KPIs.

These rewards may also come in the form of Profit Sharing, Shared Ownership, and Stock Options. These provide employees with a sense of ownership which further strengthens their commitment to the company and its vision for the business.

4. Train Employees in the Skills Relevant to Their Positions

The Human Resource Department should also look into various training programs that they can provide the company’s existing employees.

Getting the right people in your team is simply not enough. HR should work towards keeping them equipped in the face of the rapidly-changing business landscape.

This means that companies need to invest in skills-specific training programs. Human Resources should be keen on addressing a possible skill gap within a department that can be filled by training.

Additionally, internal feedback and departmental coaching should also be encouraged and institutionalized in workplaces. In light of this, Social Learning has become an integral method to keep employees educated about changing trends and new work methodologies.

5. Adapt an Egalitarian Mindset

While the Japanese government is far from being egalitarian, Japanese managements are. Taking cues from such principles enables equal treatment for all employees; every worker is seen as a valuable member of the company.

Human Resources should advocate for common basic benefits for all employees like uniformed sickness and holiday benefits, rewards, and employee processes. Adopting an egalitarian culture in the workplace will promote mutual respect among employees regardless of their position in the company.

Put Your Employees’ Interest First

Stating the obvious, employees are the backbone of a company. What this means is that if the company looks after their welfare, with their passions and competencies honed and respected, the employees would stay and commit all their efforts to drive growth for the company.

As this is the case, HR should proactively pursue programs and measures to enrich employees with additional skills, rewards, and professional growth. Showing regard for each employee’s competencies will not only improve your business workflow but will ultimately improve your Employee Retention rates.

Article submitted by Chatty Garrate

The post 5 Best HR Practices Your Business Can Execute appeared first on Reconciled .

5 Key Investments for Independent Businesses

Thu, 21 Jul 2022 14:51:00 GMT

Small independent businesses bring a lot of character to neighborhoods. They give neighborhoods a sense of value and identity by giving visitors more to explore. Often they are members of the community ensuring access to services for community members.

Independent businesses help communities when they remain competitive and profitable. When the owners don’t invest in the businesses, customers lose interest, and revenue suffers.

Continue reading to discover five key investments for independent businesses to make. Besides making their businesses run more efficiently, these investments will work to keep the companies top among competitors and a force in the business sector.

1. Education

Businesses hire talent based on their skills and knowledge. However, when job hunting, employees consider more than just compensation. They are interested in benefits besides payroll. For many, that includes education reimbursement. They know that education helps them grow. Therefore, education investment is a win-win for employers and employees.

Education is a powerful tool as a business investment. Employees with expertise in an area of business share their knowledge with the rest of the staff. When employees get advanced education, the entire office is more intelligent. Investing in the team improves community and local development. Employer-sponsored education helps build a competitive work environment.

2. Technology

Most businesses benefit from technology. Technology makes processes easier and quicker for businesses. Businesses can also save time and money by using technology. Advanced technology guarantees that businesses don’t sacrifice accuracy or quality when generating work. Investing in technology makes business expenses go down and revenue goes up.

Independent businesses can benefit from investing in technology because:

3. Accountant

Entrepreneurs don’t believe they have enough money to hire an accountant. Independent businesses can save a lot of time and money if they invest in an accountant. Accountants also prepare income tax returns and the following:

Depending on the business industry, accountants also:

4. Emergency Fund

Having an emergency fund is important to many businesses. There were companies that were thriving that were shut down because of the frozen economy during the heat of the pandemic. They now realize that an emergency fund is a good investment for a business.

An emergency fund for a business is an account with money that is only used in an emergency. It is important for the company to grow on rainy days. Businesses often put their emergency money into a money market account. The fees for early withdrawal reduce the temptation to use it.

5. Product Development

When you offer a service or product, you need to make sure to invest in consistently improving the quality of what you offer. If you don’t, it’s impossible to stay competitive with new businesses, or larger companies that have access to resources you don’t have as a small business owner. Businesses have to figure out ways to streamline, develop, and different versions of their products. They do that with:

For example, if your business is personal training, an online coaching platform is beneficial for more streamlined and flexible services, especially to reduce administrative tasks. According to profi.io, their platform will “…help you save 140 hours/year by automating your admin tasks.” The time you save on those tasks can be given back to you, or extra time for clients. Alternatively, you can increase your client load or expand/promote your business more.

Conclusion

As you have read, small independent businesses are the backbone of the community. They bring value and identity and give visitors something more to explore. But when independent business owners don’t invest in the business, customers lose interest and cause revenue to suffer. Five critical investments for independent businesses to make have been listed above. Making these investments will ensure that businesses are top among competitors and remain a force in the business sector.

Article by Stephanie Snyder

The post 5 Key Investments for Independent Businesses appeared first on Reconciled .

New Business? Here’s Why You Need an Accountant

Thu, 14 Jul 2022 13:16:00 GMT

When you start a new business, you must take care of and consider many things.

Your business name, logo, products, and website are only a few of these. While you may be thinking about the funding for starting your business , you may forget about the bookkeeping aspect. Reconciled outlines how all new business owners can benefit from hiring an accountant from the beginning to keep their finances straight.

Organizing From the Start

Unless you have a strong background in accounting, setting up the books for your business can be incredibly confusing. When you hire an account right from the beginning, they can help you lay a strong foundation for success. Not only can an accountant suggest bookkeeping software and make sure your financial procedures are in compliance , but they can also assist with any financial forecasts for your business plan.

An enterprise accounting service such as Reconciled can help you determine how to structure your business. Many startups benefit from forming an LLC for the limited personal liability as well as short- and long-term tax benefits.

Daily Operations

Your accountant can help you with daily operations as well. You must enter sales, purchases, wages, and any other financial activity from your business. All the information must be entered in specific categories and in specific ways to ensure you’re in compliance with state and federal regulations. Depending on how much activity your business enjoys, this can add up to many hours of work each week. An accountant can take this additional work off your plate, ensure accuracy, and give you all that time back to work on other parts of your business.

Financial Reporting and Taxes

On a monthly or quarterly basis, your accountant provides financial statements, such as a profit and loss statement and a balance sheet. These show the financial status of your company, both as a snapshot of the month and over time. Knowing this information helps you make big business decisions, such as what purchases you can afford or whether your pricing is covering your materials and time.

In addition, at the end of the year, your accountant uses the reports and accounts to file taxes for your business. They’re a great source for ensuring the deductions you take are accurate and that everything’s in order in case of an audit.

Business Growth

When you’re ready to grow your business beyond the startup stage, an accountant remains beneficial. One of the most useful things they can do in this case is look over your financial history, then provide financial forecasts , as Bench explains, and cash flow analyses, so you understand where your money is being spent and what to expect in the future. If you plan to hire employees or contractors, an accountant aids in payroll, specifying taxes and fees to be withheld and sending out W-2 and 1099 forms.

Any accountant worth their salt will also know where to look for a payment system that works well for you and your clients. Using a feature like an API to retrieve bank account balance in your app or online payment system is a big win for both your company and your clients. You avoid expensive credit card fees while your clients get the peace of mind of knowing they have the funds available to make payments.

Don’t Underestimate the Benefits

Some entrepreneurs think hiring an accountant from the beginning is too expensive, but as you start and grow your business, you can see just how beneficial they are. From organizing your business at the get-go to growing it for the future, an accountant helps you not only stay compliant but stay profitable as well.

Many accountants can work in a virtual capacity, which makes communication and interaction much easier. This is where Reconciled really shines. Reach out to find out how their virtual bookkeeping and accounting services can help you!

Are you a business owner or manager in need of the best virtual bookkeeping and accounting services? Look no further than Reconciled , a leader in setting the standard for consistency and quality. Find out more today by calling 802.242.1352!

Article by Corinne Hammond

The post New Business? Here’s Why You Need an Accountant appeared first on Reconciled .

Reconciled Acquires Tennessee-based Accounting Firm, HRbiz

Thu, 07 Jul 2022 08:10:00 GMT

Reconciled is excited to announce the acquisition of HRbiz, welcoming accounting professionals and clients of the local Chattanooga accounting and HR consulting firm. Reconciled, the online bookkeeping firm for entrepreneurs continues to expand nationally. HRbiz’s customers will continue with the same great support and service that has made HRbiz a success, but with the added value of Reconciled’s accounting team and resources .

Founded in 2015 in Burlington, VT, Reconciled has served entrepreneurs across the country. This acquisition is part of Reconciled’s strategic growth plan to offer improved accessibility of its award-winning bookkeeping services to businesses across the United States.

Reconciled currently provides bookkeeping services to entrepreneurs through a range of industries. This new partnership aims to build services to meet the specific needs of the Chattanooga business community, with the hope of building robust client relationships and expanding into new verticals.

Michael and Lynn believe that the combination of the HRbiz brand and strong local presence, and Reconciled’s dynamic and growing team of talented bookkeepers will bring great benefits to the local business community and across the entire United States. Each company brings a unique set of innovative solutions to help businesses streamline and improve their bookkeeping and enhance possibilities for client growth.

The post Reconciled Acquires Tennessee-based Accounting Firm, HRbiz appeared first on Reconciled .

What Are Outsourced Fractional General Counsel Services and Why They Are Good for Your Business

Wed, 06 Jul 2022 19:04:00 GMT

Fractional general counsel services – or outsourced general counsel services – are a new solution that harnesses the power of remote communication to create a cost-effective, high-quality, efficient solution for providing in-house legal services to small to medium-sized companies.

The basic idea of outside general counsel services looks like this:

There are other hidden benefits of the outsourced fractional general counsel model such as:

There are benefits for the outsourced in-house general counsel lawyers, such as greater job satisfaction and dedication to clients, rather than the grueling and dehumanizing pressures and non-relationships of traditional law firms. Believe it or not, attorneys are people too (really they are!) and prefer fun and healthy personal relationships with their clients rather than instrumental and grasping fee-driven relationships.

Services to Watch Out For and Avoid

Beware of traditional law firms that offer a fractional general counsel service, because it could be that the pitfalls discussed will be hidden within that firm’s services. In fact, a traditional law firm masquerading as a fractional general counsel service can be just as bad as a traditional law firm, with all of the disadvantages and none of the advantages.

Instead, it makes sense to turn to a service that really specializes and is dedicated to the fractional general counsel services model, one that truly offers dedicated general fractional counsel services such as those provided by a dedicated platform.

Article by David Page, Founder, and CEO of Inside Outside Counsel

The post What Are Outsourced Fractional General Counsel Services and Why They Are Good for Your Business appeared first on Reconciled .

5 Clarity Tips for Digital Business Communication Tools

Tue, 05 Jul 2022 14:32:00 GMT

Doing business digitally requires not only computer savviness; it requires effective communication skills.

However, there are often stumbling blocks that presenters have a hard time overcoming. Whether it’s a lack of training or a breakdown in the IT system, those breakdowns result in audiences that are unfocused and uninterested in the presentation. Please continue reading to discover five clarity tips for digital business communication tools. These tips will ensure that the message is clear, keep your audience engaged, and keep the presentation informative and memorable.

1. Start With Momentum

During an in-person presentation, great presenters come out energized and understand that they must capture and keep the attendee’s attention. It is the same when presenting on a digital. Therefore, your energy in the first few minutes is crucial. It sets the tone and shows the audience how confident and knowledgeable you are. Starting with significant momentum will help you make a great first impression when communicating on a digital platform.

In addition to effectively communicating from the beginning, other tips for building and keeping the attendee’s attention include:

2. Build A Culture Of Trust

A presenter and an audience form a relationship. That relationship consists of the presenter and the audience. And like any relationship, trust is essential for that relationship to thrive. Therefore, when presenting digitally, establishing trust is vital.

Creating a culture of trust begins with effective communication. In addition to a culture of trust improving communication between the parties, it also increases teamwork, commitment, and productivity.

Some ways to build a culture of trust, presenters must:

While there are more ways to build trust in communications, understand that trust, loyalty, leadership, and the like are all linked. They all point to the credibility of the presenter or his organization. A lack of trust can equal an absence in performance. Therefore, communication and trust must align.

3. Listen More and Talk Less

If you are giving a digital presentation, you will likely have an outline of what you plan to say. However, if you breeze through your presentation without pausing or engaging the audience, you will lose the audience’s attention. According to research, audiences have said that instead of listening to a presentation, they are sending text messages, checking emails, or falling asleep.

Therefore, add places in your presentation outline and notes to pause, ask questions, and engage the audience. Some tips that will help you talk less and listen more and, therefore make your points with clarity include:

4. Control and Adjust Your Voice

Some voices are so melodious that they belong on the radio or in commercials. Conversely, some voices are a distraction and leave the audience unfocused on the information presented.

For a presenter, a strong voice commands attention and conveys confidence. However, if a voice is soft, trailing off at the ends of sentences, shaking, or monotone, you will lose your audience. Furthermore, a lot of people suffer from speech anxiety. For them, altering their volume, pitch, pace, and tone are not their only problems. For them, it is difficult to speak in front of a group.

In those instances, getting communication coaching is an effective tool to overcome those difficulties. According to drwebercoaching.com, “influencing an auditorium full of people and in the process helped hundreds of people overcome their fear of public speaking and become more effective communicators” brings great joy to his business.

5. Set Clear Guidelines

As a digital communications tool for business, setting clear guidelines is vital. Establishing clear guidelines is considered one of the best practices for effective digital business communications.

For the presenter, a concise message works best. Some other tips are:

Conclusion

As you have read, doing business digitally requires effective communication skills. The five clarity tips for digital business communication tools will ensure that your message gets presented with clarity, keeps your audience engaged, and that the presentation is informative and memorable.

Article by Stephanie Snyder

The post 5 Clarity Tips for Digital Business Communication Tools appeared first on Reconciled .

6 Helpful Tips When Migrating Your Business to the Cloud

Tue, 05 Jul 2022 13:42:00 GMT

Migrating your business to the cloud can be a daunting task.

However, with the right tips, you can make the process as smooth and stress-free as possible. Entrepreneurs should take care before moving to the cloud as many factors need consideration during the process. A minor mistake could result in massive data loss or legal implications. For this reason, they must research and involve experts who will help them make an informed decision. Here are some tips to get you started on the right foot when migrating your business to the cloud.

1. Define Your Goals

Create test environments that mirror your production environment as closely as possible to identify and fix any potential issues before they affect your live systems. You’ll need to create detailed test plans covering all aspects of your data and applications. Once you’ve executed these tests and verified that everything is working as expected, you can proceed confidently, knowing that your business is ready for the cloud.

2. Research Your Options

Business migration to the cloud is a big decision that boosts flexibility, scalability, and cost savings. Before making the switch, it’s essential to do your research and understand all of your options. Several cloud providers offer a unique set of features and benefits. It’s essential to take the time to compare and contrast the different options before making a decision.

Additionally, you’ll need to consider how you will migrate your existing data and applications to the cloud. You can take many different approaches, but research and select the option that makes the most sense for your business.

3. Understand the Risks

The cloud has become an increasingly popular option for businesses of all sizes. However, it’s essential to understand the risks of migrating your business to the cloud, especially data loss. You could lose critical information if you don’t back up data correctly.

There’s also the risk of downtime because an outage in the cloud service provider experiences an outage could affect your business. Security is another key concern. When you store data in the cloud, protect it from cyber-attacks. Make sure you research to find a reputable and reliable cloud service provider.

4. Migrate Gradually

Moving everything at once is often overwhelming and can lead to costly mistakes. Instead, start with a few key applications or workloads and then expand. Not only will this help you avoid disruptions, but it will also give you a chance to fine-tune your processes before scaling up. Another tip is to take advantage of the flexibility that the cloud offers.

For example, you can use hybrid models to keep some data and applications on-premises while moving others to the cloud. It can be a great way to ease the migration process and still get all the benefits of the cloud. Don’t forget to involve your team in the process because communication and collaboration ensure a seamless migration.

5. Test the System before Launching

The cloud promises many benefits, such as increased agility, flexibility, and scalability. However, it’s important to remember that the cloud is a complex system with many moving parts. Testing your data and applications is essential before making the switch.

Otherwise, you risk experiencing disruptions in service or even data loss. The beauty is that you can find AWS-managed services and other cloud service providers will handle your journey professionally. They’ll facilitate the backing up of data, testing of applications, and cloud infrastructure management.

6. Have a Plan B

It’s always important to have a plan B during cloud migration. While the cloud can offer many benefits, there’s always the potential for downtime or other disruptions. Ensure your business remains up and running by having a plan B, for example, maintaining a local backup of all your data. You’ll still have access to your critical information if the cloud goes down. Alternatively, you can keep a hybrid system in place, with some data stored locally and some in the cloud.

Closing Thoughts

The above tips will help you successfully migrate your business to the cloud with minimal disruptions. Additionally, you’ll be able to take advantage of all the benefits the cloud offers. However, have a plan B and an expert when something goes wrong. With a little preparation, you can ensure migrating your business to the cloud is right.

Article by Tracie Johnson

The post 6 Helpful Tips When Migrating Your Business to the Cloud appeared first on Reconciled .

5 Strategies to Reduce CRM costs for Startups

Thu, 23 Jun 2022 15:03:00 GMT

Starting up a business can be full of unforeseen challenges. One of them will be starting up a CRM program on what may be a shoestring budget. If you don’t have a lot of money to spend in this area, don’t panic. There are a number of handy solutions you can have access to. Here are 5 of the best CRM strategies to use to reduce CRM costs for startups.

1. Invest in a Texting Program for Your Business

One of the best things you can do to reduce CRM costs will be to invest in a business texting program. This is a system that will allow you to send out thousands of texts in a single instant. Since the program is digital in nature, it doesn’t use the phone system. As a result, no long-distance or other landline charges will be incurred. You can raise your level of exposure for a very low price.

Texting is the best way to directly advertise to people. For one thing, many of the people that get your message have already signed up to your mailing list. Even if they haven’t, a text is far less annoying than a robocall. The people who get your text can act on it or ignore it, but most won’t choose to block it.

2. It’s Best to Buy the Cloud Version

There are plenty of ways to implement a CRM program into your business. One of the things you should think about before you buy one is just how you plan to integrate it. Many experts believe that buying the cloud version is the best way to go. This is due to a number of issues, not the least of which is convenience.

Buying the cloud version, rather than a strictly on-site version, makes the most sense for a start-up. It is true that some of the features may be a tiny bit less flexible when it comes to customizing the program. But going with the cloud version gives you a leg up when it comes to integrating it with mobile devices.

3. Make Full Use of Every Available Feature

There are many benefits that a CRM program will bring to your business. These include a wide range of features, many of which aren’t even made full use of by the people who buy them. This is a sin that a smart business owner on a budget should never be foolish enough to commit. Every feature you have is a way to keep your operation efficient and cost-effective.

The first thing you should do after you buy your CRM system should be to fill in each and every area. There is no point in owning a system that is only half-filled in. You’re using only a fraction of its potential while paying the full price to maintain it. Every available feature should be used to the fullest.

4. Use Your CRM to Convert Your Leads

The whole reason to buy a CRM in the first place is to convert leads. You want to use the program to give your customers the highest possible level of service. You can do this by making full use of every available feature.

By doing so, you can convert the leads you have while also increasing your potential customer base. This will lead to more referrals.

5. Train Your Employees to Use the System

It’s a good idea to make sure that all of your workers are effectively trained when it comes to making use of a CRM system. You don’t want them to waste time, money, and energy trying to figure out how to use it. What you need is a fast and efficient program that clues them in on every detail they need to know.

Operating on a Budget is Easier Than Ever

Thanks to a number of modern tech upgrades, it’s now easier than ever to build your business and reduce CRM costs. This can be the case even when your budget is next to null. The key will be to make the best possible use of the systems that you can afford to buy. This will lead to a growth in profits that will soon allow you to expand.

Article by Stephanie Snyder

The post 5 Strategies to Reduce CRM costs for Startups appeared first on Reconciled .

5 Tips to Optimize CRM Practices for Your Company

Fri, 10 Jun 2022 17:22:00 GMT

Customer relations management (CRM) is a major part of the strategy for the success of a modern business. The point of this activity is to grow and expand your brand using tactics that connect you with the public. CRM is a set of practices that can aid you to become the go-to source for the needs of your demographic. Here are some suggestions to help you optimize CRM.

1. Make Use of Modern Mystery Shopper Services

It will be up to you to do all that you can to improve your customer relations management practices. To do this, you will need to make use of a few key modern innovations. The goal of using a mystery shopping services program will be to get more familiar with who your customers are and what their needs may be.

A mystery shopper program works by offering you a number of data streams. These streams are designed to come together in a way that forms a coherent picture. The ultimate goal is to give you a comprehensive picture of your customer services. This data will be checked to ensure you continue to make progress.

2. Your Program Needs to Be Easily Accessible

One of the most crucial concerns that you should have for a CRM program is the ease of access. The data that your workers use to serve clients or customers needs to be available in real-time. It also needs to be quickly downloadable on any platform they care to access it from. Instant access is key to fast and reliable service.

3. Your Data Entry Process Needs to be Automated

Your CRM program needs to offer you a number of highly desirable and competitive functions. Among these needs to be the ability to fully automate your data entry process. This is a task that, if performed by hand, can take countless hours or even days to complete. A machine can very naturally do it in far less time.

Automating your data entry process will save you a great deal of time, energy, and money. You will be able to use the time you save to focus on a wide variety of other tasks that demand your attention. The program you use to automate data entry will save you money by requiring less effort by your workers to maintain.

4. Take Steps to Eliminate Duplication of Data

No one needs to see or hear the same thing twice. This is all the more true when it comes to storing data. The old days of needing to keep a safety copy of vital records in a filing cabinet are long gone. Today, you’ll profit by backing up data on a hard drive while, at the same time, moving a copy to a USB device.

As a result, there is no need to force your CRM system to work harder by having to parse through and pull up the same data twice. Your best bet is to perform a clean sweep of your system to remove these redundancies. Doing so will free up space you can employ for other uses. It will also help your system work faster.

5. Make Sure Your Workers Are CRM Trained

Last, but not least, you need to be sure that all of your workers know how to make the best use of your new CRM system. You need to give them all the guidance they need to familiarize them with the principles of how and why the program works. This will ensure a quick and easy transition to honing their CRM skills.

Your workers need to understand what using a CRM system can do to make their job easier. They also need to be aware of how this system increases efficiency all across your operation. The more they get to know the system, the faster they will get on board with it.

Optimizing Your CRM is the Profitable Move

As a business owner, your main concern should be easing your customers’ journey through the steps of the buying process. You can do this by making use of the latest and best CRM programs. Doing so will bring you a new level of comfort and convenience. The time to make this cost-effective upgrade to your system is now.

Article by Stephanie Snyder

The post 5 Tips to Optimize CRM Practices for Your Company appeared first on Reconciled .

Here’s Why Your Business Needs Contracts

Fri, 10 Jun 2022 17:13:00 GMT

New entrepreneurs can get intimidated by the idea of using contracts. You may have lots of questions: Do you need one? How do you make one? What are the steps involved? How do you start? Here’s a look at the basics of contract creation.

Why You Need Contracts

Contracts may seem too complex or expensive for a small business. However, they are an essential tool for protecting and running your company.

When you have a contract, every party understands the agreement. A contract spells out expectations, costs, terms, and conditions. It leaves nothing to chance. If a party disagrees, your contract is the instrument to use for resolution.

Tools to Use

You have several choices of online tools to create, edit, modify and present contracts.

You may have multiple business contracts that contain the same language or terms. Rather than redo entire agreements, you can use this online tool to extract PDF pages and reuse sections of an existing contract. Choose the relevant pages and then make a new, modified PDF for your next contract.

Negotiating a Contract

It is vital to understand your company’s financial health before you get into a contract. Many small businesses overlook this step. One study shows that 82% of small companies fail due to cash flow issues.

Use accounting software to understand your company’s financial health . Accounting software that works for you can help you manage all of your finances in one place and give you real-time insights into cash flow during negotiations.

Ensure that you and the other parties agree on the contract’s main points first. Compile sections for each party to agree upon separately. Developing an all-or-nothing agreement isn’t always possible, but you can probably find some points on which all parties agree.

Make sure you understand your objectives. What elements are the most critical if you can’t get everything you want? The other parties should perform the same examination. Ask questions so that you understand their motives and requirements.

Don’t rush the negotiations if you can help it. Make each step thorough:

Creating a Contract

Business contracts need to include specific components . The first is a comprehensive list of all parties. As an example, say you want to build a warehouse. You draw up a contract with the builder, and your business and the construction company are parties.

The next component is each party’s consideration or gain from the agreement. In the example, your business gains a warehouse, and the construction company gains the fee you pay.

Your contract should spell out the obligations and rights of each party. The construction company commits to building the warehouse, and you agree to pay for it.

You would presumably have many other rights and obligations in your contract. You may specify that if the construction company needs to change the warehouse design, it must notify you in advance. Likewise, if you fall behind on payments , you owe interest.

Terms and conditions are also essential. Each party should agree on how to terminate a contract and resolve disputes . You can also nail down specifics such as exact payment amounts and work timeframes.

Contracts are a necessary part of business ownership, but they don’t have to be complicated. Straightforward contracts may not require a lawyer . However, you should seek legal advice if you have any questions about creating a contract.

Article by Corinne Hammond

The post Here’s Why Your Business Needs Contracts appeared first on Reconciled .

7 Ways to Simplify and Improve Your Business Workflow

Thu, 09 Jun 2022 18:01:00 GMT

Business workflow is an area that is constantly evolving. The goal of any good workflow is to allow you to do your daily job and not have to micromanage it at every step. In this article, we will discuss some of the ways to simplify and improve your business workflow.

1. Examine Your Current Processes Carefully

Process examination is an important part of business improvement. Examine every part of your business processes, such as customer service, sales, and shipping. Look for inefficiencies and areas of pain in the process. Also, look for places where their previous processes could be improved by simply being updated and streamlined. Look at ways to optimize your current processes and look at ways to improve them.

2. Consider learning More About New Technologies

Choose the right technology for your business’s web applications. For example, web apps are easier to maintain when using server-side applications (such as PHP) rather than client-side apps (such as HTML). Technology that allows you to have greater flexibility with your website is a good choice.

Use of video conferencing for meetings instead of a traditional conference call. Set up your computer and webcam, turn on the video conferencing software, and click a button to join conferences. This can reduce travel time and the hassle of getting to and from the office. Video conferencing is also a great way to reduce business travel expenses altogether if you can just talk over applications like Skype or Google Hangouts rather than driving miles across town or taking planes across continents.

3. Online Payment

Electronic bill payment is a method of paying bills without the hassle of paying them physically. Bills can be paid online primarily by using credit cards or debit cards. Impromptu payment such as when a payment is due at the end of the month makes it convenient to pay bills online. When you make it a rule that all your business bills go out on time, you can easily make sure things are done on time.

4. Mobile App Development

Developing applications for mobile phones and smartphones have become quite popular recently because they provide customers with even more convenience than just shopping in stores and by phone. Mobile applications allow you to interact with customers on the go, access your calendar and contact lists, and do a lot more. Applications are also a good way to stay in touch with your customers, so you want to make sure that these apps are easy to use.

5. Search Engine Optimization (SEO)

Search engine optimization is the process of adjusting website content to improve search engine rankings and improve the number of visitors reached by each page of your website. SEO is important for small businesses because it allows you to reach more customers by making your website more visible in search results. This helps you compete with other businesses for customers. It also gives you better odds of being found by the customer looking for you, which means more sales no matter what your product or service is.

6. Employ The Services Of A Business Consultant

If you want to make sure that your business stays competitive and continues growing, it’s a good idea to turn to professionals who have experience in business and marketing management. Business consulting professionals can advise you on new ways to improve your workflow while also telling you how important it is that your company makes use of these new things to stay competitive. Hiring a consultant will also help you better manage and organize your current workflow so that everything runs smoothly without too much effort on your part.

7. Hire The Right Team

Business employees are the backbone of your company, which is why having the right people is crucial. When you have the right team for your business, you can be sure that things will go right and that workers will take initiative when necessary to make sure things get done. When a company has a good company culture, everyone works toward a common goal and understands how their work fits into the larger picture of the business. You must ensure that each part of your business runs smoothly by getting the right employees who can run each part smoothly.

Closing Thoughts

In conclusion, the key to a good workflow is to ensure that every business process designed by your company is efficient and easy enough that you don’t have to micromanage it. Every part of your business should run smoothly, efficiently, and with minimal stress. With the right team and software, it’s much easier to manage everything that goes into your business.

Article by Tracie Johnson

The post 7 Ways to Simplify and Improve Your Business Workflow appeared first on Reconciled .

6 Reasons Why Data Analytics is So Important for Your Biz

Mon, 09 May 2022 20:30:00 GMT

Most businesses recognize the prospective advantages of investing in data analytics as they promise better decision-making, productivity gains, and cost savings. According to a Gartner report , about 90% of corporate strategies denote that analytics is an essential competency and information is a vital enterprise asset.

Also, the report says that data analytics will soon become an integral part of enterprise strategy, investment, and focus. Data analytics lets you “know” your clients and lays out a path for innovative solutions, customized marketing campaigns, and hyper-targeted marketing strategies. Here are the benefits of using data analytics in your business.

1. Better Decision-Making Process

Making valuable and well-informed decisions is the leading benefit of data analytics. The speed of information gathering allows businesses to make more educated and quicker decisions. This benefit is vital in exceedingly contending organizations. Currently, most medical care centers in the country use big data to quantify customer encounters. With data analytics, you will be able to generate reports that decentralize the organization’s data and make it more meaningful. In the process, you will enhance the decision-making process throughout the board.

2. Discover Fresh Business Insights

Finding new business insights can assist in streamlining business processes and enhance productivity. A business looking forward to recognizing an incredible insight into its customers’ lifecycle or optimizing its marketing and sales campaigns can use data lineage tools to get a comprehensive view of data analytics. With this tool, you can easily make well-informed decisions depending on real-time information.

Still, you can discover fresh insights to enhance customer experience and improve brand loyalty. The availability of data analytics can empower employees to assess all essential business operations via personalized key performance indexes.

3. Boost Financial Efficiency

The finance department is a fundamental part of all companies because a lack of capital and steady cash flow to run the business can crash all processes. The use of data analytics can help discover future cash flow problems and enhance financial efficiency. Although you might have high and strong sales, you can encounter devastating issues if you have low payment and collections, prolonged invoice disputes, and unsettled accounts receivables. Data analytics can assess the financial system and enable users to get helpful information amongst relevant account-based metrics.

4. Improve Employee Efficiency

Think about an organization with productivity and employee problems, such as increasing the number of sick days, decreasing productivity, and growing overtime hours. While there are problems dealing with employees’ challenges, the time and effort needed to speak to all employees in large organizations to identify their issues could take weeks or months.

Here is where using HR analytics tools to examine employee performance and behavior to understand better the problems that need to be resolved comes in handy. The best HR analytics tools analyze absenteeism rates, general labor efficiency, and training expenses.

5. Lower IT Involvement

Depending on overwhelmed IT team to try and acquire information and get valuable reports is ineffective as the data is usually outdated by the time you extract it. Data analytics lets organizations decentralize the decision-making process and enable business users throughout the organization to extract and derive insights. Data analytics accessible to most users across an organization can help them design custom reports without requiring the IT department’s assistance.

6. Streamline Internal Processes

Most businesses that have advanced over the years can experience an array of incoherent internal processes and commercial inadequacies. The unavailability of cross-department compatibility resulting from poor data handling, collection, and analytics procedures can make your company fail to use digital insight to its advantage.

Fortunately, using trusted and reliable data analytics can help create and deploy an all-rounded business intelligence system that incorporates several processes into one platform. Afterward, you can analyze this data in a valuable, accessible, and efficient format to enable users to make increasingly valuable decisions that benefit your company.

Is Data Analytics Essential for Businesses?

The short answer is Yes! The benefits linked to data analytics are way too many to overlook. Smart, data-driven companies are increasingly using data analytics to help them automate processes, understand their consumers, and streamline sophisticated operations. These organizations leverage real-time insights to allow fast decision-making about emerging threats and new prospects. Thanks to data analytics, you have a chance to get ahead of the competition and pave the way for long-term success.

Article by Tracie Johnson

The post 6 Reasons Why Data Analytics is So Important for Your Biz appeared first on Reconciled .

Accounting Services for Consultant Business Owners

Thu, 28 Apr 2022 14:27:00 GMT

Consultants provide professional advice to organizations in different fields, such as management, public relations, architecture, and more.

In fact, the consulting services industry was estimated to be worth $132 billion in 2020, with demand booming as businesses come back from the pandemic halt. As such, many consultants are busy managing their clients’ work — and end up neglecting their own business.

Hiring finance professionals like accountants can ease your burden as a consultant. Accountants are trained to gather, organize, and report financial data on a daily basis for their clients. They monitor transactions, balance accounts, and keep you compliant with various laws and regulations. They also manage your tax returns; certified public accountants, in particular, are in high demand because they help prepare mandatory audited financial records and can represent clients before the Internal Revenue Service (IRS).

Accounting services can free up your time, so you can grow your consultancy and drive revenue. Here are a few things a reputable accounting service can assist you with:

Startup financing

Getting your firm off the ground won’t require a large capital investment, but you do need an exact picture of your financial capabilities. Where is your funding coming from? Is it enough to stabilize your business so you can attract and retain clients? Here, you will need the services of professionals who can look at your financial data for trends and utilize the resulting information to guide your decisions. These trained finance experts and analysts are in high demand, with jobs expected to increase between 7% and 14% in the coming decade; their skills can help keep your budget balanced for future spending. You can work with a financial analyst on your consultancy’s feasibility, as well as an accountant to determine your business structure and ensure government compliance.

Staff payroll

It’s not sustainable to do everything for your consultancy firm alone, especially if you’re pursuing growth. Eventually, you’ll need to hire interns, assistants, researchers, associates, and advanced analysts as you expand. To keep your business running smoothly, your staff should be paid correctly and on time. For instance, management analysts support clients in improving organizational efficiency and make a median wage of $93,000. Can you afford to give them a competitive salary? This is something an accountant can help you decide. Accounting services not only oversee payroll and payment processes, but they also provide information on providing fair pay for your team (or outsourcing tasks as an alternative).

Time-tracking and billing

Time-tracking and billing are processes where you can’t afford to have anything fall through the cracks. As a consultancy firm, hours rendered to clients are your bread-and-butter, so you don’t want to forget to invoice them for your services — or risk hurting your expected cash flow. Accounting services are dedicated to ensuring you receive the right payment on time, mitigating revenue loss, and accelerating cash collection. They can also inform you on the best strategies for pricing, so your rates are profitable vis a vis your expenses, but still attractive to potential clients.

Bookkeeping and taxes

Bookkeeping and taxes are administrative tasks that focus on the legal side of your consulting business. To avoid trouble with the IRS, your books need to be in order; you also need to pay the right taxes according to your state and your business structure, even if you’re still self-employed and consulting alone. Accounting services can process your taxes, estimate payments, and look for possible deductions. They also accomplish all financial reports and submit all requirements to the authorities, leaving you free to run your day-to-day operations.

To summarize, consultants and entrepreneurs need accounting services so they can monitor their business goals and measure progress. Accounting services can forecast cash flow, determine areas for growth, cut down unnecessary expenses, and identify hiccups before they become a problem. We understand how important it is for consultant firms to have strong financial services and can meet your bookkeeping and accounting needs easily with our team. Let Reconciled help your business flourish. Contact us today to learn more.

Article by Rebecca Julianne

The post Accounting Services for Consultant Business Owners appeared first on Reconciled .

Avoid Credit Card Risk

Thu, 21 Apr 2022 14:55:00 GMT

As your business spend increases so does your vulnerability to fraud—See how Tradeshift Go and Reconciled are helping

Any business with a corporate card program knows that the risk of credit-card fraud increases along with the volume of its purchases. But what if there was a way to expand the reach of your corporate card program without increasing your exposure to credit card risk?

Tradeshift, a global network for buyers and sellers of all sizes, recently teamed up with Reconciled, a company that provides virtual bookkeeping services to do just that. The partnership enables Reconciled customers to add dynamic new capabilities to their American Express cards through Tradeshift Go.

Through its talented team of representatives, Reconciled provides customers with reliable bookkeeping services, swift onboarding, and limitless scalability. On its site, customer testimonials proclaim the ease with which Reconciled helped them sort out their books and transition swiftly to a virtual process.

Through the partnership with Tradeshift and American Express, Reconciled customers can now gain key capabilities allowing them to grow their corporate card programs while still maintaining tight control over their spend.

With Tradeshift Go and American Express, Reconciled customers can now:

With Reconciled and Tradeshift Go, increasing business spend doesn’t have to mean increasing a company’s exposure to credit card risk and fraud. Together, these companies are transforming what customers demand from their corporate card programs and the level of control they have over business spend in general.

You can find out more here .

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7 Steps in Creating A Successful Sales Enablement Strategy

Thu, 10 Feb 2022 15:11:00 GMT

In an environment that is becoming more complex by the day, sales leaders are challenged with the constant desire to grow. Businesses have been forced to reassess their present sales approaches, processes, structure, and sales teams as a result of the ongoing pandemic. In leading companies, a good sales team harnesses data and technology. It delivers clear sales plans and insights that sellers can act on, create predictability in sales management, and drive the adoption of new selling techniques. This article details how to create an effective sales enablement strategy in seven steps.

What is sales enablement?

Improving sales usually starts with building an excellent sales team . Sales enablement is what follows. The practice of providing salespeople with the necessary information, tools, and resources to convert leads, complete deals, and generate money is known as sales enablement. Companies may promote and improve staff productivity with the aid of a sales team coach and a good sales enablement plan.

Steps for an excellent sales enablement strategy

The objective, scope, and goals of your sales enablement will be outlined in your sales enablement charter. The document will serve as a basis for your sales enablement strategy and your team focus. A sales enablement charter should include the mission statement which highlights your goals, key stakeholders that sales personnel will collaborate with, standard metrics on outcomes, and scope of the enablement. The charter will be the foundation on which your company will base its decisions.

After setting a sales enablement charter, it is important to draw valuable insights from business data. This is done by laying out a set of standardized sales reports to understand the current situation of the sales operations. Reports encompass activity logged by sales personnel, product demos done, successful and failed deals, and leads generated. Sales executives are often equipped with a high-level understanding of what reports are relevant to the business. The reports will identify the areas of sales opportunities and create sales tactics for representatives. For example, there were multiple demos that year but very few led to closed deals. Hence, there should be an in-depth review of the demo process.

Business and salespeople’s productivity might be harmed by an overabundance of leads. Qualify leads by sorting out prospective clients who are more likely to be converted. This would optimize your sales demos and sales personnel to focus on these leads. Some companies use a lead scoring system that assigns positive or negative ratings based on different factors such as the weight of a contract or a client’s location.

Salespeople and marketers produce content but personalized content is exceptionally important to move leads through the sales funnel. Startups can achieve this by leveraging the power of small business websites and crafting attractive landing pages.

Additionally, companies should organize and update sales content. Sales content is mainly customer case studies, whitepaper, advertisements, events, product demos, pricing and discount information, and competitive intelligence briefs. Sales content should be audited, updated, checked, and placed in a centralized content library such as the Google Suite or other Customer Relationship Management (CRM) tools to give real-time access to sales teams. Times change, so updating your company’s playbook will serve a significant role in sales teams’ ability to close deals.

CRM and collaboration solutions, according to most salespeople, are necessary for their daily and weekly activities. It’s critical to show them how valuable these tools are because if they don’t understand that, they won’t utilize them. Onboarding and seminars on these new technologies or methods should be given to all salespeople. Meeting with representatives does not only allow organization leaders to answer questions and solicit feedback from sales reps but also allows them to spot weaknesses in sales strategy more easily.

Having the right talent with the right level of resourcing and empowerment is critical to transforming salespeople into trusted leaders. Sending brilliant people to field sites creates a strong link between the corporation and its clients and even inspires new ideas. If there are instances where technology and training are unable to solve the gap between what the company needs in sales enablement, then it is time to revamp your hiring process and acquire the best salesforce .

It’s crucial to test, evaluate, and change your sales enablement plan to see whether it’s helping your team achieve its objectives. You’ll be able to see where you need to make changes and enhancements as a result. Keep the things that are working and drop the things that aren’t. Your strategy should always be adapting to changing consumer preferences or technologies.

Key takeaways

Creating a successful sales enablement strategy is no easy task but it is necessary for empowering sales reps and driving up the company’s profits. Begin with creating a sales enablement charter, standardizing and analyzing reports, qualifying leads, optimizing content, adapting to trends, hiring top talent, and evaluating your strategy’s effectiveness. Remember that the companies that succeed are those that invest heavily in their people.

– Regi Publico

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Ways to Get Your Employees to Collaborate Better

Mon, 07 Feb 2022 15:22:00 GMT

Do your employees keep to themselves?

Encouraging collaboration offers many workplace benefits , including better ideas, improved creativity, and increased productivity. These tips can help you foster better collaboration at work.

Incorporate the Right Tools

Collaborative tools and platforms make it easier for teams to stay in contact, share information, and track progress on projects. Identify the types of collaboration your teams need, such as sharing documents, visual tracking for project timelines, and assigning tasks. Platforms such as Monday.com project management provide easy-to-use visual tools that let everyone connect easily. A communication tool, such as the Slack platform , is also important to encourage team members to talk regularly. Test different tools to find the ones that work best for your team, but avoid having too many tools, which can become difficult to manage.

Focus on Open Communication

Creating a culture that emphasizes open communication helps foster collaboration. To create your ideal company culture , start by defining what you want to accomplish and how you want your employees to communicate. Focus on creating a safe environment where everyone can share their ideas comfortably. Establishing policies on communication methods and expectations can also help create a workplace that values sharing openly.

Establish Expectations

Expecting employees to collaborate naturally is unlikely to produce the results you want. Let your employees know that you expect them to collaborate. Establish procedures for various business activities, including steps that require collaboration. Provide training on effective collaboration to show how much you value working together. If employees aren’t collaborating when it’s expected, provide feedback and let them know how you expect them to change.

Collaborate Between Departments

Don’t stop at collaboration within departments. Setting up collaboration between departments can make your company more effective. Many business activities involve lots of departments. Instead of letting each department handle their part separately, hold meetings with all departments, or establish contacts between the two departments to encourage teamwork.

Lead by Example

If you expect your employees to collaborate, you and the other leaders in the company need to do the same. A manager who stays in their office all day and makes decisions without including others discourages employees from collaborating. Ensure your management team circulates and interacts with all employees. Include various employees and stakeholders in decisions and processes to encourage collaboration through your example.

Bond Outside of Work

Planning team activities outside of work gives your employees time to bond and get to know one another. This can make it easier to work together on team projects. Learning about similarities you have or the ways your teammates prefer to communicate can improve interactions in the office. Examples include team dinners or special events, such as taking a cruise on the Spirit of Ethan Allen .

Recognize Collaboration

When you notice employees embracing collaboration, recognize their efforts. In team meetings, spotlight success stories that were largely due to employee collaboration to encourage more of those behaviors. Give employees immediate feedback when you see a situation that’s supporting collaboration.

Improve Workplace Collaboration

Focusing on workplace collaboration can improve productivity and encourage employees to stay with your company. Explore the virtual accounting services available from Reconciled to free up more time to focus on collaboration, whether your workplace is in Burlington, VT, or elsewhere.

Emma Grace Brown of emmagracebrown.com

The post Ways to Get Your Employees to Collaborate Better appeared first on Reconciled .

Reconciled raises Seed Round and Completes Acquisition

Tue, 01 Feb 2022 16:49:00 GMT

Reconciled completed the acquisition of Tempe-based accounting and tax firm, Accounting Services Group (“ASG”) after raising a $1M seed funding round led by The Fund at Hula with the participation of private investors in Vermont and Arizona. In addition to the acquisition of ASG, this investment will be used to support Reconciled’s national acquisition strategy of small accounting firms. The purchase of ASG was represented by Reconciled’s advisor Josh Boyd, Principal at Foothills M&A Advisory , with financing brokered by Multifunding and loan completed with IncredibleBank . Reconciled continues to seek additional accounting firms to merge with across the country. This is the second acquisition completed by Reconciled since November 2020.

Founded in 2015 in Burlington, VT, Reconciled has since been serving entrepreneurs across the country. This acquisition is part of Reconciled’s strategic growth plan to offer improved accessibility of its award-winning services to businesses across the United States.

Reconciled currently provides bookkeeping , tax , and CFO services to entrepreneurs through a range of industries. The acquisition of ASG expands Reconciled’s services to meet the specific needs of the Arizona business community, with the hope of building robust client relationships and expanding into new verticals.

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Looking to Hire a Bookkeeper for Your Business?

Fri, 07 Jan 2022 15:20:00 GMT

When you hit the point of needing help with your bookkeeping, you are probably already overwhelmed. So, to help you through the research phase, we’ve compiled a list of the most frequently asked questions our team hears when someone is looking to hire a bookkeeper for their business.

Reconciled’s Qualifications

Reconciled is an industry-leading virtual bookkeeping and accounting services company located in the United States. Our entire team is comprised of talented accounting professionals with experience in various industries. They’ve worked in the technology, non-profit, retail, construction, and eCommerce fields, to name a few. You can learn more about our team by visiting our About page . Or you can see what our clients have to say about our services on our Testimonials page.

Attention to Detail

When you work with Reconciled, you’ve got an entire team supporting your financial needs. Processes and procedures are created and put into place when you first sign up. This ensures that if a member of your team takes a vacation, a sick day, or anything else that prevents them from working, your bookkeeping will be handled on time and in a consistent manner. Our team pays attention to the details of your business to ensure you get the correct financial information.

Security

We make sure your data stays secure. Reconciled uses specific apps to upload, sign, share, and store your personal financial information. Security is one of our top priorities and we take it seriously. When gaining access to your accounts, we only ever gain a “View Only” access. If that isn’t possible, our team arranges a way for statements to be sent to us securely.

Delivery Times

You can expect to receive your final monthly financial reports in the middle of the following month. While this seems like a long time, it allows all monthly transactions to come through. But, you can always pop into your account and see what’s going on at any time. It just won’t be the most accurate monthly data until everything has cleared your accounts.

Response Times

We pride ourselves on being a responsive bookkeeping firm. You’ll notice that you will receive your proposal within 24 business hours after your initial consult. Also, when you call or email your bookkeeping team, you will hear a response from them within a day, but usually sooner. Also, you can pick up the phone and reach our team and speak to them in person.

Communication

Since reconciled is a virtual company, we handle the majority of our conversation via Zoom or Google Meet. The software depends on your preference. For day-to-day communication, you can email your team directly, or call them. We also have specific apps that we use to make it easy for you to upload receipts, invoices, or other business-related information securely.

Services Offered

We are able to offer full-service accounting for small businesses, enterprise-level organizations , and everything in between. While this might look different for every business, these are some of the services that you can choose from.

Tax Basics

Yes. Our bookkeepers prepare your books monthly with an eye on what your tax team needs. We can supply the information directly to your tax team, so they can complete your return.

Price

We offer a few price levels of service to give you a good idea of pricing. Most clients require a customized package to suit their needs. Not everyone needs every service we offer initially. We listen to your needs and only sell you the services that you are interested in. If a future need arises, our team can easily add that service to your contract.

Growth

We are here for you as you grow your business. For example, a small business with only two employees needs monthly reconciliation as they start out. As they grow their business, they now need help paying their bills and invoicing their clients. AP and AR are easily added to their services. As they grow a little more, they might add a few more employees. Now, they want to add in payroll services. Reconciled can handle all these growth spurts with ease. They just need to let their bookkeeper know when they’re ready.

If you’re looking to hire a bookkeeper for your business, schedule a 30-minute conversation with a member of Reconciled’s team. They will ask questions about your business, like how you currently handle bookkeeping and ask you about your needs. Within 24-business hours, you will receive a proposal for services that lists out the services discussed.

If you’d rather have a member of our team reach out to you when you’re looking to hire a bookkeeper, please complete the form below. We look forward to helping you with your bookkeeping needs!

The post Looking to Hire a Bookkeeper for Your Business? appeared first on Reconciled .

Why Do Entrepreneurs Need Accounting Services?

Tue, 21 Dec 2021 19:34:00 GMT

As a busy entrepreneur, you wear a lot of hats.

Some of those hats probably include managing your payroll (if you’ve got employees), sending out invoices, paying bills, and everything else included in accounting services. So, if you’re already doing this work, why should an entrepreneur hire someone to manage accounting services for them?

Create Processes

If you’re just starting, or your business is rapidly growing, you need to create accounting services processes to make sure nothing falls through the cracks. You don’t want to forget to invoice a client. Then, you won’t get paid and it could hurt your predicted cash flow. Putting your process on paper also means that you aren’t required to do it every day, week, or month. Someone else can pick up that task and free up your time to focus on other aspects of your business.

Track Expenses

As a business owner/entrepreneur, you need to know your expenses. Being able to trace your business expenses means you can identify underperforming areas, places you can cut expenses, and where to save money for future growth opportunities. With a trusted bookkeeper, expenses are entered on time and viewed and discussed monthly.

Tax Requirements

Every state has its own set of tax requirements. That is especially true when you have employees. When you have someone completing your accounting services, they can submit your sales tax revenue, as well as your employee payroll taxes . This can take a huge burden off the shoulders of business owners. Also, at year-end, your bookkeeper can process W-2s and 1099s and clean up anything in your books before sending it to your tax professional.

Accurate Monthly Reports

If you’re doing the work yourself, you might consider neglecting the data entry. Sure, you get the checks written and put the income into your bank account, but do you even know what your finances look like? With a dedicated team to complete your accounting services, you can pull reports and see your profit and loss EXACTLY! You know what product lines are selling the best, and which ones are lagging. You can also easily tell how much income you’ve got coming in vs. your expenses.

Monitor Goals

Same reasons as above, having someone enter your data in can help you monitor your business goals. Having someone measure your progress can help you spot trends in your revenues and expenses. When spotted early, you can take advantage of the trends, and correct the flaws before they become a problem.

Reconciled can help you achieve all of these goals, take bookkeeping off your plate, and grow with your business. Working with an organization that focuses on accounting services for entrepreneurs means that we know what is important to you. Also, with a team to back you, there will never be downtime in your reporting. Even if a member of our team takes a vacation or needs a sick day, we’ve got a backup that can pick up the tasks and complete them on time. We’ve got plans that suit most businesses ‘ needs , or you can complete the form below and a member of our team will reach out to create a customized solution just for your business.

Ready to Begin with Reconciled?

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Do You Need More Payroll Help?

Fri, 22 Oct 2021 19:18:00 GMT

Your people are the most important investment of your company.

Finding a good team is hard. Keeping the team together can be even tougher! As a business owner, where do you even start? You need to figure out competitive salaries, how to implement a comprehensive benefits plan, and determine your work environment (in-person, remote, combo??).

In addition to those items, there is the paperwork that goes with all of these things. Forms need to be completed when employees begin and end their careers with you. You need a good handbook to ensure everyone is on the same page. And you need to manage time-off requests and benefits. There isn’t enough time in the day!

While working with our clients, we’ve noticed that they need more help than what basic a payroll plan offers. We’ve been working with Gusto to deliver a more comprehensive solution for those that need it!

Payroll

The team at Reconciled will handle processing payroll on your pre-set schedule. This means that we collect the data to get your team paid on time! Does anyone on your staff have specific deductions, withholdings, or benefits that need to come out of payroll each pay period? Our team will also make sure this data is correctly entered to be processed with your payroll. All of this also goes for any contractor payments that need to be made.

Federal and State Payroll Taxes

We are here to answer any of your Federal and State payroll tax questions. You no longer have to spend hours on hold to get answers. Just shoot our team your question and we will make sure it gets completed correctly. Also, if you’ve gotten any notices from Federal or State Departments, just forward them to our team and we will work to get the notices cleared up, so you don’t have to worry about it.

Lifecycle Management

With Reconciled, you don’t have to worry about getting all the paperwork completed for new staff. This includes getting the I-9 and W-4 forms completed, setting up PTO tracking, and establishing those benefits within your payroll system. Need to register taxes in new states? We can also assist with that! Do you have staff that is transitioning away from your organization? We will make sure they get their final paycheck and any unused PTO. Also, we will enroll them into COBRA to ensure they get the information needed to make that decision.

Handbooks and Forms

If you need to get a handbook acknowledgment form signed or any other custom documents (like a non-compete) required for your business, we can ensure they get signed, returned, and filed correctly.

Year-End Processing

Reconciled will automatically take care of sending out W2 documents and 1099 forms to your employees and contractors.

Instead of just “doing payroll” we want to be a better business partner. Reconciled is here to make your life easier and less stressful. If you’re interested in talking to a member of our team about what adding these services looks like for your organization, complete the form below. We will get back to you within 24-business hours.

Reach Out for Help with Payroll (and MORE!)

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Preparing Your Books for Year-End

Thu, 14 Oct 2021 18:48:00 GMT

Has this year flown by for anyone else?

It’s already the middle of October and that means it is already time to start thinking about preparing your books for year-end. So, what steps should you start taking now to be prepared?

Update Those Books

If you’ve been putting your bookkeeping on the back burner, now is the time to rectify that situation. Gather all your paperwork and start entering that data to reconcile your accounts now. You do not want to be worried about closing out your books at the same time you’re reconciling accounts from June. Also, with the holidays mixed into the end of the year, you’ll have less time than you think preparing your books for year-end.

Gather and Organize Those Statements

If you don’t already have a great way to get (or find) all of your financial statements, start the process now. Contact your financial institutions to get copies of your statements then put them all in one place. If you’re downloading them, organize everything into an easy-to-find file that you can send off to your tax professional next year.

Organize Receipts

Ugh, this is such a tough one to start if you have no current system in place. However, your life will be infinitely easier when it’s done. We recommend Dext to all of our customers. It is easy to snap a photo of your receipts and stores them in a digital file. It also syncs with lots of accounting applications making it easier to transfer and categorize your purchasing data.

Itemize Your Deductions

While you’re going through your transactions, be sure to itemize items that you know can be deducted come tax day. Things like your vehicle, mileage, fuel, internet, travel, or other utilities that you typically claim should be double-checked in your accounting app. This will ensure your books are clean and ready to send to your tax professional.

Inventory

If you run a business with inventory, you need to have a plan in place to double-check it before the end of the year. You want to start each year out with a super clean and accurate number of items within your inventory.

Fixed Assets

Did you record all fixed assets properly? Do you have all those receipts and documents organized and easily found? Your tax person will need these items to make sure they are recorded and depreciated accordingly. Gather up that data while you’re sorting through the rest of it.

We know this is a lot to think about when preparing your books for year-end. Also, there can be more items to keep in mind, depending on your specific business. If all of this is overwhelming, contact us . Our team is great at putting processes in place! This ensures smooth closure of year-end and transfer of information to your tax professional when that time comes. Also, we’re great at helping businesses become more organized and paperless too!

Are you a List Person?

Complete the Form to Download our Checklist!

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Accounting Services for the Agriculture Industry

Thu, 23 Sep 2021 20:10:00 GMT

Every operation is different and each producer is unique.

At Reconciled, we understand accounting services for the Agriculture industry. Our services ensure that you’ve got the most updated information available necessary for tax time, lending needs, and the management of your entire operation. Here are a few ways that we can help with your unique needs.

Expertise

We know it can be difficult to find, hire, and train a staff member. Especially for our agricultural clients located in rural communities. We’ve got the expertise to help you manage your bookkeeping , no matter where you’re located.

Paperless

We help you get organized. By being remote, we can help you move to a paperless process that sorts, organizes, and safely stores your invoices, bills, and any other paperwork that comes across your desk. Why keep piles of paperwork at your desk, when you can easily snap a photo with your phone and send it off to our team to enter and file.

Tax-Ready Books

No one likes when tax season rolls around, but with Reconciled, you can rest assured that we’ll have everything you need to submit to your tax preparer. If you’re looking for a tax professional , we can also handle that for you!

Payroll

If you’ve got staff, we make it easy for you to pay them. Don’t worry about trying to figure out if you’ve completed the payroll taxes correctly, or if you have the necessary documents for your team. We can take care of all it for you – no matter if you pay weekly, bi-weekly, or monthly.

Accurate Data

Having accurate accounting statements can help you make the best decisions for your business. They can help you achieve your goals, leverage opportunities, and make sound management decisions. You can use your data to figure out the actual cost of production by the bushel, pound, ton, or acre. When your data is accurate, you’ll know where your break-even point is and be able to easily see trends in your expenses and overhead.

Reconciled can help you with the accounting services for the Agriculture industry. We can help you improve efficiencies, reduce waste, and control your expenses by tracking your bookkeeping data correctly. Complete the form below and a member of our team will reach out to you within 24 business hours.

Reach Out!

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The Employee Retention Credit (ERC) Guide

Tue, 24 Aug 2021 16:49:00 GMT

Maybe you’ve heard about the Employee Retention Credit (“ERC”) or possibly not.

Either way, this is your guide for all the information you are curious about regarding the Employee Retention Credit and why you should at least check to see if your business is eligible for ERC.

What is it?

According to the IRS , “The Employee Retention Credit is a fully refundable tax credit for employers equal to 50 percent of qualified wages (including allocable qualified health plan expenses) that Eligible Employers pay their employees.” It applies for wages paid after March 12, 2020, and before January 1, 2021. The maximum amount an employer is qualified for per employee is $10,000 per calendar year.

Who is Eligible?

The ERC is available to any business that has employees. Your business needs to meet only ONE of these two criteria:

What can I use the funds for?

These are credits, so they don’t have to be spent on anything specific. You can use them to pay down business bills that have piled up. You can also reinvest the money into new equipment for your business. Heck, you can even give your staff a nice bonus for working during all this craziness. It really is up to you.

You have the info, now what?

If you think you might be eligible or if you’re still not 100% sure, all you have to do is contact us to book a meeting with our team . So far, our clients have received over $2M! It averages out to about $140,000 per business.

How does it work?

Our team can apply for ERC on your behalf. Even if you’ve filed your taxes for 2020, our team can amend your taxes to ensure that you get the ERC. This is how the process works.

If you’ve got any questions, please reach out . If you haven’t already checked to see if your business is eligible for the Employee Retention Credit, contact our team to book a meeting. It takes about 15 -30 minutes to check and it could help you with your business expenses.

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3 Steps for Managing Stress for Entrepreneurs

Mon, 12 Jul 2021 14:11:00 GMT

Starting and running a business is stressful in the best of circumstances.

During the beginning of this journey, you may be experiencing even more stress and anxiety. It’s possible to balance your mental health with your business’s growth even in these unprecedented times, though, with the right actions on your part. Here are three steps for managing stress for entrepreneurs.

1. Engage in Desk Activity

Exercise is important not only to our physical health but our mental health, as well. It can be difficult to get enough when running a business, particularly if that requires sitting at a desk all day. Work within your limits by incorporating activities like desk yoga and under-desk exercising as you work.

When you don’t have time to step away from work and hit a yoga class, you can still get the benefits of yoga practice by doing poses in short intervals at your desk. According to Harvard, shoulder rolls are a simple but effective practice that you can do for two minutes to get some stress relief. Sit upright, lifting your shoulder to your ears alternately in an easy-rolling motion. Other easy poses include chair pose and neck stretch.

Under-the-desk ellipticals and bikes are also excellent ways of keeping your legs moving and your blood pumping while you work.

2. Take Restful Breaks

It can be tempting to get out your phone during a work break, but many of the things that stress bodies and brains about work itself are still occurring if your break from work consists of sitting in place looking at a screen. Instead, step away from your desk and don’t engage with your phone. Chat with friends or loved ones in person if possible, as socializing has been shown to offer benefits that using smartphones during breaks does not.

Spend a few minutes walking outside in the fresh air. You can also practice mindfulness meditation for ten minutes to help clear your headspace and re-energize your body. If you don’t know how to, there are many guided podcasts and videos available that will lead you through mindfulness practices to help you clear your mind. You can even find mindfulness apps that cater to businesses.

3. Prioritize Big-Ticket Work Tasks

One of the biggest acts of self-care you can give to yourself is making sure the work tasks that are essential to your business growth get done. One of the first “biggies” on your to-do list is forming your business structure, whether that be a corporation or LLC. The formation process can be complicated and time-consuming, but you don’t have to take it on yourself, nor do you have to pay a pricey attorney to do the work.

Online formation services like Zenbusiness can take the load off, and they can walk you through each step. An LLC is a popular choice. It offers liability protection to your assets but avoids the double taxation of a corporation. The Vermont Chamber of Commerce says, “Nowadays, LLCs are the option of choice for small business owners, as they are easy to manage and provide the benefits of a corporation while lacking their complex structure.”

Inventory management, payroll, and taxes are also a high priority, but you don’t have to manage them on your own. Delegate inventory management to another person on your team if possible. If you must do it yourself, get an inventory management app to help streamline the process. The more you can automate this aspect of business, the more you can avoid errors that eat into your profits. There are many out there that will sync to your computer for easy integration.

Similarly, manual input of payroll can result in costly mistakes, and incorrect paychecks can degrade employee satisfaction. Court-generated garnishments can be troublesome, and payroll laws can be difficult to keep up with.

Like with payroll, tax laws and regulations change frequently and vary from state to state. Failing to pay the right amount of taxes at the correct time can cause you to have to pay serious fines. It can also cause you to pay an addition to outstanding taxes. Outsource payroll and taxes to ensure you and your business keep functioning. Do this while you focus on what makes the most sense for you.

Don’t run yourself into the ground trying to grow your business. Prioritize staying active during work hours. Also, taking truly restful breaks, and handling those work tasks that are most necessary to your business. Invest in yourself, and your business will reap the benefits.

Take a load off your plate and start managing stress better by connecting with Reconciled ! Reconciled offers accounting services, tax and advisory services, and CFO services. They can fill in gaps in your bookkeeping so you can focus on growing your business.

Chelsea Lamb of businesspop.net

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Accounting Services for Software Developers

Mon, 03 May 2021 20:13:00 GMT

Are you struggling to find a bookkeeping or accounting company that suits your needs?

You might not know how to determine which costs should be capitalized and which to be expensed. Or, maybe you’re unsure how to treat your software development costs at all? Whatever challenges you face, we understand accounting services for software developers.

Our team is highly qualified.

We don’t just hire anyone at Reconciled. We make sure they have bookkeeping or accounting experience. Once they’re here, we ensure they keep up on their certifications and cross-train with other bookkeepers. This allows them to become experienced in various industries and accounting methods.

Industry-Specific Knowledge

Not only is our team qualified, but we’ve also got staff members that have specific experience in a variety of industries – including software development. When we say we know what you’re going through, it’s because we’ve been there.

Know the Numbers

Software developers don’t always pay attention to the numbers. This often leads to overspending on a project. With Reconciled, you’ll get the data you need to gauge the time it is taking on your project and the budget that is left for it. This will help you deliver your products promptly at the price point you need to make a profit.

Growth

Our services are scalable. That means we grow when your business grows. It also means, that when you’re first starting, you won’t be paying an arm and a leg for bookkeeping services . When you’re not worried about completing your accounting every week or month, you can focus on completing your projects and still get the data you need.

Virtual

All of our services are virtual. You don’t have to stop your day to travel to drop off paperwork or coordinate in-office meetings. To clarify, we handle all bookkeeping tasks by utilizing the latest software and accounting apps to make it a seamless process for you. Also, we’re just a Zoom call, email, or Slack message away from answering your questions during the day. We make it as easy as possible.

Ready to get started with accounting services for software developers? Just complete the form below and a member of our team will reach out to you within 24 business hours. After that, they will set up a 30-minute conversation to learn more about you and your organization. Once they’ve got all the facts, a custom quote will be created and emailed to you for review and approval.

Contact Us to Get Started

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Accounting Services for Creatives

Tue, 09 Feb 2021 20:24:00 GMT

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Accounting Services for Cannabis Dispensaries

Mon, 25 Jan 2021 15:56:00 GMT

The cannabis industry is growing, but it still faces some challenges, including accounting.

The industry as a whole is fairly new, which comes with its own set of hurdles. However, accounting services for cannabis dispensaries have different steps and techniques than a traditional business. Here are some of the common problems for cannabis businesses and how an experienced bookkeeping company can help.

Bank Account

Getting a bank account can be a bit tricky with a cannabis business. Some states allow full use and others not so much. This means that federal banks are out of the question, but if your state allows the industry, look into local banks or credit unions. They might be more willing to accommodate your needs, which would be great if you’re looking for a business equipment loan!

Cash on Hand

Without the full federally legal blessing, the cannabis industry tends to keep large amounts of cash on hand. This can make it hard to use it for legitimate business expenses and can make audits a more terrible experience. Also, it can be really dangerous to keep that much cash on your premises. An experienced accounting firm can advise you on how to track your money, pay your bills, and make audits more palatable.

Local and Federal Tax Laws

Get an accounting firm that also knows taxes for the area you’re located. This will help you determine what entities are permissible where you’re operating out of. Some areas require cannabis businesses to run as non-profits, while others have no requirements.

Tracking Your Accounts

Obviously, you need a firm that knows how to track all of your accounts. You need things in order to properly report for tax and reporting purposes. And let’s be honest, your business is more likely to raise red flags than a manufacturing company. Partner with someone who can suggest a good chart of accounts for you and make sure your books are accurate and look impeccable.

Unforeseen Expenses

No business ever knows what is going to happen, but cannabis businesses have to think about accounting for unforeseen expenses. These can be an increased cost of goods or a lawsuit. A bookkeeping firm that can also help you find ways to put away some money for a rainy day is a partner you want to have!

There are other problems that come up that be solved by having the right accounting services for cannabis dispensaries. If you’re looking for the right partner, contact us by filling out the form below. Our team knows the industry and we can help your business get organized!

Contact Us to Get Started

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How Do Bookkeeping Services Work?

Wed, 30 Dec 2020 22:29:00 GMT

How do bookkeeping services work?

It is a question that comes up a lot in our line of work. Why? Because people want to know exactly what they can expect when they work with Reconciled or any other online bookkeeping service . So, here’s a rundown of how bookkeeping services work from our end.

What does a bookkeeper do?

Before we dive into what’s included in a bookkeeper’s service, let’s start with what a bookkeeper does. Bookkeepers are in charge of managing your books . They enter transactions daily to make sure you’ve got a good idea of the money coming in and going out of your business. Specific duties of a bookkeeper include:

What is included in bookkeeping services?

Now that you know what a bookkeeper does, what is included in bookkeeping services? While we know you want a hard answer, it really depends on the level of service you choose. Our most basic package is for small businesses that don’t have a lot of transactions. They generate less than $1M in revenue, have 3 or fewer bank accounts or credit card accounts, and sell their products through 3 or fewer channels.

This basic level of bookkeeping services includes the following:

Depending on your business’s needs, we can also offer these bookkeeping services:

We make sure our services are customizable and scalable to fit your business’s needs no matter what stage of growth your company is in.

How do online bookkeeping services work?

Finally, let’s get to how our bookkeeping services work. When a client signs on to work with Reconciled, it is with the understanding that everything will be done virtually. We have a great onboarding process that allows Reconciled to securely connect and gain access to your business’s accounts.

We gather login information from your sales channels or any other financial institutes that you log in to. This allows us to import your business information into QuickBooks, Sage Intacct, or whatever accounting program you use.

Once our team has secure access to your accounts, your dedicated Reconciled team of bookkeepers completes their monthly transactions. Your data is entered into the accounting program to provide you with accurate books and financial reports each month. If you have questions, you can directly contact your bookkeeping team – just like if you had an in-house team.

Our team is here to make your life easier. Also, our services can grow to suit your needs, so you never have to worry about transitioning to another accounting firm. If you’re interested in how bookkeeping services work for your business, contact us . We’ll listen to your needs to create a custom service to suit your needs.

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Managing Debt While on the Path to Growth

Wed, 16 Dec 2020 20:43:00 GMT

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Faraday’s Shopify App for Personas and Insights

Mon, 07 Dec 2020 17:08:00 GMT

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Why Insurance is Important to Growing Startups

Thu, 12 Nov 2020 21:35:00 GMT

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Industry Expertise: Hospitality

Mon, 09 Nov 2020 20:37:00 GMT

At Reconciled we know that the key to providing good customer service is to anticipate your clients’ needs.

Over the years we’ve learned that nothing is more essential to our hospitality partners than accurate, timely reporting . That’s why members of Reconciled developed custom software we use to export the source data from your POS system to generate same-day reports. No duplicate data entry, no risk of human error, no more wasting valuable resources by using outdated accounting and HR processes.

A Throttle for the Fast Pace

Managing a hospitality company in a fast-paced industry is hectic. Paying bills, recording sales, and checking bank balances can become a chore that is often overlooked. That’s where we come in. When everything is current, you’ll have an up-to-date image of your finances, and will be free to make important decisions without distractions.

Storage Closets are Old School

Storage closets are for odds and ends, not your bookkeeper’s computer. Many restaurants do not have the space, technology, or staff required to manage sensitive financial information correctly. We are backed by secure data storage technology, with employees that know how to use it. Our staff is trained to streamline processes to efficiently record large amounts of data, anywhere, anytime.

Solve the Puzzle

Managing a business can feel like a puzzle with pieces missing. Quality, up-to-date reports are crucial to your success. By eliminating the unknown, our reports will enable you to make wise financial decisions effortlessly. When you can see the big picture, it is easier to recognize great opportunities.

Manage Costs and Grow Profits

Knowing where to cut costs is paramount. Reviewing expense reports regularly can reveal unnecessary costs, allowing you to make the decisions needed to spend less and make more. We’ll work closely with you to find these trends and advise accordingly. Knowing the past is part of planning the future.

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Industry Expertise: Construction

Sun, 08 Nov 2020 20:40:00 GMT

Reconciled provides customized accounting solutions for construction businesses.

Simply stated, we fill in the gaps of what is needed for our clients to maximize the capabilities of their accounting department. We understand the unique accounting needs and accounting methods related to contractors. We have developed customized reports and processes, like a WIP report and cash flow by the project that syncs with your accounting database. Our team can provide value-added services to your construction business in a variety of ways.

Virtual Back Office

All accounting processes are outsourced to Reconciled. From payables entry and payment to preparing pay applications, we can execute the back office processes needed for the construction business. Our system provides online access to client accounting records and financial systems. The all-inclusive system is best suited for the contractor with revenues less than $3 million.

Outsourced CFO

We provide CFO services to the construction business. It is typical for construction companies to need experienced CFO services to fill in the gap between their in-house accounting department and what is needed to meet reporting requirements for management purposes or bonding companies. The outsourced CFO services provide our clients with a fractional, high-level, experienced, construction CFO. This service is best suited for a contractor with revenues from $3 million to $30 million.

A/P Processing

Our team provides accounts payable processing services to the construction industry. We set up and manage the virtual file cabinet for vendor invoices and accounting documents. This service normally encompasses entry of vendor invoices and processing credit card charges and payments. These services are best suited for the contractor that has a CFO or high-level accountant and needs to outsource the staff accountant functions.

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Industry Expertise: Professional Services

Sat, 07 Nov 2020 20:51:00 GMT

At Reconciled, our staff has the experience and training to understand the challenges faced by service-based businesses.

Our accountants will work with you to evaluate your professional services practice, balance your books, and ensure your financial needs are met. Whether you are a local medical practitioner, a dentist, a law firm, or provide any number of valued professional services we’re here to help you make your business a success. We know that as a professional services provider, your greatest asset is your specialized skills, training, and knowledge that allow you to help those in need of your services. Let us return the favor by using our accounting expertise to help make your business even more successful.

Keep Your Services up to Par, Pay Attention to Your Clients

We’ll worry about the numbers. When back office work builds up, your customer service suffers. Team up with us, and we’ll make sure you are free to focus on your customers. When the burden of bookkeeping is lifted, both you and your customers will benefit.

Quality Bookkeeping and Reporting Will Frame Your Company Image

All your hard work will be that much more rewarding when you have an up-to-date picture of your financial standing. We will provide accurate, tailored reports to you, however often you need them. Not a bookkeeping pro? That’s okay, we are. And, we’re good at teaching. We will walk you through every line of the report so that you understand exactly what’s going on in your business.

Enhance Your Craft by Eliminating Financial Stressors

Every industry has certifications, qualifications, and multiple sources of education. If you want to improve the quality of your services, you need to invest time in staying up-to-date in your field. Things get pushed to the side, all too often, because of time restraints and stress. Investing money in your company is not nearly as important as investing time. We’ll help you invest both.

Don’t Ignore the Boring, Back Office Tasks

Bring them to us. Basic data entry and bookkeeping are the tasks most likely to pile up due to lack of time, or knowledge. We can streamline your data entry processes, and keep your books in near real-time. Between our experienced staff, and secure data storage, you can rest easy knowing your books are in good hands.

You Work for Every Dollar. We Want to Help You Save Them.

Reconciled is here to help you grow your professional services business, not just get by. We will use our reports, and your expertise to form a financial plan for the future. There’s no point in planting a seed if you’re not going to tend to the plant.

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Reconciled Acquires Accounting Firm Bean Team

Mon, 02 Nov 2020 14:57:00 GMT

Reconciled is excited to announce the acquisition of Bean Team , welcoming accounting professionals, and clients of the local Tallahassee accounting firm. Reconciled, the online bookkeeping firm for entrepreneurs continues to expand nationally with a platform strategy starting with Bean Team. Bean Team’s customers will continue with the same great support and service that has made Bean Team a success, but with the added value of Reconciled’s accounting team and resources.

Reconciled currently provides bookkeeping services to entrepreneurs through a range of industries. The aim of this new partnership is to build services to meet the specific needs of the Tallahassee & Destin business community, with the hope of building robust client relationships and expanding into new verticals.

Michael and Charles believe that the combination of the Bean Team brand and strong local presence and Reconciled’s dynamic and growing team of talented bookkeepers will bring great benefits to the local business community and across the entire United States. Each company brings a unique set of innovative solutions to help businesses streamline and improve their bookkeeping, as well as enhance possibilities for client growth.

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Reconciled Embraces Democracy and Works With ALL Voters

Thu, 29 Oct 2020 14:56:00 GMT

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Work from Home With Daily Distractions

Mon, 19 Oct 2020 21:58:00 GMT

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Reconciled’s Virtual Staff Retreat Recap

Thu, 08 Oct 2020 15:24:00 GMT

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Accounting Services for eCommerce Businesses

Mon, 11 May 2020 15:23:00 GMT

When you sell products online, you need accurate insights.

Accurate insights allow you to price items accordingly. It also lets you know how much inventory you’ve got left and understand which items are your most popular. If you’re looking at outsourcing your bookkeeping, you want a partner who understands your needs. Here are some things to look for to ensure you’re getting the best accounting services for eCommerce businesses.

Sales Channels

Make sure your accounting partner knows how to navigate your sales channel. Whether you sell products on Amazon, Shopify, Etsy, or Woocommerce, you want that information captured and put into your accounting software. This is the bulk of information for your business. You’ll have no idea if your business is profitable if this is incorrectly set up.

Tax Responsibilities

Partner with a company that understands and can accurately calculate your tax responsibilities. Selling products online leaves your business open to many different tax requirements. Do you know them all? If you aren’t comfortable with this part of the business, make sure you get an expert to handle these transactions for you.

Reports

Getting accurate monthly reports is imperative to your financial success. Do you trust your current P&L or Balance Sheet? If you’re not sure if these numbers are correct, how can you make the best decisions for your business? Partner with an accounting company that provides accurate and timely reports for you.

Answers

No matter how much you know about your finances, questions come up. Be sure to work with an organization that answers your questions in a timely fashion. Reconciled is different than other eCommerce accounting services. We hire the best talent available and set the standard for quality. We also have a team model, so you’ll be working with the same group of people. They get to know you and your business and become an integral part of your team.

Get set up with accounting services for eCommerce businesses? Complete the form below and a member of our team will reach out to you within 24 business hours to learn more about your needs.

Contact Us!

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Accounting Services for Breweries

Wed, 12 Feb 2020 21:10:00 GMT

Running any business has its own set of challenges, and owning a brewery is no different.

While there are plenty of fun items, like creating new and unique brews, there are also drawbacks. Most of our brewery clients readily admit that thinking about accounting services for breweries is not in their wheelhouse. We get it. Accounting isn’t for everyone. While our services can be applied to every industry, here are the big hurdles we see from our brewing clients, and how we help them achieve great results.

Upfront Costs

Starting up a brewery has a lot of upfront costs – the building, brewing equipment, durable flooring, and seating areas (if you open a tasting room). Knowing how to manage those costs, and creating a plan for them is vital to your success. With our CFO services, you’ll have the knowledge of a CFO but only pay for the time you need. Your dedicated CFO can create a cash flow model and help you make smart growth decisions.

Inventory Management

With many ingredients to keep track of, you need to know what you’ve got. You also need to understand what inventory goes into a single batch to price your product correctly. Our team can help you set up an inventory process. We can also make sense of your inventory reports to maximize your profit margins.

Taxes

Figuring out how much businesses tax to pay is not a simple process. Taxes for breweries adds an extra layer of difficulty to the mix. Not only are there specific requirements for your business, but there are many credits that you can take advantage of. One of those is the R&D tax credit. Every batch you make is considered R&D. Ingredients and employee’s time is taken into consideration with this credit.

Staff

When you first start, you’re probably the only staff member. As you ramp up production and distribution, you’re going to add to your team. We can handle your payroll, new-hire paperwork, and all taxes related to this task. You don’t have to worry about your team getting paid on time, and you can rest assured that it’s done correctly.

Paying Vendors

The bread and butter of our services is full-service accounting and bookkeeping . We can manage your invoices and payments. Our team makes sure that you’re paying your vendors on time, and also sending out invoices to get you paid. We also provide you with the reports you need each month to see how you’re business is doing.

We know accounting services for breweries. If you’re just starting, or tired of handling all these tasks on your own, contact us. Complete the form below and a member of our team will reach out to you within 24 business hours.

Reach Out!

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My Path to Remote Work Success

Fri, 02 Aug 2019 20:49:00 GMT

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Remote Work Allowed Me to Move My Family to Puerto Rico for Two Months

Fri, 14 Jun 2019 19:35:00 GMT

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From the CEO: What You Need to Know About Opening a Second Location

Fri, 07 Jun 2019 19:26:00 GMT

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Why Unlimited Paid Time Off isn’t Always a Dream for Employees

Thu, 02 May 2019 16:37:00 GMT

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Preparing for an Annual Income Tax Return

Fri, 19 Apr 2019 18:34:00 GMT

The year-end is over. But you are most likely still closing out your books for the corporate income tax return and finalizing financial statements for the year. Accountants enjoy these details. They enjoy all accounting-related stuff and making sure that the books and records are nice and tidy. The resulting neat and completed year-end package is a pretty curb appeal but requires a lot of foundation building and organizing sourced documents.

Below is a review of a few of the important year-end topics to help you with the final
preparation of 2018 financial records and income tax return.

Preparing for Annual Income Tax Return

To close out the year and prepare for the annual tax filing, you should organize accounting records to provide to your tax preparer. These documents will be used to prepare the return and ultimately substantiate income reported, deductions are taken, etc. on the returns. Reports from the accounting software are part of this support but are not the exclusive supporting records. Other accounting records typically used include:

In the event of an IRS audit, the business will need paper or digital records to substantiate the reported figures claimed on the tax filing form. Retaining receipts is very important to support business expenses, especially if the transaction was conducted using a credit card. The credit card statement itself will not provide adequate support.

Mileage Log

Keep a business mileage log. If you are using personal vehicles for business purposes this log will provide the basic support needed for the deduction. This log should include:

By keeping an accurate mileage log you are entitled to a deduction for those miles. Taxpayers may qualify to use the optional annual issued standard mileage rates for calculating
the deductible cost of operating an automobile for business, charitable, medical, or moving expense purposes. The 2018 standard business mileage rate is adjusted to 54.5 cents per mile. Unreimbursed employee travel expenses which are reported as a miscellaneous itemized deduction are suspended for taxable years beginning after December 31, 2017, and before January 1, 2026. The deduction for moving expenses is also suspended for the same taxable years. Activity duty members of the armed forces of the United States may qualify for an 18 cents per mile deduction.

A taxpayer may also elect to calculate the auto deduction using the actual expenses. Adequate records will need to be maintained as documentary evidence to support the expenses claimed. The mileage log will still be needed which will also assist with allocating these expenses to the business usage.

Client and Prospect Business Meal Deductions

As of the date, this article is prepared, the IRS has not issued proposed regulations on business meal deductions under the Tax Cuts and Jobs Act nor have they listed any new or changed standards. The proposed regulations should provide details for what records will be needed for providing support. Meanwhile, documentation should provide proof of payment and occurrence.
Maintain receipts to support business meals and entertainment expenses. These receipts should
include:

Hopefully, these topics will assist you to prepare for your 2018 income tax returns and be audit-ready if needed. If you need a little more help, contact us ! We’re here for all your business accounting and tax needs.

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4 Financial Statements Every Entrepreneur Should Review Monthly

Fri, 19 Apr 2019 17:10:00 GMT

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From the CEO: 5 Ways to Boost Profits in Your E-commerce Business

Mon, 15 Apr 2019 19:15:00 GMT

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New Tax Deduction from the Tax Cuts and Jobs Act

Tue, 09 Apr 2019 18:15:00 GMT

A new 20-percent deduction is available for qualified, pass-through business income.

This deduction is a welcomed relief to the closely held and/or small business owners. The Qualified Business Income Deduction or Provision 11011 Section 199A of the Tax Cuts and Jobs Act is the provision that allows pass-through entities to receive the tax reduction benefit offered to C-Corps and other tax-paying entities under the Tax Cuts and Jobs Act. Without this provision, the small business owner representing the vast majority of businesses would not receive the benefit of the reduced corporate tax rates.

There are a few items to touch on in this article about this new deduction.

What is QBI

In general, QBI is taxable income from any qualified trade or business resulting from trade
or business within the United States. Capital gains and losses, dividends, and interest income are
excluded from QBI. The business income can be generated from a proprietorship, a partnership, or an S Corporation.

Who qualifies for the deduction

The deduction is taken by individuals, trusts and estates, qualified REIT dividends or qualified REIT dividends, or qualified TPT income.

What type of income qualifies and limitations apply

This is a very large swath and includes any trade or business, with two exceptions: (1) Specified service trade or business (SSTB); and (2) performing services as an employee. An SSTB includes businesses that perform the following services:

The exception for SSTB’s is applicable if the taxpayer’s taxable income exceeds $415,000 for a married couple filing a joint return, or $207,500 for all other taxpayers. The Section 199A tax deduction is eliminated when taxable income is greater than this threshold for an SSTB business. The tax deduction is subject to limitations when taxable income is greater than 315,000/$157,500 and less than the $415.000/$207,500 threshold. Of course, complications arise and require further evaluation when taxable income is above the limits and business income is composed of both SSTB and non SSTB income.

Another issue is when a business provides 80% or more of its property or services to an SSTB business and they share 50% or more of common ownership. In this case, the business providing the property or services to the SSTB is also considered an SSTB.

Definition of Consulting

Consulting income is one of the SSTB’s that could result in limitation or exclusion of the QBI deduction. So, it is important to understand the definition and if possible how to classify income differently than consulting, if appropriate. Consulting includes providing advice and counsel to clients to achieve goals or solve problems.

This classification also includes activities like lobbying or attempts to influence government officials or legislative bodies. However, consulting and sales are considered different classifications. Sales income is not included in the list of SSTB’s. The facts and circumstances will determine if the activity should be classified as sales or consulting.

Where is the deduction reported

Since many of the QBI will be derived from S-Corps, Partnerships, and other entities that are not taxpayers, the QBI is passed through to the partners, members, and shareholders of these entities. These pass-through income sources will require the identification of the trade or business individually.

The Qualified business income deduction is a below-the-line deduction (applied after applying the standard deduction or itemized deductions.) The deduction reduces the total taxable income and is reported on Page 2, Line 9 of Form 1040. The deduction does not have a supporting form or schedule for filing. A simplified worksheet can be found in the 2018 Form 1040 instructions to assist taxpayers with the calculation.

How is the deduction calculated

Initially, the qualified business income (QBI) is determined. This determination is made separately if multiple qualified businesses are applicable. The QBI is the net amounts of income, gain, deduction, and loss associated with the qualified business. Short-term and long-term capital gains and losses, dividends, and interest income not applicable to the business are not
included in the calculation. Reasonable compensation payments and guaranteed payments made to the taxpayer for services provided to the qualified business are also excluded.
The deduction is 20% of the QBI.

The concept of the 199A deduction seems fairly simple especially when taxable income is under the threshold. Complications can be triggered which CPAs can provide further explanation of the rules and provide tax planning. If you have any questions about the Tax Cuts and Jobs Act, please contact us or your personal CPA.

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Meet the Bookkeeper: Isabel Hedges

Wed, 03 Apr 2019 07:09:00 GMT

Though she hasn’t always thought of herself as a “numbers” person, Isabel Hedges credits concrete analysis and clear information as the basis for sound client connections.

But her approach to client support goes well beyond the numbers: she takes things to a personal level. Her main concern, she says, is to make her clients’ lives “easier and better“ — even if that means “talking to them on Saturday at 2 pm.”

As a marketing major in college, Isabel always thought of herself as creative. It wasn’t until she began balancing the books as a resort manager that she realized the value in crunching numbers.

She was drawn to the definitive nature of bookkeeping — and that appreciation drives her to develop a deep understanding of each clients’ unique business needs. “Accounting to me is so black and white, and there’s a definite answer at the end, and I like that. It’s rewarding to me to know that I can actually get [clear] results.”

Isabel doesn’t just love the numbers and concrete answers for their own sake. They’re the method that allows her to provide excellent results for her clients. “The numbers don’t lie, so [bookkeeping is] just a really good way to take information, analyze it and give the client an idea of their financial health.”

She currently manages about 12 clients including a clothing company, an automotive e-commerce company, a medical consulting company, and a property management business. She thrives on the new challenges that each client brings, and credits her diverse background in a variety of bookkeeping settings as key to being able to understand the needs of business owners across various industries.

After joining Reconciled in 2017, Isabel had to get used to the life of a remote worker. It can be isolating, but she enjoys Reconciled’s regular “coffee chats” via video conference, as well as other casual meetings throughout the day. And the knowledge that she’s providing real value to her clients gives its own boost.

Of course, being able to work from beautiful Jackson, Wyoming with her two dogs by her side probably doesn’t hurt. With her husband, Isabel spends the weekends outdoors — skiing, hiking, and biking. And after all that time in nature, she’s ready to sit down with the numbers again on Monday morning.

Find our more about our bookkeepers .

The post Meet the Bookkeeper: Isabel Hedges appeared first on Reconciled .

Our Favorite Tips from Everyday Entrepreneur 2018

Mon, 25 Feb 2019 19:34:00 GMT

We started Everyday Entrepreneur — our monthly Facebook Live video series — in 2018 to highlight the stories of entrepreneurs we saw doing the true work of starting and growing a business. They’re normal people like you and me with dreams and families and lines of credit.

All over the country, these everyday entrepreneurs work to build companies that inspire their customers, but they also work to put food on their tables, to build wealth and value for themselves and for their families.

Their faces may not grace the cover of Forbes (yet), but their stories and their insights can help all of us become better entrepreneurs.

We compiled our favorite pieces of advice from the seven interviews we did in 2018, and we hope they inspire you as much as they inspired us.

Build what your customers want

Prior to starting her current company, Carol Bush, Co-Founder of Healthcare Marketing Network , provided social media consulting to healthcare practices. When she and her co-founder were creating the sales packages for Healthcare Marketing Network, they threw in blogging services as an afterthought.

But over time, they found that their customers were really looking for the content, not the social media consulting. Through listening to what their customers wanted, Bush and her cofounder discovered their real strategy — becoming “the external content engine for a healthcare business.”

Their company is now a successful global collective of freelance writers and creatives in the healthcare niche — writers, authors, keynote speakers, podcasters — that help healthcare businesses and entrepreneurs craft compelling content.

Be on the lookout for problems, er…inspiration

When Ali Sarafzade, Founder and CEO of Protean saw his daughter learning coding through an online platform, he realized something: “she was doing all this learning outside of the four walls of the school that was relevant to her education, and her teachers didn’t know about any of it. And I thought that’s a problem ” — the three most inspiring words for any entrepreneur.

He solved that problem by starting Protean, an online proficiency-based student learning platform, to capture 360 degrees of learning in a way no other platform was doing.

Watching her child’s activities also provided inspiration for Susan Pieper, CEO, and Founder of DMOS Collective , a tool company that designs specialized adventure shovels. Based in Wyoming, she watched her son and his friends compete in snowboarding and saw how much they would benefit from shovels that could help them build the “kickers” they would use to performer bigger and more exciting tricks.

With that inspiration, she began working on the first prototype for DMOS Collective.

Test the waters before jumping in with a co-founder

Carol Bush (Healthcare Marketing Network) and her co-founder Janet Kennedy met on Twitter and quickly saw the possibilities for combining their two separate entities into one focused business.

But before they signed on that official dotted line, they did a few trial runs — ran several webinars together and built some content projects — to see whether they were compatible business partners. They were also very transparent about finances and about their personal and professional plans.

They still are. “There’s lots of partnership and collaboration. Every financial decision we make, we make together,” says Bush. “I’m almost closer to Janet than I am to my husband.”

Anticipate future needs before you actually need them

Abbott Stark, Co-founder, and CMO of Ogee , a luxury organic skincare line, won a local entrepreneurial pitch competition. When the prize package included bookkeeping services (from Reconciled), the company went ahead and signed on even though their bookkeeping needs weren’t very intense at the time.

“Thank goodness we established that when we did,” says Stark. “We launched later that year, and our sales just took off. Having the bookkeeping has just been beyond – it’s so much more than bookkeeping for us. You’ve really been a financial advisor on so many of our financial issues.”

Be honest with family members (and yourself) about your goals

If you have a spouse and/or children, your path to entrepreneurship will impact them. Byron Batres, Founder and CEO of EZ-Probate , an online probate support company, emphasized how important it was to talk honestly with his wife about his plans for the business.

“There’s an emotional component to doing what we do, and there’s a financial component,” says Batres. “I think people minimize the emotional component. You really need to take an honest assessment of where you are both emotionally and financially because it’s stressful… It has an impact on the family. I don’t ever not think about it. There are times where my kids are in front of me, and they have to poke me because I’m somewhere else.”

Family members will be more supportive, says Batres, if “you have a good conversation about what your goals are and what it might take to get this…because it’s not coming from left field and they have more knowledge about it. Obviously, you have to have a good idea of what resources it’s going to take financially and where are they going to come from.”

Share about what you’re doing as often as possible

Abbott Stark (Ogee) emphasized not just the importance of pitching (“everyone and often”) but also the technology that allows us to do it with ease. “I want to bring out my iPhone. Look at these huge screens,” he says.

”We have these very powerful computers in our pockets now. You can just show everybody right on the spot now — flip through a PowerPoint pdf on your phone. Keeping the communication open and out there about the brand was really how we got it off the ground.”

Recognize what a startup job has to offer

Hiring people for a position with a startup can be difficult, especially in the beginning when the compensation package is a little on the low side. Andrew Pearce, Founder of Andrew Pearce Bowls , focused on communicating his vision for the company’s future and on providing those things that only a startup can.

“You have to remember,” he says, “there’s a lot of different types of people out there. Some people like working for a big company. There are other people where that’s the last thing in the world that they want. They like the idea of working in a small woodworking shop with a couple of other people. It took a while for me to understand what type of person likes working for an entrepreneur and likes being in a small, individualized team.

For example, every Thursday for the last couple of years I cook lunch for the whole company, and we all get together and have fun like that. There’s not a lot of big businesses that are going to do that for a team. So, there are things that we can do those other people can’t do. There’s a lifestyle that we can provide. We try to attract people that are into the types of things that we’re into.”

Leverage your past experience

Not everyone talked about it directly, but each of our entrepreneur guests also leveraged their past experience to build the companies they run today. Abbott Stark spent over a decade in the skincare industry before starting Ogee. Byron Batres worked as a certified financial planner, frequently helping clients with probate issues, before starting EZ-Probate. Andrew Pearce worked in his father’s artisan glassware business before starting his own artisan craft business.

Susan Pieper used decades of experience in the startup world to launch her own venture. Carol Bush turned her solo social media consulting business into a global network of healthcare writers and content creators.

Don’t go it alone

The single most frequent piece of advice our guests shared was to seek out and accept help.

Susan Pieper (DMOS Collective) recommends that every entrepreneur works with a performance coach. Of her own coach, Pieper says, “It’s all about me playing the game of being the best CEO I can possibly be, and he holds me to task on that. I think keeping someone like that in your corner is critical — who is safe but with whom you can really lay it all on the line.

How does she choose a coach? “For me, a coach has to have been in my shoes. It’s not someone who’s been on the sidelines who has studied it. It’s the player-coach model.”

Andrew Pearce (Andrew Pearce Bowls) is a third-generation craftsman, but that didn’t mean he knew everything about working as an artisan entrepreneur. After starting his own company, he was “very quickly humbled into saying can I please have some help… Asking for help is one of the biggest lessons from entrepreneurship for me,” says Pearce. “It might be advice, it might be finishing a product. It doesn’t matter what it is. It’s just that willingness to say I need some help. The high failure rate is because a lot of people don’t know how to ask for help or they’re too proud to ask for help.”

Sean Duffy, Co-Founder of Blueprint Accounting , a semifinalist for Canada’s Intuit Firm of the Future, echos both Pearce and Pieper. “I reach out a lot to industry peers, and we’ve brought on a business coach for our business,” he says. “I think it’s important to bounce those ideas around and see that there’s another world. Sometimes you get stuck in your own thoughts. Don’t be afraid to reach out to other entrepreneurs.”

We’ve been so inspired by these entrepreneurs’ stories. What would you tell someone just starting out as an entrepreneur? What have you learned along your journey?

The post Our Favorite Tips from Everyday Entrepreneur 2018 appeared first on Reconciled .

Business Preparation for Tax Season

Tue, 12 Feb 2019 18:00:00 GMT

The post Business Preparation for Tax Season appeared first on Reconciled .

What We Learned at QuickBooks Connect 2018

Fri, 01 Feb 2019 16:49:00 GMT

Reconciled CEO Michael Ly has attended QuickBooks Connect for the last several years. This past November, as a Global Firm of the Future Finalist, he brought along some of the Reconciled team as well as a representative from one of Reconciled’s clients.

While Reconciled did not win Global Firm of the Future (Congratulations to Cloud Bookkeeping Services!), the experience was enlightening for the team. It provided opportunities to learn, to be inspired, and to recognize all that we’ve achieved.

Becoming a leader brings perks and responsibilities

“The cloud accounting industry is growing and changing very fast. Since I first attended QB Connect four years ago, Reconciled has become an industry leader,” says Ly. “Intuit has done a great job at making QB Connect a perfect way for someone starting to set themselves up for success.”

“We’re ahead of the curve in a lot of ways,” says Emily McMahon, a marketing consultant that works with Reconciled. “And that brings a real responsibility to keep delivering to our clients and offering not just bookkeeping but advice on how to leverage the best tools.”

Alex Stark is co-founder and COO of Reconciled client Ogee , a luxury organic skincare line. He attended QB Connect alongside Reconciled as a QuickBooks Global Firm of the Future Finalist. “I felt really good that we’re working with Reconciled because I saw Michael constantly engaging with other people in the industry that are always trying to innovate,” says Stark. And in looking at the vendors there, “we saw that Reconciled has really found the best tech for us to integrate with.”

Business challenges remain

“The issues that accounting firms were dealing with four years ago are the same issues they’re dealing with today,” says Ly. “It’s still about keeping great employees, hiring millennials, improving your workflow, promoting your business — just with newer tools.”

Reassurance is helpful

Sometimes it’s useful not just to be inspired to change or grow. But, to be reminded to appreciate the change and growth you’ve already made. At the female entrepreneur’s panel, Petra Newara, a senior accountant with Reconciled, resonated with the recommendations from the panelist. Not because they were suggesting things she needed to do, but because they confirmed that the things she’s doing now are exactly the types of things that successful women everywhere are doing to get ahead.

She’s taking breaks to exercise and creating a schedule that works for her family. Which might mean leaving the office to go to the kids’ soccer game and then working in the evening.

Erin Byerly, Reconciled’s Accounting and Operations Manager, had the same experience on the other end of the spectrum. She left a presentation on client onboarding feeling reassured that it’s a tricky issue for everyone. Erin also left with some great ideas to implement once she got back to the office. She put them in place right away, and they’ve already helped streamline the process.

In-person connections are invaluable

Everyone on the Reconciled team appreciated the opportunity to meet business partners that they work with regularly but not in person. “The personal touch is irreplaceable. We’re all still human even in our integrated world,” says Newara.

We had a quick side meeting with our new rep from Receipt Bank,” says Erin Byerly, Reconciled’s Accounting and Operations Manager. She and Newara shared some of the ways Receipt Bank could help them better utilize the platform. “It was super productive,” says Byerly. “Getting that facetime can be really hard, so connecting with several different vendors at the conference was incredibly useful. We’re already seeing changes based on the meeting.”

Vision matters

Ly attended Bob Wang’s session on scaling your firm from 0 to 100 clients. While Reconciled has surpassed that benchmark, Ly saw Wang’s advice as a good reminder that not only do you need to clearly articulate your vision of what you want to build, you need to communicate that regularly and clearly to your team.

Bringing employees into the fold improves productivity

Stark took to heart a recommendation made by Dylan Lauren of Dylan’s Candy Bar, Simon Enever of Quip, and Jamie Siminoff of Ring at one of the mainstage panels. The heads of each of those companies share their finances with their employees. It helps their team understand the reasons behind what they’re doing.

Ogee implemented the idea after their last quarterly board meeting. They share the presentation they gave to the board with their employees. It’s already helped allow their team to understand why seeing just revenue numbers doesn’t always give the full picture.

Inspiration has real value

Everyone who attended from the Reconciled and Ogee teams felt energized by the conference, and they’ve brought that energy back to their desks.

“The keynotes were awesome,” says Byerly. To hear from these successful people about how they’ve overcome adversity — some of the members on our team that we’re trying to bring up into management positions would really benefit from the feeling there.”

McMahon says, “Seeing how QuickBooks has built and is leveraging this huge ecosystem was really inspiring.”

“It was really inspiring to see so many people there from other countries. Cloud accounting is truly a global industry, and they all want to be playing in the US market,” says Ly.

Stark left QuickBooks Connect feeling inspired, even though he’s not in the accounting industry. “It ended up being really useful,” says Stark. “I would go again even if we weren’t finalists.”
Join Reconciled at Quickbooks Connect 2019 this coming November.

The post What We Learned at QuickBooks Connect 2018 appeared first on Reconciled .

How to Report Tax Loss to the IRS

Tue, 29 Jan 2019 18:04:00 GMT

The curb appeal of homes and businesses has been impacted by Hurricane Michael on October 10, 2018. Reporting the tax loss to the IRS is part of the financial recovery process that the taxpayer will need to do in the 2018 or maybe the 2017 income tax returns. The Tax Cuts and Jobs Act (TCJA) signed in 2018 does change how casualty losses are reported.

In general, the TCJA raises the bar for claiming a tax deduction for a personal casualty loss by mostly eliminating personal casualty loss deductions beginning in the tax year 2018. However, if the casualty loss is a federally declared disaster and your property is in the declared disaster zone, the taxpayer can make a special election to report the loss in the preceding tax year of the loss. The election has to be made no later than six months after the federal filing due date for the year of the disaster not including extensions. Individuals claiming a casualty loss for personal-use property report casualty losses as an itemized deduction on Form 1040, Schedule A. When to report the loss is dependent on the individual’s circumstances, including:

Different tax rules apply to the 2016-2017 tax years compared to 2018 and beyond. So, to determine the best result for the taxpayer, each circumstance should be considered. The best evaluation method is to input the loss numbers in each year’s tax return and calculate the result.

Losses Exceed Income (Net Operating Loss)

Once the loss is reported in the proper year to maximize the taxpayer’s benefit, a net loss may be the result. Individuals, just like businesses can have a net operating loss, especially with reporting casualty and disaster losses. The TCJA eliminates the carryback of NOL’s to a previous year. It does allow for a carryforward to future years without an expiration period.

Retirement Plan Used for Disaster Recovery

The IRS has made provisions to relax regulations relating to Retirement Plan Hardship Distributions. 401(k) plans and similar employer-sponsored retirement plans can make loans and hardship distributions to victims of both Hurricane Michael and Hurricane Florence. And, members of their families may also be eligible. A person who lives outside the disaster area can take a loan or distribution for assistance to a son, daughter, parent, grandparent, or another dependent who lived or worked in the disaster area. The ‘relaxing regulations’ means that the taxpayer will be able to access their money in the retirement plan easier and faster. Although access to the retirement plan money is much easier, the tax treatment of loans and distributions remains unchanged. Loans are typically not taxable, but distributions are subject to a 10-percent early withdrawal tax.

Calculating the Loss

The taxpayer will need to compile records to support the amount of the loss deducted. The loss to be reported is the smaller of:

The adjusted basis of property is generally the purchase price and adjustments for events. Such as an increase due to improvements. The FMV is generally the value that the property can be sold. The FMV will have to be determined before the casualty and immediately after the casualty. Without an appraisal of the property to provide the decrease in the FMV caused by the casualty, the actual cost of the cleanup and repairs can be used to determine the amount of loss. This is a safe harbor method available for determining the casualty loss from a federally declared disaster. A safe harbor method is also available to help determine the casualty loss for personal belongings.

The calculated casualty loss figure will also need to be decreased by any insurance reimbursements that have been received or expected to be received. Insurance payments received to cover living expenses. But only when the use of the main home is lost does not reduce the casualty loss. If the insurance reimbursement is more than the adjusted basis in the property then a gain will be reported and may be subject to tax.

Hopefully, this explanation helps with the basics of reporting an individual personal property-casualty loss. Many resources can be found at IRS.gov to assist with questions. Also, you may want to consult your current CPA, or you can contact Reconciled .

The post How to Report Tax Loss to the IRS appeared first on Reconciled .

Meet the Bookkeeper: Petra Newara

Wed, 09 Jan 2019 08:23:00 GMT

If you were a business owner meeting Petra Newara for the first time, you’d want to ask her two things: where she last traveled (so she can give you insider tips for your next international vacation) and what common-sense changes you should be making in the financial management of your business. With an MBA in Economics, International Relationship and Diplomacy from the University of Economics in The Czech Republic and over a decade of experience providing in-house bookkeeping and accounting services to US companies, Petra approaches her clients with both a seasoned pragmatism and a passion for excellence.

Petra joined the Reconciled team in 2017. As a senior accountant, she handles the bookkeeping needs of some of our largest clients, those with the most complex bookkeeping and accounting systems. And her depth of experience allows her to provide an advisory function to those clients as well.

Working in a bookkeeping firm rather than embedded within a company isn’t always easy for someone who values precision as much as Petra does. In her previous roles as an employee of an individual company, she had unlimited access to all the information she could want — working day in and day out with the same business team.

Now, operating on what Petra calls “the outside of the circle,” there are limits to the information to which she has ready access. That limitation can be challenging. “I sound like a control freak,” she says, laughing. But Petra sees the benefits of working with multiple clients — both for her and for the businesses she helps. Less control also means greater flexibility to think outside the box and the opportunity to use lessons learned from one client to help improve outcomes for another client.

Petra also enjoys the constant learning that comes from working with clients that are “ever-changing, evolving, and growing.” Her only option is to grow alongside them, and she genuinely enjoys it. With a healthy dose of pragmatism and common sense, Petra works to give her clients the big picture — enough information to help them make informed decisions but not so detailed and complex that they get mired in the bookkeeping details they were trying to handoff in the first place.

In the midst of all that heavy brainwork, Petra stays active. “Because of the intensity of the tasks,” says Petra, “I have to work in chunks.” In between, she moves — biking, running, yoga, ballet. Working remotely allows her to create a schedule that accommodates that kind of active lifestyle and to travel extensively while still keeping up with her client’s needs. With most of her family back in Europe, Petra, her husband, and their two girls spend a month each summer in Prague.

Interested in her current travel recommendation? Petra was recently in Venice and got to see the Miramare Castle, built in the mid-1800s for Austrian royalty. “I grew up with history and cobblestones and gorgeous architecture everywhere. I was still wowed by it.”

The post Meet the Bookkeeper: Petra Newara appeared first on Reconciled .

Five Ways the New Tax Code Will Affect Your Small Business

Fri, 04 Jan 2019 19:41:00 GMT

It’s 2019! And with the start of the New Year, comes a new tax season!

With the newly enacted Tax Cuts and Jobs Act (TCJA), nearly every business’s bottom line will be affected differently. The differences are from previous years with the changes to the tax code.

1. Deductions

New provisions and hefty changes define this section of the new tax code.

Depending on the income and type of business, you may now be able to deduct up to 20% of qualified business income.

There’s also a change in limits of deductions for meals and entertainment. You can continue to deduct 50 percent of a business meal, but with stricter requirements. Entertainment must be billed separately from food or drinks. The entertainment expense deduction is eliminated.

2. Depreciation

From now until 2023, TCJA allows 100 percent bonus depreciation for qualified property acquired and placed in service after 9/27/17 and before 1/1/2023. Section 179 election for depreciable business assets increased to the maximum deduction of $1 million. The phase-out threshold is now at $2.5 million.

3. Changes to fringe benefits

TCJA has prohibited cash, gift cards, and other non-tangible personal property as an employee achievement award. But it is awarding employers that offer paid family and medical leave credit. The qualified bicycle commuting reimbursement is included in gross income and wages for commuting reimbursements. Moving expense reimbursement are also to be included in employees’ wages.

4. Business structure and accounting methods

In the past, if your business had an average annual gross receipt of $5 million or less, you could use the cash method of accounting. Now, the TCJA has expanded this to $25 million.

5. Opportunities for investments

The TCJA offered benefits to investors in specific opportunity zones as well as a 20 percent credit for rehabilitating certified historic structures.

The new tax code can be a bit confusing for those outside of the accounting industry. With help from an experienced accountant, you might find that your business will greatly benefit from these new laws. Reconciled can help you get your business’s finances in order for tax season. We can also help ensure you’re compliant with the new laws.

For more information on the new tax laws, visit https://www.irs.gov or contact us today!

The post Five Ways the New Tax Code Will Affect Your Small Business appeared first on Reconciled .

From the CEO: Learning To Do Less

Wed, 19 Dec 2018 08:00:00 GMT

The concept that you could realize huge success by learning to do less is fairly pervasive and awfully seductive.

In fact, I seduced you into reading this article by using that concept in the title. We all want to believe there’s a magic trick that would allow us to achieve the things we want while spending more time watching movies or going for long hikes with friends – you know, learning to do less work.

It’s not that you can’t ever do those things, but the truth is that no entrepreneur or business owner succeeds by learning to do less overall. What does lead to great success?

Doing less of the things that don’t meet your true value and doing more of the things that do.

For the owner of a business, entering numbers into a spreadsheet or updating social media channels are rarely activities that meet your true value. So how do you orient your day and your business so that you’re spending more time on the big picture projects and strategies that will lead to growth and learning to do less with the day-to-day activities that keep your business going?

Delegate where you can

Because the day-to-day activities of your business have to keep happening, the only way for you to learn to do less of them is for someone else to do more of them, aka delegating.

Passing along a task to someone else gets it off your plate, but you could actually experience a bigger benefit. An employee or contractor who excels at the tasks that aren’t your core strengths can often see improvements where you can’t. They’re operating in their prime skill zone whereas you were simply doing a thing that needed to get done.

That’s exactly what Reconciled does for our clients. We encourage them to let go of the accounting and bookkeeping tasks (our core strength) so that they can spend their time and energy focusing on their core strength, whether that’s developing a new beer recipe or perfecting their latest app.

Create systems

As an accountant, you’re probably already a pro at systematizing. After all, part of your job is identifying items or processes that are repeatable and can be documented.

But if you haven’t created systems, you’ll need to make space in your schedule to define the processes that make up the role or tasks you’re planning to delegate. Depending on the skillset of the person you hire to take over the task, you may be able to rely on them to create systems for you.

Unfortunately, I find that a lot of business owners have trouble trusting that someone else can do it better than they can.

I tend to assume that, if given the responsibility, most people will try their best and that any potential failure serves as a useful learning experience. But my approach doesn’t feel comfortable for everyone, and that’s where systems can be really helpful.

You can mitigate the risk of failure by thoroughly documenting your processes. If you have a well-documented process, you’re less dependent on an individual’s particular competencies. As long as they can read or use a computer, they should be able to follow the process you’ve created.

Plan for your time

Often when business owners delegate a task, they fail to take a really important pre-delegation step. They don’t set goals or create a plan for how they’ll use that newly available time.

If you wait until you have free time to decide what you’re going to do with it, you’ll just end up filling it with the most urgent thing that needs to be done at that moment. And chances are, that urgent thing doesn’t meet your true value.

Besides, setting a goal will help motivate you to take the steps necessary to delegate.

Use technology to automate

Delegating a task doesn’t always require another person. Sometimes technology can provide the automation that saves you time and avoids spending your mental energy on things that don’t really need your attention.

For instance, at Reconciled we started using an app called Zapier that allows you to configure a sequence of actions based on an initial triggering event. Whenever a new Reconciled customer signs a contract, Zapier automatically creates an internal Slack channel for that client and sends an email to the customer and the bookkeepers involved as well as to our sales team to begin the onboarding process.

Without that automation, someone would have to monitor that process for every new client to make sure things were progressing appropriately.

While all of these steps will help free up your time to focus on the big picture actions that will grow your business, they’ll also help your business and your employees perform better day-to-day. And they’ll make hiring and training new staff easier and more efficient since everything they need to know will be captured in documented systems rather than in someone else’s head.

Doing less probably won’t move your business forward. But learning to do less of the stuff that doesn’t meet your core strengths and more of the stuff that does? That will set you on the path to success.

The post From the CEO: Learning To Do Less appeared first on Reconciled .

From the CEO: Learning To Do Less

Wed, 19 Dec 2018 08:00:00 GMT

The concept that you could realize huge success by learning to do less is fairly pervasive and awfully seductive.

It’s not that you can’t ever do those things, but the truth is that no entrepreneur or business owner succeeds by learning to do less overall. What does lead to great success?

Doing less of the things that don’t meet your true value and doing more of the things that do.

Delegate where you can

Because the day-to-day activities of your business have to keep happening, the only way for you to learn to do less of them is for someone else to do more of them, aka delegating.

Create systems

As an accountant, you’re probably already a pro at systematizing. After all, part of your job is identifying items or processes that are repeatable and can be documented.

Unfortunately, I find that a lot of business owners have trouble trusting that someone else can do it better than they can.

Plan for your time

Often when business owners delegate a task, they fail to take a really important pre-delegation step. They don’t set goals or create a plan for how they’ll use that newly available time.

Besides, setting a goal will help motivate you to take the steps necessary to delegate.

Use technology to automate

Without that automation, someone would have to monitor that process for every new client to make sure things were progressing appropriately.

The post From the CEO: Learning To Do Less appeared first on Reconciled .

3 Things You Can Do with Dext Besides Scanning Receipts

Tue, 18 Dec 2018 17:12:00 GMT

If you’re a small business owner already using Dext, you may see the software simply as a receipt scanning app that lets you keep track of receipts easily.

While it definitely excels in that respect, this accounting app can do more than just scan in your receipts. Here are 3 other things to do with Dext (formerly Receipt Bank) besides scanning receipts.

It’s a Mini Back Up Storage

Dext stores all the receipts and invoices that you put into the app. You can rest assured that those documents are both safe from prying eyes and also safe if your physical copies get destroyed. Dext stores all your data for 7 years according to global tax authorities. So, the app actually works as a backup in case the worst happens.

Dext Allows for Co-Branding

Keeping your brand front and center is important in every aspect of your business. If you have clients or customers who log in to Dext to send you invoices, you can co-brand completely free. This means the first thing your clients see when they log in is your logo. This allows them to never forget who they’re doing business with.

It Sends an SMS Invite

Besides scanning receipts, you can also invite your clients to invoice you through Dext. Luckily, it’s also super simple to send them an invitation. Dext’s SMS Invite function is coveted for its simplicity. The app sends a unique download link through a text message. All your client needs to do, is fill in login details, and they can easily invoice you.

If you want more information on what Dext can do to enhance your business, besides scanning receipts, contact us today. We can take away the bookkeeping burden, so you can focus on growing your company.

The post 3 Things You Can Do with Dext Besides Scanning Receipts appeared first on Reconciled .

3 Accounting Topics to Focus on as 2018 Comes to a Close

Fri, 14 Dec 2018 19:30:00 GMT

The is almost over, so you are most likely closing out your books for the corporate income tax return and finalizing financial statements for the year.

Accounting topics like these are something we enjoy to make sure the books and records are nice and tidy. The resulting neat and completed year-end package is a pretty curb appeal but requires a lot of foundation building and organizing sourced documents. Below is a review of a few of the important year-end topics to help you with the final preparation of 2018 financial records.

Preparing for Annual Income Tax Return

In the event of an IRS audit, the business will need a paper or digital records to substantiate the reported figures claimed on the tax filing form. Retaining receipts is very important to support business expenses, especially if the transaction was conducted using a credit card. The credit card statement itself will not provide adequate support.

Accounting Topics for Mileage Log

Keep a business mileage log. If you are using personal vehicles for business purposes this log will provide the basic support needed for the deduction. This log should include:

By keeping an accurate mileage log you are entitled to a deduction for those miles.

Taxpayers may qualify to use the optional annual issued standard mileage rates for calculating the deductible cost of operating an automobile for business, charitable, medical, or moving expense purposes. The 2018 standard business mileage rate is adjusted to 54.5 cents per mile. Unreimbursed employee travel expenses which are reported as a miscellaneous itemized deduction are suspended for taxable years beginning after December 31, 2017, and before January 1, 2026. The deduction for moving expenses is also suspended for the same taxable years. Activity duty members of the armed forces of the United States may qualify for an 18 cents per mile deduction.

Client and Prospect Business Meal Deductions

As of the date this article is prepared, the IRS has not issued proposed regulations on business meal deductions under the Tax Cuts and Jobs Act nor have they listed any new or changed standards. The proposed regulations should provide details for what records will be needed for providing support. Meanwhile, documentation should provide proof of payment and occurrence.

Maintain receipts to support business meals and entertainment expenses. These receipts should include:

Often business expenses are overlooked when they are paid from personal funds. To help prevent this oversite, use one credit card exclusively for business purposes which will also support proof of payment.

You may deduct 50 percent of your client and prospect business meals if the expense is:

Hopefully, these accounting topics will assist you to prepare for your 2018 income tax returns and be audit-ready if needed. If you need help with your business taxes, contact us !

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From the CEO: The Future of Blockchain in the United States

Wed, 05 Dec 2018 08:00:00 GMT

I participated recently in a blockchain panel held by the Vermont Technology Council as part of Vermont Innovation Week 2018.

I was joined on the panel by Chris Day, business advisor to RapidQube; Ethan McLaughlin, partner at Gravel & Shea; and Josh Decatur, founder and CEO Trace. I’ve long been fascinated by blockchain technology — especially its potential for disrupting the accounting industry — and I recently received my certification as a blockchain expert from Blockchain Council . I wanted to share here some of the insights from the panel and what I think the biggest opportunities and challenges are for the United States as we dive deeper into this innovative technology.

What is blockchain?

Blockchain is essentially a decentralized distributed ledger. In opposition to our current financial system, where information about your funds is held in a centralized location (i.e., your bank), on the blockchain, the information is spread out across a network of computers. All of these computers are updating the information consistently and simultaneously. So, if you spend $20, every participant in the network is automatically aware of the purchase. As opposed to the current system, where the retailer that received the $20 payment has to contact the bank to see if you actually hold the funds to provide that payment.

Why all the hype about it?

Blockchain provides greater transparency and the potential for a higher level of trust in the information because everyone agreed upon it. Would you be more likely to trust a single person who told you that they saw your dog eat a cupcake off the table during a housewarming party or 20 people who were all in the room and saw it when it happened? That’s part of the power of blockchain.

Is it here to stay?

Blockchain transactions are happening all over the world as you read this, and the technology isn’t going away. But, it is a bit slower to take hold in the United States, where we place a higher premium on privacy. We assume non-disclosure of our financial information until we provide voluntary disclosure. So for instance, we assume that our bank account information will remain private unless we give access to, say, a mortgage loan application. In many other countries, voluntary disclosure isn’t necessary because the government has already created built-in direct access where they can see everything that’s happening in a person’s bank account without getting their permission. In the US, we would probably characterize that as privacy intrusion, but it’s the expectation in many countries. In those places, it has proliferated more quickly — in part because the privacy concerns that exist among Americans about a financial system that includes a high level of transparency simply don’t exist there. But, that doesn’t mean that in order to grow the use of blockchain in the United States we have to give up all our expectations around privacy.

Making blockchain work for us

Both public and private blockchains can create protocols that define user rights to information so that everything isn’t transparent and available to everyone all the time. As the governance of it becomes a bigger issue, different blockchain protocols will battle against each other to become the standard. The winner will be the most efficient, accessible, and affordable. Because the government is traditionally too slow to catch up with technological changes, we’ll likely end up seeing blockchain standards set by a voluntary governing body — like the AICPA governs public accountants. While blockchain has applications across industries, those of us who work in the financial field would be wise to learn all we can about the technology and begin strategizing about how we’ll use it to innovate in our own businesses. Read more articles by Michael Ly.

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How to Get Business Funding

Wed, 28 Nov 2018 07:00:00 GMT

You could read an article every day about an entrepreneur who got their “big break” when they received a huge chunk of investor money.

Investor money is less typical for most entrepreneurs — #everydayentrepreneurs , we like to call them. So, if everyday entrepreneurs don’t get their funding from investors, how do they get business funding? They do so from their local lenders through small business loans.

And even those that get angel or venture money have often already taken out loans. Building a business that has the capacity to get you loan money won’t just result in the benefit of more cash in your bank account. It’ll help you create a business that’s more likely to succeed.

We talked to a couple of lenders in our local community — Burlington, Vermont — to find out what it takes to get business funding.

Build a relationship

Of course, having a stellar application package is a great way to secure a loan, but building a package that has the best chance of success often requires reaching out before you have the whole thing put together.

Have a business plan to get business funding

What is one of the first things a lender will tell you that you need? A business plan.

Branon strongly encourages entrepreneurs to take advantage of free resources, like their local small business development centers or SCORE.

Business owners with two years of company tax returns may not need a business plan, but, Branon says, it’s never a bad thing to have on hand.

A business plan helps you identify those places where you need additional work.
Your business plan will need to have three years of financial projections, month-over-month revenue and expenses detailed out (aka, how you’re going to be able to repay the loan), and an indication of the entrepreneur or business owner’s personal investment.

Be prepared to provide collateral and a guarantee

Entrepreneurs may not realize that even if they create an LLC, the entrepreneur has to guarantee any loan to get business funding. Most banks and credit unions require any 20% or greater owner to be a personal guarantor of the loan.

That means that if the business isn’t able to make the loan payments, the entrepreneur is personally responsible.

Of course, one of the ways lenders ensure that they’ll get a return on their investment is to require appropriate collateral. For instance, someone building a manufacturing facility might provide the equipment being purchased as the collateral — or the receivables that they’re creating, the future goods.

Lending institutions get pretty detailed about how funds will be used. They rarely let money out the door without having the invoices in hand, and then they’ll pay the money directly to the vendor.

Don’t do it all yourself

Reconciled isn’t the only advocate of focusing on your strengths and hiring experts in the other areas of your business.

In addition to working with local resources, Branon loves to see an entrepreneur working with a bookkeeper or accountant .

What if you get turned down?

Okay. Getting turned down is never what you want, but it happens all the time. And it doesn’t mean the game is over.

In fact, there are lenders out there that won’t even talk to you until you get turned down. So, congrats! You just opened up a whole new lending pool.

Heather Hurlbert is a loan officer with Community Capital of Vermont. They’re a non-profit, mission-based lender, and they’re not regulated by a financial institution. That means they have a lot more flexibility in terms of when they can lend, and they typically focus on business owners that are low to moderate-income, women-owned businesses, minority-owned businesses, or businesses that don’t have a lot of collateral or where the owner has previously gone through bankruptcy or had personal financial troubles.

They also don’t lend out the amount of money that a traditional bank or credit union would — their cap is $100,000.

Even if you’re working with an alternative lender like Community Capital of Vermont, you’ll still need a solid plan for how your business will pay back the loan.

A volunteer loan committee from across the state reviews all loan applications that come into the Community Capital of Vermont. The committee is made up of small business owners, accountants, and bookkeepers.

For many entrepreneurs and small business owners, local lending institutions are more than a possible source of funds. They’re partners in helping businesses understand their market and reach their goals.

Starting relationships with lenders in your community early in your startup process will help ensure you’re on the right track toward getting business funding and creating a business that can succeed. And if you get turned down for a loan with a traditional lender, ask about local alternative lending institutions and other free resources that focus on entrepreneurs like you.

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Meet Your Bookkeeper: Cayenne MacHarg

Wed, 21 Nov 2018 08:00:00 GMT

“I see a little bit of my parents in all my clients,” says Cayenne MacHarg, a bookkeeper with Reconciled. Even though she doesn’t own a small business herself, Cayenne brings an appreciation for the demands that business owners face to all her clients. Growing up with parents who were small business owners in Vermont allowed her to see the day-to-day life of a business owner up close.

“People like to joke about accounting being soul-crushing and boring,” says Cayenne, “but it’s really strangely satisfying. Their financial health is a critical component of whether a business succeeds.” For Cayenne, the ability to work with different clients in unique situations keeps things constantly interesting and challenging. “You get to work as part of a team with the business and figure out the system that works for them and you. It feels good to be that close with a business, to help them puzzle through a tough time and then walk alongside them during their successes.

Cayenne didn’t start with a plan to be a bookkeeper, but when a friend suggested that she might enjoy it — and be good at it — Cayenne left her food sciences degree behind and took over the bookkeeping for her parents’ businesses. Eventually, she left her parents’ company to work for their CPA, providing small business services and doing payroll and bookkeeping. At the CPA firm, Cayenne built a deep knowledge base for the work she does now. After spending a year working as an in-house bookkeeper at a startup, she joined the Reconciled team in 2016.

All of Cayenne’s current clients are involved in the food and beverage industry, but they each have distinct challenges. Cayenne works closely with them to help navigate questions like charging the appropriate sales tax, referring them to an accountant when necessary. Making sure her clients feel well taken care of is crucial for Cayenne, so while she promises to respond to emails within 24 hours, she also happily hands out her cell phone number for urgent texts. Her clients, she says, are wonderful, considerate people. No one has ever abused that privilege.

Reconciled’s work-from-home flexibility is one of the things that drew Cayenne to the company, but she often finds herself heading into Reconciled’s headquarters. With three kids under seven at home, she gets more work done at the office. On the weekends, she takes advantage of everything Vermont has to offer — running, biking, hiking, and skiing with her family.

After growing up with business owners and now providing bookkeeping to them, Cayenne is still in awe of the Vermont business community. “When you own a business here, you become part of a community of business owners, and you also build your own community around your business. There’s nothing like being able to be a part of that.”

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Small Business Budgeting and Cash Flow Management

Sat, 17 Nov 2018 09:30:00 GMT

Small business owners know the importance of cash flow management.

One of the biggest sources of working capital is cash flow management. Sometimes the challenge of keeping up with routine bills along with unexpected expenses creates a problem. For some, not having funds at the right time can lead to insolvency and bankruptcy. A little ingenuity can keep a small business afloat.

Make It Work for You

You know the old adage: the only constant is change. The same goes for your business. Just because things are how they are today doesn’t mean they have to (or will) remain that way.

As a small business owner, being flexible will help you make changes to fit your current financial situation. Your cash flow is not static, and it can be improved by changing your dealings with consumers, vendors, and other businesses.

Seven Cash Flow Builders

These ideas on budgeting and cash flow management won’t work for every business. However, businesses can apply at least one of these seven cash flow ideas to their current or future plans. What’s most important is that you understand the importance of cash flow management and are prepared to adapt to make ends meet.

Contact us for more ideas on cash flow management for your business or let us take the burden of accounting off your plate, so you can dive into the numbers.

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From the CEO: Why I Recommend Veem to My Clients

Tue, 13 Nov 2018 17:15:00 GMT

Many of the entrepreneurs and small businesses we work with at Reconciled do business all over the world, and they look to us not just for their bookkeeping needs but for guidance on creating systems and processes that provide them greater efficiency while ensuring security of their financial assets.

When I was recently introduced to Veem — an app that allows businesses to easily pay invoices domestically and internationally — I was delighted to begin recommending it to my clients.

Why?

Because if you can Venmo money to your friends after they cover brunch, a business shouldn’t have to go through a cumbersome wire transfer process to pay an invoice. Why can’t they make their payments with the same ease and security as an individual?

Veem also uses blockchain to manage half of its payments. Since I’m fascinated by the way blockchain is disrupting the accounting industry and was recently certified as a blockchain expert, I’m excited to get on board with companies that are using the technology.

After connecting with some of the folks from Veem, I got the opportunity to interview Sean X, Vice President of Marketing at Veem about what’s driving this innovative company.

Michael Ly: Earlier this year Veem announced that your users can now send money to and from over 90 countries. How many more countries does Veem expect to introduce by year-end?

Sean X: 2018 has been a big year for us, and it’s not over yet. We’ve significantly expanded our operations and are now able to service 96 countries. We not only want to expand to more locales, but we’re also always looking to improve payments to our existing countries by making them faster, and more efficient.

ML: We’ve noticed Veem’s partnership with other online bookkeeping and accounting firms similar to us. What do you think has made you so popular among accountants?

SX: Accountants like Veem because we present an easy solution to a long-standing pain point: international payments. Our fast and personalized service, secure payment rails, and easy processes allow accountants to offer the best solution to their clients’ wire transfer woes.

Accountants have tolerated an assortment of international payment options for their clients. Wires, off-currency paper checks, and more. None were the right fit for their needs. Before Veem, there was no concise, robust solution that everyone could use.

Our platform goes one step further by integrating directly into accountants’ GL, becoming part of their own service offerings. This is a necessary step, as the accounting industry moves toward cloud-based and outsourced bookkeeping. Their clients want a more global approach, and this is the best way forward.

ML: With technology changing so rapidly, how are international payments still a major problem for small businesses?

SX: Small businesses play a very important role in the US economy, and yet their needs are often ignored. Banks tailor their services to big companies, especially when it comes to lending and global transfers.

High transaction costs, the inefficient SWIFT system, unfair foreign exchange rates, and unnecessary wait times are just a few of the pain points plaguing small businesses when sending international wire transfers. Veem is putting a stop to that.

ML: What inspired the founder of Veem to solve this problem?

SX: Technology is driving small businesses to expand and outsource their operations into global markets. But, they’re being stifled by outdated and obsolete bank wires that are fundamentally broken.

Marwan Forzley, Veem’s co-founder and CEO, has a long history with eCommerce and mobile payments. He founded Veem because he wanted to provide an easy, fast, and secure payment method that helps small businesses thrive in a new, global economy. He also found it got rid of an outdated system that favors the big guys.

ML: Veem is one of the few apps in the Quickbooks Online ecosystem that includes blockchain technology. Can you briefly explain how that is used in your app?

SX: Veem uses a unique multi-rail technology structure to send payments across the globe. Veem’s payments algorithm intelligently factors in location, speed, and potential cost to the user for any particular payment. Once the information is gathered, our system chooses one of our three rails that will make the payment travel as seamlessly and securely as possible.

Blockchain technology is one of these rails. Currently, 51% of our transactions are sent using blockchain. It’s simply one of the most secure, fast, and cost-effective ways to send and receive funds internationally.

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10 Tech Tools We Recommend for Online Services Businesses

Thu, 27 Sep 2018 08:58:00 GMT

I wanted two things when I started building Reconciled.

I think we’ve hit the mark with both, and we’re getting better every day.

So what tech tools are in our toolbox?

QuickBooks Online

As an online bookkeeping business, QuickBooks is at the top of our list. We manage QuickBooks Online accounts for our customers, and we use them for our own invoicing and financial management. It’s the best program out there for small businesses because it’s effectively balancing the growth that allows it to provide plenty of apps and connections to other programs while remaining agile enough to respond quickly to changing customer needs. We absolutely love the free online ACH payments feature and memorized customer invoicing.

Bill.com

With Bill.com, you can make your entire accounts payable process electronic. It’s like Paypal for businesses – but better. The program sends an approval request before making payments and keeps an audit trail. As an accounting professional, I highly recommend using a technology that creates an easy-to-use trail of your financial activity.

Dext

Every small business needs a way to keep track of expenses, and typing it all into a spreadsheet when you get back to the office takes too much time and creates too many opportunities for error or forgetfulness. The Dext app is right there on your phone and syncs with QuickBooks Online. It couldn’t be easier.

Expensify

Creating expense reports seems to be everyone’s least-favorite task, and our employees are no different. With Expensify, an employee can easily submit receipts to be reimbursed, and the direct deposit of their reimbursement is completely automated. So it’s a win-win for the employees and the business owner.

Slack

The reconciled team is completely remote, so we need ways to connect online that are more functional than an email thread. With Slack, I’m able to facilitate conversations with groups of employees or contractors. I can have a separate channel just for administrative issues or a particular client or bring everyone in for general issues. It’s a bit like running into someone in the hall and chatting briefly, but it’s all online.

G Suite

I set all of my employees up with a Google account. Besides using basic functions like email and calendar, we create and upload documents and files to share. The functionality is so improved over the days of sending giant attachments.

Zoom

Video conferencing is critical for an online services business, especially one like ours with remote workers. A phone call is great for relaying a bit of information, but a video call lets you feel more connected to the person you’re talking to. Zoom calls have great quality, and inviting people to join is easy.

Hubspot

With all the day-to-day work of running a business, marketing can fall by the wayside pretty quickly. We were keeping up with things to some extent but didn’t know whether we were getting a return on our investment. Hubspot helped us automate our processes and analyze our performance so we can put our dollars where they give us the most benefit.

Practice Ignition

If you’re in the business of seeking out new clients, then you probably create a lot of proposals. Practice Ignition is an online proposal system that automates the engagement letter process for services businesses. It has saved us a ton of time and creates sleek proposals. It’s geared toward online accounting businesses, but I think any services business could benefit from it.

Weebly

Every online services business needs a great website, and if it’s one you can easily update on your own (for free), that’s even better. Weebly has modern templates with drag-and-drop functionality, and it provides analytics. Eventually, you might want to upgrade to a system that you can customize a bit more, but if you’re just starting, this is the way to go.

We’re always interested in new tech tools that help businesses become smarter and more efficient. Let us know what tech tools you’re using that keep you at the top of your game.

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Reconciled Honored as Intuit’s 2018 US Firm of the Future

Wed, 12 Sep 2018 11:00:00 GMT

Reconciled (formerly Reconciled It) has been chosen as Intuit ’s 2018 US Firm of the Future.

The Firm of the Future contest, now in its fourth year, searches across the globe for the most future-ready and forward-thinking accounting, bookkeeping, and tax firms. Winners showcase how they see the value in the cloud. Also, how they utilize business models to better value their expertise and grow their practice with modern marketing techniques.

Reconciled received a $5,000 prize as an awardee and will now compete against the four other finalists (from Australia, India, the UK, and Canada) to win a $25,000 grand prize and the title 2018 Global Firm of the Future.

Each Firm of the Future is honored alongside one of its clients. Reconciled’s co-honoree is a local startup, Ogee . They are a luxury organic skincare company that will also receive a $5,000 prize. The companies began working together when Ogee won LaunchVT, the Vermont entrepreneurship competition. They received bookkeeping services as part of the prize package. Ogee has remained a Reconciled customer.

Intuit will send a videographer and producer to Reconciled’s Burlington offices to film a high-quality video entry for Reconciled’s entry into the Global Firm of the Future Competition. That event will culminate at the QuickBooks Connect Conference November 5-7, 2018 in San Jose, California.

Reconciled opened its doors in Burlington in 2015. They utilize the most innovative, best-in-class digital tools to provide online bookkeeping services to entrepreneurs and small business owners nationally and internationally. The company has grown to a staff of over 16 dedicated professionals, with offices in both Burlington, VT, and Charlotte, North Carolina.

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From the CEO: Why Using Dext is Smart Business

Mon, 20 Aug 2018 08:29:00 GMT

With every new client we bring on, my primary missions are the same: to make their financial processes easier and to help them reach their financial goals.

Using Dext (formerly Receipt Bank) can help! Invariably, the issue of paper comes up. When most people think of bookkeeping, they probably envision stacks of spiral-bound ledgers and someone inputting piles of checks into a spreadsheet. But that’s the bookkeeping of decades ago.

Today’s bookkeeping is — or at least, should be — streamlined and efficient. Helping our clients go paperless is one of the best things we do for them. Using Dext can allow clients to head towards the paperless route.

By going digital, we allow them to remove the friction that existed when they were working with paper documents. They now have a centralized location where their documents can be stored and accessed by their whole team. Employees don’t have to be in the office next to a filing cabinet. They can minimize their space footprint and the costs associated with paper.

Of course, we can’t just tell our clients that going digital is a good idea. We have to provide them with the means to do it easily and effectively. I chose Dext as our digitization tool because it’s easy to use. Also, it has a mobile app, and its OCR (ability to recognize the characters on documents) is simply the best out there.

We provide Dext as part of our package for every single Reconciled customer. We want it to be easy for customers to digitize paper and email documents so they can quickly get source documents into their accounting workflow. Using Dext is a central piece of our overall bookkeeping experience.

So, I was delighted to speak on a panel recently with Damien Greathead , Vice President of the Global Accountants’ Program at Dext. And he agreed to answer some of my questions about the company and why using Dext is so great. Think of this as a little inside look at an invaluable business that’s on the rise.

Michael Ly: Where do you see the future of accounting technology headed?

Damien Greathead: First, we have to automate as much as possible. Currently, there are a lot of manual processes in the accounting function. So, we need to connect applications to source all the relevant data. Then, we get to work preparing for an accountant’s review.

Once that is done, we can focus on providing insights into that data — helping business owners better understand the numbers behind their business. Technology will allow more and more of this to be done in real-time, the net effect being better business communities.

ML: What impacts do you see apps like Dext having on accounting firms?

DG: You can’t create or destroy time, so apps like RB unlock that time. The time that was associated with collecting and preparing/processing and managing all of that information can now be reallocated to more valuable tasks. Tasks like winning new clients, spending more time with your best clients, or just helping restore some work-life balance.

ML: Do you think clients’ experience of using accounting firms will change because of apps like Dext?

DG: I hope they expect more from their accountant and they use accountants to help shape the future of their business, rather than be the scorekeepers for compliance purposes.

ML: How do you recommend that accounting firms adopt a tool like Dext?

DG: First and foremost, using Dext in your own firm to get your paperwork/books organized. Then you’ll better understand the benefits and be able to communicate those benefits to clients.

Next, use it to take care of the piles of paper currently in your office. No need to change client behaviors yet, but you can certainly enjoy the benefits across more and more of your clients.

And finally, start to segment your clients. Who wants to be mobile-first? Who loves real-time information? These will be your first candidates to get on the mobile app.

ML: How do you view Dext’s competitive advantage compared to other document capture tools out there?

DG: The turn-around time and accuracy are what immediately separates us from the competition. But it’s also the bookkeeping tools that we’re developing — smart automation rules that not just recognize the data but prepare it for your review. We also want to help accountants and their clients better manage their data. So, our archive makes finding documents a breeze, compared to other folder-type document systems. And finally, our management dashboard that sits over the top helps firms better manage their Work in Process in the virtual/cloud environment.

ML: You guys raised $50 million a few months ago – what are you hoping to focus on with the money you raised? How will that serve accounting firms and their clients?

DG: A big thing is bringing key functionality to the table sooner. Previously we had a one-by-one approach to product development. However, now with additional resources, we can develop improvements in tandem with others. So, you’ll see a faster cadence of new capabilities. For example, our invoice fetch, our bank statement fetch, and our expense approvals have all happened in a much shorter time span than ever before.

And then, we now have resources dedicated to bringing Artificial Intelligence to life. We have access to a ton of data via their source documents, now what insights can we bring to the table to help accountants and bookkeepers help their clients by using Dext.

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Meet Your Bookkeeper: Justin Sargent

Mon, 30 Jul 2018 07:49:00 GMT

Puzzling out a solution to a complex problem.

It’s one of the things Justin Sargent most enjoys. He’s a gamer, which in 2018, could mean a lot of things. For Justin, it means that he enjoys all types of games — board games, video games, tabletop war games — anything where he gets to dig in deep and solve a problem.

He carries that appreciation for problem-solving into his work at Reconciled It, where he’s been a bookkeeper since 2015. “You can reconcile an account, and then everything’s matching,” Justin says. “There’s also problem solving and troubleshooting that’s comparable to putting together a puzzle. That can be really satisfying.”

Bookkeeping wasn’t Justin’s background. He graduated from Duke University with a BA in the classics and a minor in English. He spent a few years working in retail and customer service but was missing the intellectual stimulation — and the stability — that can come from a solid day job. He’d always been good at math, so he got an accounting certificate from Champlain College and landed a job as an accounts payable clerk for a local grocer.

A few years later, he came across an ad for a remote bookkeeper with an online bookkeeping startup called Reconciled It. He’s been with us ever since.

Over the last three years, Justin has built a particularly relevant specialty — e-commerce accounting. With virtually anything available online, the world of e-commerce seems to be on a never-ending trajectory upwards. And the accounting and bookkeeping issues e-commerce companies face aren’t necessarily the same as your traditional brick and mortar retailer.

An e-commerce company has the potential for an enormous — perhaps infinite — number of transactions every day. And if they’re selling through multiple platforms, that data is all held in different locations and compiled in different ways. A bookkeeper working with an e-commerce company has to understand all the tools the company is using, find the relevant reports, and input them into the correct places in QuickBooks — and they need to do it accurately and quickly.

Justin’s goal is to make decision-making as easy as possible for his clients. After all, that’s the point of all that data — to help a business decide what step to take next. Sometimes his job is to help his client understand what information they need in the first place. Not every entrepreneur or business owner has a financial background, so they may not know what reports provide them with the most valuable data for their decision-making processes. Justin walks them through the relevant reports and helps them figure out what the numbers mean for their business.

When he’s done solving bookkeeping problems, he keeps that puzzling brain happy with some gaming. And when he needs a rest, he turns to his other loves — folk dancing and pub singing (which is, as you might suspect, singing…in a pub).

We don’t know if he ever sings for his clients, but if it would help make a financial report easier to understand, he probably would.

See how one of our bookkeepers could help your business .

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From the CEO: How to Build Your Company for the Millennial Workforce

Fri, 20 Jul 2018 13:55:00 GMT

The millennial workforce isn’t interested in separating their work lives and their personal lives.

Why shouldn’t the millennial workforce be themselves at work just like they are at home? As a fairly young business owner myself, I understand that. Sometimes I think more like a millennial, and sometimes, more like a Gen Xer.

When we started out, my online bookkeeping company employed eleven people. 10 were millennials. We’ve grown since then, but we still employ quite a few millennials and younger. What they want from a job and what they want from their employer aren’t the same as previous generations. That’s worked out great for me because the things they value – authenticity, technology, flexibility – are the same things my clients (mostly millennial entrepreneurs) value.

Of course, everyone from the age of 18 to 39 can’t be boiled down to a few defining characteristics, but I’ve structured my company in a way that works for me and for my young employees.

Work-Life Flexibility

The key benefit of the millennial workforce is flexibility. Many companies create dynamic workspaces with lots of amenities, but I knew that I wanted to be entirely digitally-based. My employees work where they want and how they want–with some parameters–and that’s very attractive to younger employees. They don’t need to be within commuting distance of the office. They can work from home and organize their schedules in a way that works for them.

While my employees can structure their days to suit their needs, we do require them to have a set work schedule. It helps our clients know they can get in contact with their bookkeeper, and other teammates as well. During those work hours, it is expected to respond to messages within 4 hours – we know you can get buried in a project. But, if they need to flex time to make an appointment, or leave early for the weekend, it’s no big deal. As long as the team knows what is happening. Younger employees want a job that allows them to participate in their community and their family life today.

Authenticity

We work with a lot of millennial entrepreneurs and see a changing understanding of the line between personal and private. For instance, our clients don’t care if your kids are in the background of a video call. We know we’re hiring people who are at home watching their kids. As long as they’re not distracting, there’s no problem.

We’re not just a bunch of robots who work in a call center. We actually have personalities, and they come out during our clients’ interactions with us. Our clients really appreciate that, so I cultivate it as part of our work lives.

Since our employees are remote, we have weekly calls. On those, I try to have a component that’s personal – share something that you’re participating in or an insight that you’re learning, a victory, whether it’s personal or work-related so that we can get to know each other and create a company culture even if we’re not in the same room.

Authenticity is a also big part of building trust, which fits within the value system of the millennial workforce, and also helps us provide better service. I am authentic as a leader. That helps my employees be authentic as well. I’m honest about my weaknesses and my failures. Because of that, my employees own up to mistakes pretty quickly – both to me and to the clients. Everyone makes mistakes, so it’s the honesty that I appreciate. Our clients are refreshed that they have a service that’s willing to say hey, we made a mistake, and here’s how we’re going to resolve it. We don’t try to make excuses for those mistakes.

Technology

There are definitely some retro flip phone folks out there, but for the most part, millennials enjoy using the most up-to-date technology. They expect to use great technology in the workplace too. We’re not asking millennials to use old email or old desktop-based systems that would slow them down. They can use relevant software programs–just like they do in their personal lives.

Even five years ago, this type of work couldn’t be done remotely because the technology wasn’t there. But technology has gotten to a place where we can do that, and it continues to improve. The team check-ins digitally on a day-to-day basis with Slack. We have a daily Zoom lunchroom and monthly game lunches. I also make sure to have a weekly coffee Zoom call open to all employees where we just talk about life. I do a quarterly check-in with each employee, which can also be a video call. Technology is a component of everything we do.

Mission and Brand

When I started Reconciled, I was working as a freelance CFO. I could’ve started Michael Ly Consulting – a business tied to me – but I didn’t want to run just a traditional consulting business. My thought was that I wanted to create something bigger, that appeals to millennials.

Most millennials value contributing to a broader cause or mission instead of just going to the office every day to make the owner rich. The work they do is meaningful, and they know that it is because they see how it impacts the clients that they work with. Bookkeeping is a big pain point for entrepreneurs, so my employees’ clients are ecstatic with what they’ve done. They can see immediate results.

Everyone wants to see the results of their hard work, but this seems especially true for the millennial workforce. Bookkeeping is especially good for that: you analyze someone’s books, and there’s an endpoint. There’s a cycle for what’s expected – every month, every quarter, every year. Our employees feel very accomplished when they get to that point and their work is done.

Freedom and Autonomy

I find that most people respond positively to a great opportunity. So I give the chance to represent Reconciled pretty early on. That’s a big risk for me and the company, but we take that risk seriously, and our employees appreciate it and are up to that challenge.

Because all of our bookkeepers work directly with their clients, they get to structure their own relationships and celebrate their own successes. I give them some direction, but I don’t hold them back, and they respect that.

There’s a benefit for me too, of course. I get a more dedicated, efficient workforce, where everything doesn’t have to pass through me as a central filter before getting to the client.

I enjoy working with millennials, in part because it’s such a great time for them to be starting out in this field. In every generation, there are people who enjoy numbers and enjoy analytical work. It’s a career with a lot of longevity. There is always a need for accountants and bookkeepers. And, particularly right now, not enough millennials are getting into it. Baby boomer CPAs and partners at CPA firms are retiring. There’s only a small group of Gen Xers that went into accounting, so they have to replace the baby boomers at the partner level. But there aren’t enough of them, so they’re supplementing with high-level millennials. It’s a great time to be in the profession if you’re a competent, bright millennial.

At the end of the day, I want employees who value the work they do and, in turn, feel valued by the company and their clients. I think that’s what every generation wants. Now it’s the millennials’ turn. If you’re looking for a career at a growing firm, apply to be a Cloud Accounting Specialist ! If you’re a business owner who wants to have a great accounting partner on your team, contact us !

The post From the CEO: How to Build Your Company for the Millennial Workforce appeared first on Reconciled .

Reconciled is Heading South

Mon, 02 Jul 2018 08:32:00 GMT

The post Reconciled is Heading South appeared first on Reconciled .

5 Lessons from the Black Enterprise Entrepreneur’s Summit

Mon, 25 Jun 2018 07:08:00 GMT

Last week, Reconciled joined over 1200 other entrepreneurs and business owners at the Black Enterprise Entrepreneur’s Summit. Two members of our team—our CEO and founder Michael Ly and the head of our new Charlotte, NC office Dannie McLaughlin—manned a booth at the conference in Charlotte.

Besides living it up at the conference, they came away with some valuable lessons about how to succeed as an entrepreneur. Especially as a person of color.

1. Own your smart

You are your biggest asset. Don’t hide your gifts in a corner.

Dannie McLaughlin: “I was so impressed watching Janice Bryant Howroyd, one of the first black women to run a billion-dollar company. She said her biggest regret was that she was afraid to be a smart black woman. She wished that she’d caught on sooner that she didn’t need to be. That really stuck with me.”

Michael Ly: “And don’t be afraid to tell everybody what you’re doing. Minority entrepreneurs are especially afraid to share because we feel like it’s arrogant or something, but it’s what everyone else is doing. We provide value—why should we be afraid to tell people about it?”

2. Check your expectations

You think you know who’s doing what, but you may be wrong.

ML: “I was surprised to see people from a lot of industries that I didn’t realize had a strong POC presence—cannabis and medical marijuana dispensaries, tech startups, app creators. It’s a stereotype that black entrepreneurs aren’t as involved in things like tech. But if you don’t see them at the conferences you go to, it’s not because they’re not in it. It’s because they may not feel welcome there.”

3. Focus on the mission

Revenue is a metric, but it’s not the only one.

DM: “Howroyd also said that her billion-dollar business isn’t what defines her success, that it’s not about the numbers. It’s about serving the greater good. She’s in 22 countries, and she helps people make their own money. She’s part of those employers changing their patterns and diversifying their staff. It’s not always just the endgame. You have to believe in what you’re doing.”

4. Crawl before you ball

Growth happens step by step.

ML: “That was one of Mark Cuban’s things. You have to play at a realistic level and work your business where you are before you can go hit with the big players. Don’t try to get your product into Walmart or Costco right away because you only have one shot at that, and you don’t want to blow it. Test it out and then scale scale scale.”

5. Get out there

Nothing beats the inspiration that comes from connecting with real people.

ML: “ They had this amazing MC at the conference, and they facilitated networking because they knew not everyone was outgoing. They created sessions with time for people to get out of their shells. I know conferences can be overwhelming, but at this one, you weren’t on your own to figure out how to meet people. They really created a family atmosphere even though there were 1200 people there.”

DM: “ I would go back every year. It was so well-run and really welcoming—so many people doing awesome things, people coming out of their comfort zones and absorbing information from everyone. The vendors were all really interactive. It was just a really positive experience.”

ML: “We are committed to diversifying our staff and our client base, and I would recommend that any vendor (even if you’re not a person of color) consider having a booth at the Black Enterprise Summit because it provides a great opportunity to serve a population that many vendors don’t focus on enough.”

If you attended the Black Enterprise Entrepreneurs Summit, give us a shout —and even if you didn’t, but you’d love to know how we can help your business grow.

The post 5 Lessons from the Black Enterprise Entrepreneur’s Summit appeared first on Reconciled .

4 Signs It’s Time to Outsource Your Bookkeeping

Mon, 18 Jun 2018 09:11:00 GMT

Your business’s success depends on balancing the money coming in with the money going out.

Most of us—especially ambitious entrepreneurs—would like to believe we can do it all. But the truth is: sometimes it’s okay (and even necessary) to get help. So. is it time to outsource your bookkeeping? Here are 4 signs it might be time to get some bookkeeping assistance.

1. You’ve made a costly mistake

If you’ve found yourself on the other end of an angry IRS letter or a collections telephone call, your decision is easy. It’s time to outsource your bookkeeping, preferably before reading the rest of this post.

Not all financial mistakes can be fixed, but working with a bookkeeper who can get control of your finances and offer expert advice on handling creditors and past mismanagement may help you get back on track.

2. You’re ready to free up valuable time

Take an honest look at how many hours you spend managing your books. Perhaps you’re doing an excellent job at it – reconciling on a weekly basis and staying ahead of upcoming expenses. But, could the time you’re spending be allocated toward improving your business in other ways?

Consider your billable hourly rate: if you bill $100 per hour, and you’re spending four hours a month doing bookkeeping, you could pay someone $400 or less to do that job, so you can spend that time performing billable work for a client.

If you don’t work in billable hours, think about items you’ve been putting off—like new product development, systems updates, or the creation of a referral network.

3. You have big plans for the future

If you’re hoping to build a scalable business—even if you’re just a one-person operation right now—creating a bookkeeping system that can scale as your business does will have you thanking yourself later.

As you continue to grow, bookkeeping will be an increasingly large part of the business tasks. And developing effective systems once your books have gotten complex is much more difficult (and expensive) than updating existing systems as you go. Muddling through until you’re in dire straits will cost you in the long run.

4. You simply hate doing your own books

If you constantly put off your bookkeeping tasks because you simply hate doing them, you are not alone.

In fact, small business owners rank bookkeeping among their least favorite duties . And that’s okay because there’s no prize for doing everything yourself. In fact, businesses that focus on their core mission and outsource other tasks are more efficient and achieve greater success.

So, if you’re a one-person operation, you never plan to grow, you’ve never made a bookkeeping mistake, you have plenty of time for all your business projects, and you love doing your books, you probably shouldn’t hire a bookkeeper.

But if you’re thinking about how you might be using your time more effectively and getting a little giddy at the thought of taking bookkeeping off your to-do list, then it’s probably a good time to consider finding a bookkeeper that can help you and your business succeed.

The post 4 Signs It’s Time to Outsource Your Bookkeeping appeared first on Reconciled .

Meet Your Bookkeeper: Dannie McLaughlin

Tue, 05 Jun 2018 13:39:00 GMT

When Dannie McLaughlin took on a bagel bakery as a bookkeeping client, she didn’t just find out about their books. She found out about their bagels.

“They stone fire bake them,” she enthuses. “And they just hit the farmers market! They have employees who’ve worked with them forever, and they donate a lot of food too. We really want them to do well.”

And no, Dannie’s not just an enthusiastic bagel connoisseur. She’s similarly passionate about all her clients, whether she’s working with a mechanic shop, a non-profit, or an entrepreneur. So passionate, in fact, that she’s taken on a business development role at Reconciled It.

“We work with companies that are making huge changes in the world, that are building better businesses and inventing things to help the future. Being a part of that in any capacity makes me feel good. I don’t even think of it as sales. We just need to help people. It’s outreach,” she says.

Dannie will be taking that passion—and some serious bookkeeping chops— down to Charlotte, North Carolina, next month to open a new Reconciled It headquarters there. The quick move up the ladder is nothing new for Dannie. She started in the finance world working as a teller at the Vermont State Employees Credit Union during college, moving into the accounting department, and then eventually landing a position as a credit analyst in the commercial lending department. After leaving VSECU to work as a bookkeeper for a Vermont renewable energy company, she worked her way up to accounting manager in less than a year.

Wherever she’s worked, Dannie has enjoyed the process of finding problems and fixing them, creating new procedures that promise effective streamlined results. Knowing that she’s helping her Reconciled It clients develop systems that will make their jobs easier is a big part of what makes this position so fulfilling. “We care about our clients,” Dannie says. “That’s really important to me. I like helping people take the stress out of their lives and focus on running their business.”

Of course, one of the best things about her role—and what allows her to maintain a sense of passion about each and every one of her clients—is that it’s taken some of the stress out of her own life. She makes her schedule, which means she has plenty of time to pick her nine-year-old daughter up from soccer practice, to fit in a run or a weight-lifting session, or to dive into a novel. (If you haven’t asked her for book recommendations, you’re missing out.)

Dannie knows that some people think of bookkeeping as boring, though she is anything but.
“Finances are the backbone of every company,” she says. “This work is really important.”

Work with a bookkeeper who can help your business succeed.

The post Meet Your Bookkeeper: Dannie McLaughlin appeared first on Reconciled .

Avoid Surprises with Agile Technology Budgeting

Mon, 30 Apr 2018 06:02:00 GMT

This guest blog was written by Eric Hart of NPI Technology Management . Our companies share the view that outsourcing business functions to experts yield both financial and operational benefits.

Technology budgeting helps businesses allocate resources for important goals and initiatives.

Without technology budgeting, IT managers are forced to request and justify every IT expenditure as it arises. This adds to the process overhead.

A well-crafted budget relies on a multi-year technology roadmap. The roadmap details new initiatives and ongoing spending on a quarter-by-quarter basis for the current and coming years. Also, it sketches in future years with estimates of “large rock” initiatives and costs. Technology budgeting tells a story that maps back to the overall business strategy. It does this by using a holistic view of IT activities. A budget that properly aligns scarce resources with strategic vision reduces pushback, eliminates crisis-to-crisis decision making, and supports growth.

The roadmap is adjusted and tweaked regularly (quarterly for most businesses) in brief discussions that reflect business opportunities, challenges, forecasts, and conditions. This agile quarterly tuning process makes the end-of-year budget creation a simple exercise and drives funds into the most productive areas. It assures that expenditures fit into an overall plan, eliminating waste and overlap while achieving long-range business goals.

Budgets address three categories of technology spending

Important Technology Budget Considerations

The Simple 4-Step Technology Budgeting Process

Keeping the budget process simple, dynamic, and agile results in better outcomes. Using an uncomplicated yet disciplined process will align strategy with business while minimizing risk.

About NPI Technology Management

NPI Technology Management provides technology services linking financial goals to technology performance. We help clients to plan, build, run and manage technology through excellence in communications, application performance, user experience, mobility, Cloud, and security.

Eric Hart is CEO of NPI and works with business leaders throughout the Northeast with their technology planning and execution. He is a thought leader for a variety of cutting-edge technology subjects and writes frequently for the NPI blog .

The post Avoid Surprises with Agile Technology Budgeting appeared first on Reconciled .

Get to Know Your Bookkeeper: Rachel Dutcher

Wed, 18 Apr 2018 12:59:00 GMT

If you’ve ever wondered what your bookkeeper does when they’re not handling your (or someone else’s finances), the first thing that popped into your mind probably wasn’t “ builds houses with their own two hands “.

But that’s exactly what Reconciled bookkeeper Rachel Dutcher has spent the last three years doing. Alongside her husband, Rachel’s been tackling everything from picking out hardware to hanging drywall. “There’s something cool about saying you built your own house,” she says. “I milled those beams. That wall’s crooked because of me.”

There’s still plenty of work to be done on the house in southern Vermont, but it’s complete enough to live in. And it now serves as the perfect home office space, where Rachel can have peace and quiet—alongside her dogs and cats—while she gets some bookkeeping done.

Rachel’s degree is in PR and journalism, but when she moved to Vermont, she found a position as an account representative with a company that manages homeowners associations. The role involved a lot of bookkeeping, and she was surprised to find that she really enjoyed working with numbers.

“I like that it’s not up for interpretation,” she says. “You can look at it and say ‘We spent X. We earned Y.’” She even got certified in QuickBooks. She spent another four years with that company before she found the job at Reconciled.

Now she provides bookkeeping to 12, mostly Vermont-based, clients that run the gamut—from a realtor and a personal finance company to daycare and prototyping businesses. Some clients turn over all their bookkeeping needs to Rachel. She does things like reconcile bank statements, manage accounts payable, and handle payroll. For others, she provides consulting and training, helping them learn to use their systems and set up workflows so that their products work for them.

The variety of industries keeps things interesting for Rachel. “I didn’t even know some of these services existed,” she says. Getting insight into how one company does things helps her develop her own new ideas and offer suggestions to other clients who have similar issues. She’s also committed to upping the convenience factor for the businesses she helps. “Business owners are busy. The last thing they want—or have time for—is to have to deal with their books.”

Rachel’s happy to take that on for her clients. And at the end of a day filled with accounts and ledgers, she puts down the calculator and picks up a hammer. After all, there’s still the whole second floor of a house to finish.

Find out how one of our bookkeepers can help your business .

The post Get to Know Your Bookkeeper: Rachel Dutcher appeared first on Reconciled .

7 Ways Banking Payment Receipt Systems Can Save Your Business Time and Money

Fri, 09 Mar 2018 11:34:00 GMT

Remember that scene in It’s a Wonderful Life …

…where George Bailey’s uncle folds $8,000 in bank deposits ( almost $100k in today’s dollars ) into that morning’s newspaper and unwittingly hands it over to Mr. Potter? Did you scream at the television the first time you saw that scene?

Most of us aren’t carrying around wads of bills anymore, but we’re still capable of throwing away chunks of money through carelessness. In fact, that’s exactly what happens when you lose receipts—it’s not misplacing an envelope full of cash, but if you’re not able to submit an expense report to banking payment receipt systems or provide relevant documentation on your taxes, it’s essentially the same thing.

Enter Dext (formerly Receipt Bank), and a way to get more efficient with your bookkeeping processes .

We should stop right here to say that Reconciled isn’t getting any compensation from Dext for this post. We just love the product and use it with all our clients because it’s efficient and effective.

So how can Dext help you save time and money? Glad you asked.

Protect your money

With banking payment receipt systems, there is no more wading through piles of crumpled receipts in envelopes or shoe boxes come tax time.

With a quick tap on your smartphone, you can scan in any bill, receipt, or invoice, and Dext will send the relevant information directly to your accounting software. It also saves an image of the document for seven years in case you need a hard copy.

That means you never miss out on deductions or reimbursements, so there’s more money in your bank account.

Dig into the data

No company achieves its best financial success by just winging it. You need relevant data to help you understand where your money is coming from—and going to. Good news: you can input every single transaction into Dext and pull up a secure, searchable file to analyze whenever you need it.

Streamline your processes

If you’re on a mission to go paperless (who isn’t?) and simplify your processes, then receiving all your invoices in one program gives you double the benefit. You keep paper invoices off your desk and have a streamlined procedure for handling accounts payable.

Of course, convincing all your vendors to invoice you in the system of your choosing could be challenging. But Dext makes it easier by allowing you to invite them through a downloadable link sent via text message .

Speed through a backlog

Have you ever used a banking app on your phone to deposit checks and had to spend 10 minutes getting the picture exactly right before you could deposit it and move on to the next check? If so, you might shy away from programs that say they can easily scan in receipts and invoices.

But with Dext, it’s actually true. If you have a shoebox full of receipts, you can take picture after picture with no rest in between—up to 50 in a single go.

Help out your team

You’re not just interested in saving your own time. You don’t want your employees spending hours on expense reports—or coming to you six months after they made a purchase and asking for a big reimbursement that sends your books into chaos.

You can add your whole team to Dext—and control the privacy settings for all accounts—so that everyone can scan their receipts on the go from their iPhone or Android phone. No more late expense reports, and you have happier employees with more time to spend on the work that matters to your business.

Automate your systems

Automation is the buzzword of the moment—and for good reason. When you automate a process, you’re essentially putting valuable minutes back on the clock. And you can use those minutes to reach out to clients or brainstorm your next big product launch. Or go out to lunch.

Dext allows you to create rules that tell the program when and where to transfer information for transactions, suppliers, and payment methods. All while you’re doing something else.

Cut out unnecessary steps

Scanning a receipt or invoice is great when a server drops it off at your table or you receive it in the mail. But if you get a receipt via email, printing it out and scanning it in is a waste of your valuable time and interferes with your efforts to cut down on paper in your office.

With Dext, you can email the document straight to your account , and you never have to touch a piece of paper.

If you’re battling piles of receipts or trying to figure out how to manage your financial systems, consider getting support from a bookkeeping expert .

The post 7 Ways Banking Payment Receipt Systems Can Save Your Business Time and Money appeared first on Reconciled .

From the CEO: Why QuickBooks Connect Should Be On Every Tech Entrepreneur’s Calendar

Tue, 27 Feb 2018 13:00:00 GMT

In November, I attended the annual QuickBooks Connect Conference in Silicon Valley. The conference sold out – and not just from accounting and bookkeeping professionals.

I’ve attended three times before, and I get a lot out of the event each year. But with Intuit (the QuickBooks parent company) diving into areas like machine learning and artificial intelligence really upped the game.

The event has three tracks – accounting, marketing, and entrepreneurship. I spend most of my time in the last because, while I am an accounting professional, I’m also an entrepreneur. I enjoy learning from others and finding ways to run my business better. QuickBooks Connect is an excellent place to do that. Here’s why:

You’ll be inspired by innovative leaders

Entrepreneurship can be a lonely gig. Sometimes all of us need to be inspired by the greater community of entrepreneurs.

Being at an event filled with other people faced with some of the same opportunities and challenges – connecting and problem-solving together – can provide the energy and insight that comes from being on a team, even if you’re going it solo.

I spent my time at the conference focused on workshops and panels by and for entrepreneurs.

I’m sure everyone walked away with different favorites, but I was particularly buoyed and inspired by the women entrepreneurs in a Female Shark Tank panel. They’d all been on the show and shared their lessons learned. Lessons from before and after participating in Shark Tank.

The mix of experiences highlighted the reality of entrepreneurship. Not all entrepreneurs are successful millionaires, even ones that get on Shark Tank. Some have done really well. Some are still limping along or trying to figure out how to make their business successful.

Most of the press around entrepreneurs focuses on wildly successful entrepreneurs, highlighting all the amazing things happening in their business. They’re not covering the 95% of entrepreneurs who are still struggling to get their business model to work or growing at a more organic rate rather than an exponential scalable rate. These everyday, main street entrepreneurs, are creating businesses to support their livelihood rather than an empire.

QuickBooks Connect also highlighted an important point that doesn’t get enough attention. Not every business is right for investment.

Even many of the businesses on Shark Tank should be going through normal financial channels, like getting a small business loan. Raising money from investors gets a lot of attention and sounds awfully glamorous, but small business loans are still the easiest way to get capital for a new business.

You’ll be challenged to innovate

Reconciled is, not surprisingly, heavily connected to QuickBooks. After all, we’re QuickBooks ProAdvisors, and we offer QuickBooks support.

But QuickBooks integrates with hundreds of other apps. That means anyone in the app development or technology space would have a hard time attending the conference without leaving with new ideas.

This year’s event focused heavily on technological advances in AI, automation, and blockchain. While those aren’t areas Reconciled is currently looking to develop, understanding the future of our industry concerning these types of changes helps us prepare for what’s coming down the pike.

For instance, the ability of AI to mine big data means that QuickBooks Online users are going to get better results from the program. Intuit has also released a virtual assistant within QuickBooks that answers questions. This is a fantastic development for QuickBooks users.

The introduction of a virtual assistant also impacts companies like ours that guide businesses using QuickBooks. As the QuickBooks assistant improves, it may be able to answer questions faster than we can.

But I didn’t walk away from QuickBooks Connect feeling hopeless about our future. Instead, I felt inspired. These changes mean we have an exciting challenge ahead of us. We have to learn ways to provide more and better value to our customers. We have to improve what we’re offering, and that’s the part of a business that makes being an entrepreneur so exciting.

Staying engaged in the entrepreneurial community that QuickBooks is fostering helps me understand where the industry is going so I can innovate and stay ahead of the game.

The post From the CEO: Why QuickBooks Connect Should Be On Every Tech Entrepreneur’s Calendar appeared first on Reconciled .

What To Do if You Scan Duplicate Receipts into Dext

Thu, 22 Feb 2018 11:27:00 GMT

No matter the software, or lack thereof, duplicate receipts in small business accounting is always a worry.

After all, you wouldn’t want to send two of the same invoices to a customer and needlessly confuse them. Similarly, you don’t want to scan in and store duplicate receipts. So what do you do if you accidentally do just that when uploading receipts to Dext (formerly Receipt Bank)?

Luckily, Dext anticipated duplicate receipts. The software works by recording information and then checking the database to make sure the same information is not already recorded. This information includes:

If enough of the above categories match, Dext will merge the two receipts and flag it for the user to examine.

There are some exceptions, though. For example, if everything matches but the submitting user, the receipts will still be merged. On the other hand, if the date does not match, but the total amount and supplier does, the receipts will not be merged.

This action doesn’t help with duplicates, but it does help prevent different receipts for the same supplier being unnecessarily merged.

If you find a receipt was merged inappropriately because it wasn’t a duplicate, you can easily un-merge them by clicking the item, which will take you to the “item edit” page, and selecting the “Un-merge” button in the top navigation bar.

This issue may be a simple fix, but not everything in the accounting world is. If you need professional advice to make your business accounts move more smoothly, contact us today.

The post What To Do if You Scan Duplicate Receipts into Dext appeared first on Reconciled .

Get the QuickBooks Support You Need with 247 QBO

Wed, 24 Jan 2018 09:59:00 GMT

If only getting control of your business finances was as easy as signing up for QuickBooks Online.

Of course, that’s a great start. You need a reliable cloud-based program that can grow with your business, provide integration with other applications, and give assurances that your financial data is accurate and safe. QuickBooks Online has you covered.

But what happens when you’re not sure how to input a piece of data or your login information doesn’t work? What about when you don’t understand the importance of a particular term in your report? Even the best programs sometimes need a little explanation, guidance, or technical support.

That’s why we created 247 QBO.

After years of providing premium bookkeeping and CFO services to entrepreneurs and small businesses, we realized that many QuickBooks Online users aren’t ready to outsource their bookkeeping. But they still may need 247 QBO help or support.

We know how important your company’s financial wellness is, and we are excited to expand our reach to more small businesses and to individual freelancers who use QuickBooks Online or QuickBooks Self Employed.

So what is 247 QBO?

It’s a monthly subscription service providing white-glove customer support for QuickBooks Online and QuickBooks Self Employed. That means you can count on our staff to give you the highest level of customer service. With our monthly subscription, you can email or call your dedicated QBO Success Agent any time and get a response within 24 hours.

And because all of our agents are experienced bookkeepers, you can get expert answers to your basic bookkeeping questions as well.

Managing your own business is a rewarding path, but it may also be fraught with difficulties. Bearing the full weight of financial analysis and decision-making can be challenging for even the savviest business owners and freelancers.

Sometimes what you need more than anything is a reliable resource when you have questions. The 247 QBO Success Agents are that resource.

By signing up for 247 QBO’s monthly subscription, you’ll receive:

Don’t go it alone .

The post Get the QuickBooks Support You Need with 247 QBO appeared first on Reconciled .

How QuickBooks Online Can Save You Money

Wed, 10 Jan 2018 11:11:00 GMT

You know the adage “time is money.” It’s never more true than when you’re running a small business.

Obviously, you try to do all that you can to save money. Managing the money that comes in and goes out can take up valuable hours. Especially if you’re using a desktop accounting program. Even more so if you’ve held onto a paper-based or spreadsheet system.

The good news is that QuickBooks Online is simple to set up. Also, it can help you spend more time on the projects that move your business forward. We’ve put together a list of just a few of the ways QuickBooks Online can save you money by saving you time.

You can work from anywhere

If you’re waiting in line or at the doctor’s office, you can easily open your mobile application and work. You can do things like send invoices and manage your accounts – right from your phone.

You can spend less time on data entry

If you link QuickBooks Online to your bank accounts, it can automatically download your bank statements and credit card transactions and categorize them correctly.

You can authorize up to five users

This means that multiple people – including your bookkeeper or accountant – can access your books. They can check to make sure they’re done correctly, and keep them up to date. You don’t have to pay for each additional user (unless you have more than five).

All those little blocks of time add up to save you money. Also, it streamlines your bookkeeping process saving you hours in the long run.

If you’re considering starting a QuickBooks Online account or struggling to keep up with your books, let us know . We can help get your finances up to date.

The post How QuickBooks Online Can Save You Money appeared first on Reconciled .

Small Business Financing Solutions: Online Lending

Tue, 02 Jan 2018 11:09:00 GMT

If you’re on the search for business financing, you have more options than ever before.

Traditional routes like a bank or credit union will give you the best interest rate, so that’s a smart first try. But what if you aren’t successful at a traditional lender? Where do you go next?

Fortunately, there are new alternatives popping up everywhere.

Peer-to-Peer Lenders

Consider peer-to-peer lenders, such as Lending Club . This option is best for companies that have been in business for at least one year and generates at least $50,000 in annual revenue. Their lending criteria tend to be less stringent than a traditional lender’s criteria. Also, it offers flexible repayment terms. The interest rate can vary heavily, usually in the range of 9.8% to 35.7%. Those applicants with strong personal credit fair the best.

Funding Circle or On Deck

If you don’t meet the revenue requirements of something like Lending Club, you could try Funding Circle . Or if your personal credit score isn’t as high as you’d like it to be, you might look into On Deck . Take the time to compare lenders and financing options to find the best fit for your situation. Term loans, small business lines of credit, and personal lines of credit are all options to consider depending on your financing needs.

Unique Lending Options

If you’re an online business, Paypal and Square have unique lending options that require no credit check. Paypal Working Capital provides funding based on sales volume. It is up to a maximum loan amount of 15% of sales or $85,000 annually. A portion of sales is then used to pay your loan balance. Square Capital works similarly.

While online small business financing typically comes with a double-digit interest rate, their more generous lending criteria and flexible repayment options make them worthy of consideration for many small business owners.

If you need help selecting the right option for your business please, contact us today.

The post Small Business Financing Solutions: Online Lending appeared first on Reconciled .

6 Tips For Successful Small Business Cash Flow Management

Wed, 27 Dec 2017 09:30:00 GMT

Managing cash flow is one of the biggest challenges facing small businesses, especially during the early years of operation. In fact, in a study done by U.S. Bank, 82% of the time, poor cash flow management contributed to small business failure .

Having enough cash flow to cover business operations is essential – including both regular recurring expenses, infrequent and unplanned expenses, plus tax payments. Here are 6 ways to keep your cash flow healthy and your business thriving.

1. Establish a Detailed Financial Forecast

A detailed financial forecast is an incredibly valuable tool in maintaining healthy cash flow. This includes anticipated revenues and expenses from upcoming projects, administrative costs, owner salary, and also unexpected costs. Using conservative estimates allows you to be strategic about your spending and realistic about the profitability of the business.

2. Track Numbers Regularly

Track your actual income and expenses in relation to the budget projections on a monthly basis. This will be a valuable tool in creating more accurate projections going forward, as well as providing the data to make changes as needed. Anticipating changes and being flexible with them as they arise will add to your business success.

Look at expenses in relation to revenue. Although many business owners focus on increasing sales, this isn’t always the best solution. Sometimes expenses need to be reduced.

3. Use Benchmarking

Consider setting benchmarks at industry standards for expenses as a general guideline that will help you weigh the cost-to-benefit of each expenditure. Some costs are more necessary than others.

Benchmarking is also a great way to make sure your pricing structure is relevant. Many newer business owners undercharge for their services, causing long-term headaches in profitability for the business. Avoid this pitfall through market research of other relevant firms.

4. Maintain a Cash Reserve

When possible, establish and maintain a cash reserve. Although this isn’t always an option, particularly for new businesses, having a cash reserve to fall back on can be an invaluable resource in a cash crunch.

5. Collect on Receivables

Reduce the collection time on receivables. Establish payment at the time of service or shorter payment in arrears as standard procedure and consider offering discounts for early payment. Pay attention to what percentage of receivables you are actually collecting. Implement a standard collection procedure for following up with past-due accounts.

6. Get Help When Needed

Don’t be hesitant to enroll the help of an accountant, bookkeeper, or financial professional in understanding and managing cash flow. For help with cash flow management in your small business, please contact us .

The post 6 Tips For Successful Small Business Cash Flow Management appeared first on Reconciled .

Streamline Accounting Processes with Third-Party App Integrations

Wed, 20 Dec 2017 10:34:00 GMT

Most small businesses could benefit from the increased automation, ease of use, and robust functionality of cloud accounting technology platforms.

These platforms, such as QuickBooks Online, and enhanced third-party app integrations offer even greater customization and scale for unique business needs.

Intuit now offers QuickBooks integration with over 500 apps, including Receipt Bank, Expensify, and Bill.com. Apps range from e-commerce reporting and point of sale to expenses, invoicing, and CRM. The customizations are endless. The following three apps are great options that have seamless integration and functionality.

Receipt Bank

This one saves time by eliminating data entry with reliable data extraction. Submit pictures of receipts or documents, and Receipt Bank will automatically populate the data into your accounting software. It integrates with many top cloud accounting software options, including QuickBooks and Xero. Receipt Bank also has mobile functionality and provides customizable access for everyone on your team.

Expensify

This third-party app integration automates expense management. With one-click scanning of receipts, customizable approval settings, and rapid reimbursement, your expense workflow is streamlined. You’ll save time and money.

Receipt details are automatically added to an expense report that can then be automatically submitted, approved, and reimbursed based on your specifications. Expensify is accessible across all devices and integrates with many top accounting platforms.

Bill.com

This app streamlines accounts receivable and payable processes. Choose both your method of payment and method of receiving payments, ACH functionality, simplified data entry, and automated invoicing capabilities. You can also choose auto-reconciliation features with integration to your accounting software. Bill.com is accessible across all devices for ease of use anytime.

These third-party app integrations will give you increased automation and efficiency in your small business. And who couldn’t use more efficiency and time savings? For more information about small business cloud accounting technology, including third-party app integration, please contact us .

The post Streamline Accounting Processes with Third-Party App Integrations appeared first on Reconciled .

From the CEO: How to Grow Your Business Using Referrals

Thu, 07 Dec 2017 09:39:00 GMT

I was talking with a fellow business owner recently, and I asked her how things were going at her co-working space. As she explained the energy of the place and the various entrepreneurs she’d run into. She said, “Hey, you know who you should meet…” and began to describe someone she thought would benefit from my services .

Referrals like this make up about a third of our business at Reconciled . As a small business owner, I’m always balancing the time and energy spent providing stellar service to my existing clients while focusing enough resources on bringing in my next client. The process to grow your business is easier with referrals.

With referred customers, I avoid some of the hurdles I’d have to overcome with a cold outreach or an online visit. These potential customers already have confidence in our value. Why? Because someone they trust told them we’re trustworthy. So once we connect, they’re just wondering how to sign up and what the agreement structure looks like.

Creating Referral Partners

Of course, one of the best ways to grow your business with referrals is to do excellent work and be a good member of the communities you’re part of, whether they’re local or digital. But even if you’re providing great service to your customers and being kind to those you engage with, getting referrals doesn’t always happen organically.

Because I know the value of referred customers, I’m intentional about developing referral partners. Many of these are businesses that I can create a reciprocal relationship with: I think you provide a great service, so I’ll refer to you. You think I provide a great service, so you’ll refer to me. As an online bookkeeping company, my referral partners are generally accounting firms or banks, but partners don’t have to be in the same industry.

How do you grow your business using a referral partner? You ask.

Sit down and make a list of people you have strong relationships with. Not just family and friends but peers. People you’ve worked for, people who’ve helped you in the past. Let them know what you’re trying to do. Paint them the picture and ask them to be part of your team – because that’s what a referral partner is. They’re not on your staff, but they’re an essential part of helping you create a successful business.

If there’s a bank or accounting firm I don’t already have a relationship with, I’ll ask them to coffee or lunch to begin to build rapport. Of course, I’m interested in having them as a source of referrals, but I also genuinely care that they exist in the marketplace and are contributing to the success of our community.

Maintaining Referral Partners

Of course, once you’ve created the relationship, you have to maintain it.

I keep my referral partners updated on how we’re doing as a company by sending emails or newsletters and getting together for informal meetings. Also, and this is a big one, I solicit their advice.

I believe everyone has something to teach me, so I’ll ask them: Here’s what I’m doing – what do you think about that plan? How are you approaching your market? Are there ways you’re reaching clients that I should copy?

It’s a great way to learn from other business owners, especially if you’re a new entrepreneur. But it also feels good to the person you’re talking to. Most people love being asked for their advice, especially if the question is coming from someone they see as a fellow expert in their field, not from a client.

Once I have a partner that refers work to me regularly, I make sure to show them my continued appreciation. I provide a portion of the revenue from the referred client if the partner can receive that. Accounting firms, banks, and attorneys do not receive incentives. If I can’t share revenue, I’ll send a handwritten card or a small gift. And each year during the holidays, I send out a small gift to all my referral partners. I send it to let them know how much I value our relationship.

Getting Client Referrals

Client referrals are more often the result of providing excellent service to clients than about building specific relationships. My clients are all busy people who are focused on running their businesses – and on building their own referral networks. So I don’t spend a lot of time trying to cultivate separate referral partnerships with them.

But I do let them know that I appreciate referrals. Once a year, I send a direct message to all my LinkedIn contacts. Many of whom are current or former clients. I ask them whether there’s a service or product I could offer that would help them, or whether they know of a business owner who could benefit from my services. I find that LinkedIn works well for this because the question is less likely to get lost in an overflowing email inbox.

When you grow your business by utilizing a referral pipeline it can feel very calculating. That feeling dissipates when you come at it from a place of humility. There are dozens – probably hundreds – of businesses in your community that have something to offer you. Learn from them and let them know that you can use their help.

Referrals are only one piece of any customer acquisition plan, but they’re an important part. Without them, you may be missing out on a great source of customers – and some meaningful relationships.

The post From the CEO: How to Grow Your Business Using Referrals appeared first on Reconciled .

3 Tips for the Small Business Contractor

Wed, 29 Nov 2017 12:02:00 GMT

If you run a small business, you know the challenges of competition. And as a small business contractor, you’re surely not the only game in town. So, how do you stand out and bring in more customers?

Here are 3 tips to give you the edge.

Answer those phones

Calling during regular office hours and getting a voicemail message can be incredibly frustrating. In fact, a customer may just hang up and call someone else until they get a warm body on the phone – likely your competitor. Grab onto every potential customer that dials your number by having someone at the office to answer phones during regular hours or – if you’re a smaller operation – route the calls to your mobile phone when you leave.

Of course, there will always be times when you miss a call. Consider giving the caller an idea of when you’ll return their call. For instance, say something like “I’m sorry I couldn’t get to the phone, but I’ll return your call by the end of the business day.”

Go the extra mile

As a small business contractor, you do great work for every one of your clients. But sometimes there are opportunities to go above and beyond – to do that one small thing that doesn’t cost you much but makes life significantly easier for your client. Those memories of being treated with generosity stick in people’s minds, and they want to show their gratitude.

When you provide exceptional service to your clients, they’re more likely to spread the word. And you’re more likely to end up with new business.

Be available

We live in a time of convenience. You can get an encyclopedia’s worth of information within seconds, and you can have a whole roomful of furniture delivered to your doorstep in less than 48 hours. Of course, customers expect a lot from their contractors – whether it’s wanting someone to come out at an odd time or asking questions after the job has been completed.

A brand and reputation that reflects helpfulness and availability will put you in a good position to build your business. When a former client (or one of their friends) has a problem, they’ll think of you first.

The best way to provide exceptional customer service is to make sure administrative tasks – like bookkeeping – are off your plate. Contact us to learn how we can help keep your finances in order.

The post 3 Tips for the Small Business Contractor appeared first on Reconciled .

Why Happy Employees Are The Key to a Successful Business

Wed, 22 Nov 2017 09:55:00 GMT

You want to provide benefits to your employees to keep them and create a successful business. You’re all about making sure your employees have opportunities for professional development, great benefits, and salaries that reflect the value of their work. But are you making sure they’re happy?

Happiness can seem like a pretty arbitrary measure, but at least one study shows that employees who feel happy are more productive. And who doesn’t want increased productivity?

If having a staff that gets more work done doesn’t convince you to jump on the happiness bandwagon, maybe these additional benefits of happy workers will:

You know great employees are the key to a great business – and so do we . We’ve built a happy and productive team at Reconciled, so we can provide great service to your happy and productive team.

Let us know how we can help . One of our (happy) employees will be in touch within 24 hours.

The post Why Happy Employees Are The Key to a Successful Business appeared first on Reconciled .

How Much Should You Get Paid From the Business?

Wed, 08 Nov 2017 09:30:00 GMT

You’ve been putting in hours (and hours) of hard work to make your business successful.

Yet, you’ve funneled every dollar you make back into the company. You’re starting to see a return on that time investment, and you’re ready to ask that big question. How much should I get paid from the business?

Unfortunately, there’s no simple answer. You may have been used to getting paid from the business by the hour or receiving overtime if you worked more than a standard 40 hours. Of course, when it’s your own business that’s demanding those nights and weekends, no one’s checking the time clock and adding extra to your paycheck.

The clearest answer for how much you should get paid from the business? It depends.

Your business’s financial success is the big deciding factor. No matter how many hours you put in, you should only get paid from the business with the profits that your it makes. This means that once you’ve used all your revenue to pay your bills, you can pay yourself. You definitely don’t want to get into the situation of paying yourself with the money that you need to cover bills of business expenses. Meet your expenses first. Then check out your profits.

Of course, that’s not the end of the analysis.

Many business owners use their profits (or a portion of them) to update and expand their business. You may decide to use some of your profits to buy better equipment or update your website. You could go to extremes with this and never pay yourself, but that might lead to burnout. Also, if you’re not the only one relying on your income it could lead to family strife.

However much you’re able to pay yourself, use a budget and a cash flow forecast to help you plan and anticipate accordingly. Some weeks or months you’ll make more than others. So, you’ll have more available to pay yourself. Set some of that aside to help during those leaner periods.

Deciding how much to get paid from the business to reinvest and how much to take as a salary depends on your budget and goals for your business. Contact us to help you meet your financial goals.

The post How Much Should You Get Paid From the Business? appeared first on Reconciled .

From the CEO: What You Need to Know About State and Federal Taxes Before You Hire Your First Employee

Wed, 01 Nov 2017 11:56:00 GMT

I remember the excitement of hiring my first employee.

Bringing on staff can feel like a big step toward that scalable business you’ve always wanted ( Take a look at Jooble , a place with thousands of current vacancies.) With more staff, you can delegate tasks and increase your output. But do you know what you need about State and Federal taxes before your make your first hire? It’s one thing to go into business for yourself. It’s something else entirely to take on the responsibility of another person’s income.

Once you’ve decided that an employee is a right next step for your business, you’ll need to be financially prepared for the financial implications.

Both you and your new employee have state and federal tax obligations. Here are the basics.

What you owe:

At the federal level, you must pay social security and medicare on behalf of your employee. You are also responsible for paying what’s called a FICA match. FICA stands for Federal Insurance Contributions Act, and you have to pay an amount equal to your employee’s social security and medicare tax.

Under federal law, you must pay for unemployment insurance for all employees. Most states also have an unemployment insurance program. This payment goes into an unemployment fund that your state maintains to provide temporary benefits to people who lose their jobs.

Some municipalities also require payroll taxes that are tied to employment, such as a commuter tax.

What your employee owes in State and Federal taxes:

Your employee is required to pay income, social security, and Medicare taxes out of their wages. But if you’ve ever been an employee, you know employees don’t make these payments on their own at tax time.

You, as their employer, serve as a withholding agent. You are required to withhold the taxes they owe the government from their paychecks and then submit those taxes on a monthly or quarterly basis to the state and/or federal government.

In addition to actually submitting the funds, you have reporting requirements. When you make submissions during the year at monthly, quarterly, or biweekly intervals, you are making estimated payments that have to be reconciled with what you actually owe at the end of the year, similar to the way an individual must file a personal income tax return.

What you must do to comply:

If all this has you feeling a little overwhelmed, you’re not alone. Many entrepreneurs and small business owners outsource their payroll processing requirements as a way to ensure compliance with State and Federal taxes.

There are three basic ways to meet your payroll tax burden:

Growing your team provides innumerable benefits – from increased output to the intangibles of having someone else to share the ups and downs with. Bringing on one employee may seem like a relatively small addition to your administrative load, but it’s important to get proper systems in place so that you don’t make mistakes that get you in trouble with state or federal tax authorities .

However you decide to handle payroll, we’re here to help .

[And a quick word of caution if you decide all this is too troublesome and you’ll just hire an independent contractor. Many entrepreneurs start off using independent contractors before they hire their first employees. I’m all for outsourcing tasks – after all, it’s how my business thrives. But if you’re working with freelancers, check on the state and federal tax regulations to make sure you’re not avoiding the payment of necessary taxes.

Both your state tax department and the Federal Government have rules defining who is an employee and who is an independent contractor. Making the correct determination matters. If the IRS considers your independent contractor an employee, you can be on the hook for substantial penalties and back taxes.]

The post From the CEO: What You Need to Know About State and Federal Taxes Before You Hire Your First Employee appeared first on Reconciled .

Streamline Your Accounts Payable Process

Mon, 30 Oct 2017 17:55:00 GMT

The Accounts Payable process can be difficult to manage.

Business owners will often complete one step of the process but forget to record it properly. Mistakes like this can result by accidentally over (or under) stating your expenses. When the process is poorly managed, bills can get misplaced, overlooked, or paid late. All of this reflects poorly on the business.

At Reconciled, we believe very strongly in having an efficient Accounts Payable process. With our system, there are fewer errors, quicker turn-around time, and everything is recorded and documented for future reference. Here is an example of what our process typically looks like:

It is that easy! We also can assist with setting up bills to be paid on an automatic schedule. This ensures that nothing will be paid late again.

Most issues that arise related to the vendor will be handled by us, unless instructed otherwise, or if we do not possess the needed information. When we are the point of contact, the AP process can move more quickly. The constant back and forth between business owners and vendors can interrupt the flow of work, as well as cause friction between the two. Having an intermediary, like us, helps ensure good business relationships.

For any business, maintaining an effective Accounts Payable process is a key to success – ask us about how to get started on streamlining your Accounts Payable today!

The post Streamline Your Accounts Payable Process appeared first on Reconciled .

3 Ways Outsourcing Can Help Small Businesses Succeed

Wed, 25 Oct 2017 11:10:00 GMT

Back in the old days, outsourcing certain functions or departments of your business was only an option for larger companies.

With recent technological advances, outsourcing can help small businesses succeed. Today, several services exist that can handle a variety of business functions remotely. Some of the most common outsourced tasks are information technology services, accounting, customer service, and data processing.

If you’ve maxed out your capacity (or the hours of your existing staff), but you’re not quite ready to hire more employees, outsourcing is your best solution. Here’s why:

1. Outsourcing Services Improve Consistency And Often Provide 24/7 Support

Consistency can be tough for small businesses. It’s often a necessary ingredient, especially for tasks like maintaining financial records or responding to customer concerns. Third-party companies that specialize in one area can provide consistently both to businesses and their customers. They’re also often available to help with problems that arise 24 hours a day and seven days a week.

2. Outsourcing Helps Free Up Your Staff So That Your Company Can Focus On Its Core Competencies

As you grow, it’s easy to get pulled away from those key elements that set your business apart from your competitors. Outsourcing tasks that are necessary but not related to your core competencies allows your employees to focus on the things they do well. The things you hired them to do.

3. Third-party Companies Bring Specialized Skills To Your Business

Outsourcing can help small businesses succeed by being an easy way to recruit the help of experts. Even the most well-rounded entrepreneur or business owner has knowledge gaps. Relying on the skills of someone with more expertise is just smart business.

Many small businesses – especially in the early startup stage – struggle with quality and consistency. outsourcing can help small businesses succeed by improving their efficiency and customer service. Outsourcing can also save you time and resources. Contact us today to find out how we can help you and your small business succeed.

The post 3 Ways Outsourcing Can Help Small Businesses Succeed appeared first on Reconciled .

Quick Tip: My QuickBooks and Bank Balances Don’t Match

Tue, 17 Oct 2017 21:12:00 GMT

Are you having trouble getting your QuickBooks and Bank balances to match?

When you open up QuickBooks to do the finances for your business, one of the most worrying discoveries can be that QuickBooks and Bank balances don’t match. A discrepancy could be a red flag that something is wrong in your books, but it’s more likely that there’s an innocent cause.

If you know what to look for, you can quickly determine why your QuickBooks and Bank balances don’t match up. Also, you’ll know whether you need to act quickly to correct a serious problem or just fix some clerical issues.

Reasons QuickBooks and Bank Balances Don’t Match

If your bank and register balances don’t match up, don’t immediately assume that theft has occurred. Also, don’t assume there has been a billing mistake. There are two more common reasons for this to happen:

Timing Differences

When a timing difference occurs, the money that shows up on your QuickBooks account is not yet in the bank. For example, when you print out a check in QuickBooks Online, the software automatically takes that amount from the register balance. That doesn’t mean it has been cleared in the bank yet. The same can occur with payroll and customer checks as well. These timing differences are very common but easy to track down and monitor. So, you can put the numbers in line and your mind at ease.

No Bank Reconciliations

In order to keep your QuickBooks Online finances healthy, you need to perform a reconciliation between your bank register and bank statement each month. Doing so is crucial to uncovering common mistakes like duplicate or missing transactions, errors featuring wrong dates or amounts, and changed transactions. If you have not reconciled your accounts lately, these mistakes might be causing a discrepancy.

These seem to be the most common reasons QuickBooks and Bank balances don’t match. For help understanding and reconciling your QuickBooks account, contact us today. We can make sense of your books and give you the correct financials to make sound business decisions.

The post Quick Tip: My QuickBooks and Bank Balances Don’t Match appeared first on Reconciled .

Creating a Dynamic Budget for Your Small Business

Wed, 11 Oct 2017 09:30:00 GMT

No matter what size your business is, it can fall into a common trap: not having a dynamic budget.

At the beginning of the year, you create a perfectly balanced, clean budget. But, it gets filed away in a drawer that never gets opened. At the end of the year, you pull it out to discover that your perfect budget is now wildly out-of-date. You chalk it up to a crazy year and start the cycle all over again.

A budget is the control panel for your business. It can help you set financial objectives and show you whether they are in reach. It helps you anticipate any future costs as well as plan for periods of spiking or dipping cash flow, so your small business is a successful one.

However, if you leave your budget in a drawer or closed up in a file on your computer, it won’t do any of those things. A budget that doesn’t get looked at is like a control panel that’s taped over – pointless. If you want more clear and concise control of your business financials, you need to make your a dynamic budget.

How do you create a budget for your small business? Consider adopting the following steps.

For more information on how to create a dynamic budget or how to better organize and control the finances for your small business, contact us today.

The post Creating a Dynamic Budget for Your Small Business appeared first on Reconciled .

Three Tips To Increase Sales in Your Small Business

Wed, 04 Oct 2017 09:30:00 GMT

No one hands you a guarantee of success when you start your small business. Unlike being an employee, showing up on time every day doesn’t promise a steady income, let alone a thriving business.

However, increasing sales is a step in the right direction. Fortunately, there are several straightforward ways that small businesses can increase sales. Here are three important ones:

Use Landing Pages to Increase Sales

If a substantial amount of your business comes from online sales, then you should be using landing pages. You or your marketing people work hard to bring traffic to your website. There’s no sense in wasting this effort by sending traffic to your home page. Many of your visitors won’t find your offer, while others will become distracted by other things on your website.

A landing page is built entirely around a specific offer. There are no elements that will distract your traffic. Because of this single focus, you will get substantially more sales from the same levels of traffic.

Encourage Repeat Business

It takes far less money to get repeat sales from loyal customers than it does to get new ones to increase sales overall. While new customers are necessary, repeat customers give your company a more predictable and stable business. They also tend to buy more over time and may refer others to your company.

You must encourage new customers to do more business with you and to keep your existing loyal customers happy. You can do this proactively by putting together a customer loyalty program that rewards repeat business with incentives such as discounts, rebates, free shipping, free services, or gifts.

Use the 80-20 Rule

There are several ways of stating the 80-20 rule. For the business person, the 80-20 rule says that 80% of your results will come from only 20% of your efforts. We’re not saying you can chart out the data to come up with a precise 100%, but this general rule has been observed in many diverse fields, including business.

You can apply the 80-20 rule to many aspects of your company. For example, you should send new traffic to your top-performing landing pages, that is, the 20% that brings 80% of your sales. Likewise, the 20% of your repeat customers responsible for 80% of your profits should get the most attention and the best rewards and incentives. Finally, focus on the parts of your business that have the greatest impact on its success. Delegate and outsource the other tasks.

If bookkeeping and accounting are diverting your attention away from running your business and increasing sales, we can help. Contact us today to learn more.

The post Three Tips To Increase Sales in Your Small Business appeared first on Reconciled .

6 Benefits of Outsourcing Accounting

Fri, 29 Sep 2017 17:47:00 GMT

Outsourcing accounting is one of many services we provide at the Reconciled. Complete outsourcing of accounting makes the most sense for businesses that don’t have enough accounting tasks to occupy 2 or more employees. Here are 6 benefits of outsourcing accounting to a qualified firm.

Save Time and Focus

By outsourcing accounting, the business owner and management can focus on the operations of the business. They don’t spend time doing accounting tasks that they don’t like to do and are likely not qualified to do. The business owner saves time and focuses on the business. You are good at your business, we are good at accounting.

Save Money

After taking into account the time you would save, the cost to outsource is typically less than an in-house solution, especially when the cost of the business owner’s time is considered in managing or doing the accounting tasks. Reconciled understands that time is money.

Team vs. Individual

When you outsource, the work is done by a team of professionals ranging in skill sets from entry-level accounting, up to a seasoned CFO or CPA. This allows a team approach to enable a system of tasks and cross-training. The team completes the work on time even if one member is out or if a team member needs to be replaced. The outsourced model provides for a process based on a system instead of the knowledge being possessed by one person with a defined skill set.

Customized and Staffed Solution

Clients receive a customized solution that allocates the accounting tasks done by the firm and those tasks done by the client. The firm recruits, vets, hires, and manages the team to deliver the offered services. The client doesn’t need to do any of these HR or management tasks as it pertains to accounting tasks. The result is less stress and peace of mind for the client.

Best-in-Class Systems

The outsourced solution offers the best people and the best systems. The outsourced firm tests, vets, purchases, and then rolls it out to clients in a way that spreads the cost and spreads the benefits to all. Systems that are online, mobile, secure, backed-up, and integrated are requirements in the systems used. Knowledgeable, qualified, and conscientious professionals.

Scaled Solutions

The outsourced solution can scale up or down as accounting volume increases or decreases. Scaling can be done quickly without the need for the client to go through a recruiting process or laying off personnel. This is all done quickly and seamlessly by the outsourced firm.

If you’re looking to lighten the load for you and your business, contact Reconciled . We can help you with accounting, CFO services, and taxes.

The post 6 Benefits of Outsourcing Accounting appeared first on Reconciled .

When Is It Time to Get Help?

Wed, 20 Sep 2017 09:30:00 GMT

As a small business owner, you wear a lot of different hats and your days are filled with non-negotiable tasks. But, when do you get help? There are the things that make you money, the things that nurture your employees. There are the marketing plans and the sales projections that need to be finished. And you haven’t even gotten to the pile of paperwork on the desk.

There is no question that starting, and running, a business can be overwhelming. Even the smallest businesses can benefit from outsourcing or hiring help. So, when is it time to get help? A few questions can help you decide whether this is just a rough couple of days or whether you’ve reached a breaking point.

If you’re overwhelmed at the office and buried under anxiety about your business while you’re at home with your friends and family, it may be time to get help. Whether you need a part or full-time employee or just someone to outsource to when you are extra busy. Once you’re able to delegate some tasks, you may wonder why you waited so long.

If you’ve answered these questions and know it’s time to get help, contact us . We’ll make sure your books are under control.

The post When Is It Time to Get Help? appeared first on Reconciled .

When to Scale a SaaS Business for Ultimate Success

Wed, 13 Sep 2017 09:30:00 GMT

When does a start-up stop being a start-up and when should you scale a SaaS business?

If you’re an entrepreneur, it’s a question you’ll hopefully be in the position to ask yourself at some point. If you think what stage of the life cycle you’re in doesn’t matter, then you’re likely to make a costly mistake: scale too soon when you don’t have the revenue to support the growth – or scale too late and miss out on early potential gains.

There are generally four stages in the SaaS life cycle : Pre-Startup, Startup, Growth, and Maturity. So, when should you start scaling a SaaS business?

During the pre-startup phase, focus on creating the best product you can offer. Identify the problem that your software intends to solve and be honest with yourself about whether it solves that problem. Could it do better?

You might think that now that you have a product and are entering the startup phase, it’s time for growth. But you’re not there yet. During the startup phase, focus on finding the perfect market fit for your product. Build the rock-solid foundation for your next phase.

Now that you’ve found your market and hopefully gathered a customer base of passionate, loyal customers, you’re ready to move into the growth stage. You have a solid product and proven data that people want, so it’s time to shift from revenue growth to profitability – the thing that separates scrappy startups from established titans. How do you make the growth stage as successful as possible?

Focus on aggressive customer acquisition, start to seek out Series A funding, and have an established and repeatable sales process. Of course don’t forget that as your business grows, you’ll need to invest in scaling improvements on the back-end.

Are you scaling a SaaS business? As your company grows, so do your finances. You don’t have time to spend hours with your books. Contact us today.

The post When to Scale a SaaS Business for Ultimate Success appeared first on Reconciled .

From the CEO: Technology Alone Won’t Get You There. Why You Need People Behind The Tools.

Wed, 06 Sep 2017 09:30:00 GMT

I argued with a competitor recently about why you need people.

We were talking about outsourcing parts of a bookkeeping business–specifically, data entry. He said that outsourcing is okay because, when pressed, customers are willing to accept overseas data entry if it means less money on their bills.

I disagreed–not that there are customers who choose the lower price. I’m sure there are. But I disagreed with his premise that it doesn’t matter, that data entry is data entry, whether it happens here or in a country far away.

Data entry might be the first thing that pops into your mind when you think of bookkeeping. But for many of us, technological advances mean that bookkeeping is a lot less data entry and a lot more financial expertise. With cloud-based systems like QuickBooks Online, Receipt Bank, and Bill.com making our data management significantly more efficient, there’s simply less need for manual entry of numbers.

So, why do you need people here and why can’t you just outsource it? In fact, why do we need people at all if the software systems can enter the information for us?

Those are good questions, and they’re at the heart of the way I run my business.

Why do you need people at all, especially in the bookkeeping and accounting industry where software programs are uploading all that information into the cloud?

As good as software programs are, we still need people to manage them.

Artificial intelligence and OCR (optical character recognition) technology are great, but they aren’t perfect. The systems sometimes make mistakes. And they’re being used to capture information from other, older systems–the ones your bank and your credit card companies are using. At some banks, when a check clears, the information sent to QuickBooks Online says simply “CHECK.” That’s it.

A person still needs to be there to figure out what was involved in that mysterious check transaction, to make sure items are categorized correctly, and to look out for discrepancies.

Cloud-based programs are allowing an unprecedented level of innovation, collaboration, and autonomy in the workplace . Cloud technology at the small business level is still in the adolescent stage. It doesn’t yet have all the robust features that desktop software has. And so far, there isn’t a single platform that can do everything. A human being needs to be there to sync and make sure the various platforms are interacting effectively.

But even if all the systems were operating perfectly, we would need people behind the technology.

The best accounting system out there still isn’t explaining to an entrepreneur how to interpret their financial statement. Or why a particular trend is showing up on their balance sheet. A skilled bookkeeper has basic accounting knowledge that entrepreneurs on the whole simply don’t have. Even with all the open data we have about accounting and financials online, entrepreneurs lack financial education. It’s the best time to learn everything, but most people don’t have time to digest all that information. They want–and need–to have an expert available.

We’ve chosen best-in-class cloud-based systems to provide a streamlined experience. Not to take the place of the guidance that can only come from having a dedicated bookkeeper focused on your books.

What’s wrong with outsourcing the data management part of bookkeeping?

When I started Reconciled, I knew that I would only be hiring US-based bookkeepers. In other industries, people can certainly make a case for the value of outsourcing. But when you’re dealing with a business’s financial information, I just don’t think it’s worth the risk.

I can’t sue the call center employee overseas who steals your information. I can’t take them to any legal court because they’re not a US-based employee. Here, a client could hold my firm and our employees responsible for any wrongdoing and be compensated for their troubles because we’re subject to the US court system.

But even if an overseas employee never does anything wrong, they’re still not the same as a dedicated bookkeeper that understands US accounting standards. US bookkeepers see all your data and know your books. When you have a question about how the technology works, whether you’re in compliance with withholding requirements , or why the numbers are showing up the way they are, you want to talk to a person who has the answer.

Will it ever be good to outsource data entry?

As technology improves, there’s no doubt that we will have more options for services based completely on the cloud. For certain industries, that’s probably a great system. I may not need access to a specific person. For example, when I do something like set up a basic website (though there will probably always be a market for custom designs) or manage my activity levels through a watch.

But when we’re talking about the financial security and viability of a business? Human beings are still necessary.

The post From the CEO: Technology Alone Won’t Get You There. Why You Need People Behind The Tools. appeared first on Reconciled .

Are You Defining Items in Quickbooks Correctly?

Wed, 30 Aug 2017 09:00:00 GMT

You already know you can use QuickBooks to track your business finances and prepare and receive invoices. You can also use it to see what is selling and what is not so you can properly plan for your business’s future. However, to get the most out of QuickBooks reports , you’ll need to make sure they’re accurate. And that accuracy depends on how well you define the items you create.

There are a number of different parts in item record reports that you should define. Haphazard definitions can make your item reports – and even your receipts – more confusing than they need to be.

When labeling in QuickBooks, give careful consideration to the following:

The above list covers all the essential definitions for the items that you stock and sell every day. By labeling the items effectively, your item reports – be they inventory, receipts, or otherwise – will be much easier for you to read, allowing you to put a priority on what is making you the most money. If you have chosen to forgo this labeling, you may be holding your business back by missing out on relevant data.

Defining items correctly is just one small part of tackling the very large beast that is business accounting. if you find yourself need a little more help with items in QuickBooks or anything else, contact us today.

The post Are You Defining Items in Quickbooks Correctly? appeared first on Reconciled .

Four Ways Small Businesses Can Control Expenses

Wed, 23 Aug 2017 09:00:00 GMT

As a small business owner, you likely spend a lot of time figuring out how to boost your revenue. But you’re no doubt also focused on how to control expenses . Implementing a cost control strategy can be accomplished in several ways, like making timely payments, ensuring your customers pay on time, integrating software applications, installing a payment approval process that is electronic rather than paper-based, and keeping a good record system. Let’s focus on four ways businesses can control expenses.

Timeliness of Payments

One of the most important ways you can control your business expenses is by streamlining your accounting system . You (or your accounts payable or finance department, if you have one) should make sure your bills are always paid on time to prevent late fees. Some retailers provide discounts for making timely payments – sometimes as much as 10 or 15 percent off.

You’ll also need to ensure your customers pay on time so that you avoid the opportunity cost of money that belongs to you but is sitting in someone else’s bank account. Devise a streamlined system for invoicing customers and collecting when they’re late.

Software Integration

One result of the IT explosion has been a merging of software applications , platforms, and other solutions to help businesses streamline their operations. We all know the adage: time is money. Less time spent managing employee processes equals more time to focus on developing your next revenue-boosting product line.

The hybrid cloud combines both public and private cloud IT resources to achieve maximum scalability while keeping all data secure. Another way to integrate software applications is to use an open application program interface (API), a programming tool that makes it possible for application programs to share data.

Electronic Approval and Payment Processes

Companies are moving away from paper-based payment systems, but the move hasn’t been quick enough. Seventy-one percent of all invoices are paper, while most of the approval process is still manual. Electronic payment systems can save companies both time and money – around 12 dollars per invoice – and cut the cycle time by a good 16 days.

Electronic approval systems fit within the same paradigm. Given increasing automation, companies may find it necessary to adopt methods of authorizing documents by providing electronic approvals. Digital signatures are becoming a mainstay in the business world.

Record Retention

Keeping good records is necessary to maintain a strong sense of organization. You need, for instance, good records for financial and tax reasons. You’ll want to keep track of all your customers and plans for your company’s future. If you have inventory, record-keeping can help you determine how much to keep in stock at any given time. Keeping too many items in stock can cost your company money.

And don’t forget about legal compliance. You’ll need a robust record-keeping system to make sure you – and others – are following the terms in your contracts, leases, and other legal agreements.

For more information on how to control your company’s expenses, please contact us .

The post Four Ways Small Businesses Can Control Expenses appeared first on Reconciled .

Four Tips for First-Time Entrepreneurs Seeking Financing

Wed, 16 Aug 2017 09:00:00 GMT

If you are a first-time entrepreneur without a successful venture under your belt, seeking financing might not be the hardest part of starting up your first business. For first-time entrepreneurs seeking financing, it certainly won’t be easy. While venture capital investments are on the rise, first-timers won’t get a piece of that pie unless they can sell their business model and leave investors with a sense of trust and credibility. So how do entrepreneurs get financing for their first venture?

Tap Parallel Sources Simultaneously

Don’t just go after one funding source at one time. Putting all of your eggs in one basket is risky – a rejection may feel like losing your only chance at success. Instead, go after angel investors, venture capital, and even friends and family all at one time. Asking more people – and for different types and levels of funding – puts the probability odds in your favor.

Fund to Benchmarks

One of the biggest mistakes that first-time entrepreneurs seeking financing (and even seasoned entrepreneurs ) make is that they seek vastly more than they need to start up. Don’t try to fund the entire lifespan of your new business. Instead, set solid funding milestones. A startup that’s done the mental work of setting benchmarks is much more appealing to investors who are more likely to spend on a company with a clear plan of where it wants to be and how it plans to get there.

Avoid Simple Mistakes

Do you know what often gets first-timers denied funding? Simple mistakes in their business plans. Investors need to see that you know the size of your target market, that you have a sound and logical revenue model , and that you have a team that can carry through on your objectives. Check and double-check your business model for flaws.

Learn from Denial

If an investor denies your pitch, take the opportunity to respectfully ask why they passed. You can learn from the rejection and use their feedback to make changes before your next pitch.

Once you’ve secured investments for your new business, it’s time to double down on managing your finances. If you need to make sure your books are done well to allow your business to thrive, contact us today.

The post Four Tips for First-Time Entrepreneurs Seeking Financing appeared first on Reconciled .

Your Crash Course Guide to Cash Flow Forecasting

Wed, 09 Aug 2017 09:30:00 GMT

Cash is a vital resource that can make or break your business.

A US Bank study found that 82% of small businesses fail because of poor cash management. Your business’s cash situation will determine if you can afford to expand globally. Or, it can tell if you can even afford to pay next month’s bills. Paying attention to your business’s cash flow and using it as a decision-making tool is critical for the long-term viability of your business. So, check out the following for your crash course in cash flow forecasting.

What is cash flow forecasting?

If you’ve ever dreamed of being able to see your business’s future, cash flow forecasting is what you need. A cash flow forecast maps out when, and how much money will come into and leave your business. It shows this over the following days, weeks, months, and years.

With this information at hand, you can prepare your business for times when cash is running low. Or alternatively, when there is extra cash on hand that can be reinvested into the business.

Does my business need a cash flow forecast?

The simple answer is yes. A cash flow forecast is an indispensable tool that can be used to monitor the health of your business and anticipate future changes in your cash position. Without cash flow forecasting, your business is essentially running blind. Furthermore, an accurate forecast will allow you to predict how a certain scenario, such as hiring an additional employee or facing a decrease in sales, will affect your business’s cash flow.

You can also share your cash flow forecast with potential investors or when meeting with the board. It helps you demonstrate the healthy flow of cash through your business. In conjunction with your P&L budget and Balance Sheet, you can use your cash flow forecast to make a 3-way budget. This can inform and guide your business’s strategy over the next financial period.

How do I make a cash flow forecast?

Using a spreadsheet (Excel, Numbers, Google Sheets, etc.), it is easy and straightforward to create a basic cash flow forecast for your business. You can do a quick Google search to find and download a template online. Xero users can follow this easy guide to import their Cash Summary straight into a spreadsheet and use it to make a forecast.

If you choose to make your own spreadsheet, follow these steps to get started:

Start your cash flow forecast by including Starting Bank Balance , Cash In , Cash Out , Net Cash Movement , and End Bank Balance .

Calculate your Net Cash Movement and Ending Bank Balance.

Net cash movement is the difference between Cash In and Cash Out. It shows the change in how much cash your business has on hand. Add or subtract this amount from your starting bank balance to calculate your ending bank balance.

Review your forecast regularly.

While it’s relatively simple to create your own cash flow forecast, the hard work comes with making sure your numbers are regularly updated. If you neglect your forecast, you will be unable to predict the amount of cash your business will have in the bank. As a result, you won’t be able to anticipate future cash problems. Also, you won’t be able to prepare your business to handle them.

Bulletproof your cash flow forecast.

Keeping your forecast updated with actuals is a risky business. Also, it can require a lot of effort. To make sure your cash flow forecast is as effective as possible, read up on these simple tips . They include being realistic about when you will get paid, incorporating others’ input in your forecast, and analyzing how budgets compare with actuals.

Browse add-ons for your accounting software.

If you get tired of spending hours forecasting manually in a spreadsheet, consider an app add-on. The add-ons available from the QuickBooks App Store or Xero marketplace can integrate with your accounting software for a low monthly fee. Also, they take the pain out of managing your cash by automating certain processes. Float is an app that creates a forecast using your figures from QuickBooks Online or Xero and keeps it updated in real-time.

Other add-ons that make managing your cash flow easier include Chaser . It automates the task of chasing clients to pay their invoices, and Dext , which simplifies the process of filing staff expense claims.

This is a guest blog by Float, for more information visit floatapp.com .

The post Your Crash Course Guide to Cash Flow Forecasting appeared first on Reconciled .

From the CEO: The Most Costly Financial Mistake First-Time Entrepreneurs Make

Wed, 02 Aug 2017 11:10:00 GMT

Many new entrepreneurs start their businesses off without hiring a bookkeeper or bookkeeping services . I understand that. They’re trying to bootstrap and keep costs at a minimum in the early days. And for the most part, controlling costs at the beginning of a venture is a good idea.

But not working with a bookkeeper can be a costly financial mistake. Especially if it means you’re not staying on top of your financial obligations. Especially, ones to state and federal governments.

When a new client comes to Reconciled, one of the first things we check is whether the business has been setting aside the necessary funds to pay their taxes. Unfortunately, too often we find that a new business has failed to account for future tax obligations. These costly financial mistakes are either in their cash flow forecasting or in their bank accounts–or both.

Setting aside funds to pay your taxes is non-negotiable.

Here’s why:

So what should a new business do to avoid a costly financial mistake?

For brand new businesses, I recommend setting aside 20% of every dollar they bring in for taxes.

In the first 12 months, estimated taxes are not required. But, a business that doesn’t set aside funds will often find itself short on the necessary cash when it’s time to file at the end of the year. In the future, they’ll pay estimated quarterly taxes based on what they made the previous year.

I also encourage businesses with employees to do two things: (1) hold the withheld payroll taxes in a separate account and (2) create calendar alerts for submitting withheld payroll taxes.

This way there’s no chance of accidentally spending money that doesn’t belong to the business when cash gets tight. And an employer is less likely to get overwhelmed by other tasks and forget to submit the necessary filings.

Of course, any new business owner must balance the risk of running afoul of state or federal tax agencies with the cost of hiring out their bookkeeping. We have seen some businesses who were out of compliance with tax law but didn’t realize it. We’ve also been brought in as bookkeepers when a business has already gotten into trouble. They might already owe back taxes and penalties.

We’re glad to jump in and help sort things out when problems arise, but I love to see businesses taking the necessary steps to avoid the problems in the first place.

The post From the CEO: The Most Costly Financial Mistake First-Time Entrepreneurs Make appeared first on Reconciled .

How to Provide More Service Than Your SaaS Competitors

Fri, 28 Jul 2017 17:32:00 GMT

In an ideal environment, your SaaS start-up would address a common problem that no one else is addressing. You want your software to provide something your customers can’t get anywhere else. Unfortunately, the software market is a crowded space, so in addition to figuring out your special niche, you will probably also need to show that you’re better than the competition. So how can your SaaS start-up provide more service than the established competition in your market?

Read Your Competitors’ Bad Reviews

What is your competitor doing that their customers don’t like? Sometimes they focus on a primary problem. Typically, there is also a whole slew of secondary problems that their software could be addressing but doesn’t. Sometimes the problem is not with the software itself but with customer support. Providing more support can make a major difference.

Laser Focus on the Big Problems

These days, a lot of SaaS start-ups focus on addressing multiple problems with their software. After all, we naturally assume that customers prefer software that has multiple functions. However, your SaaS doesn’t need to be as big as Quickbooks right off the bat. Having software that can focus and execute perfectly on one big problem that your customers need to solve can be a major boon. If you do one thing, do it to the best of your ability in an easy-to-understand way. Then sell that expertise.

Provide Better Content

By providing clear and concise support, troubleshooting tips, and a blog that can give complementary information about the market your software supports, you are setting up your customers with powerful tools that can help them succeed. And that success will set you apart from the pack. Even if your competitor has the better software (we’re sure they don’t), if most of their customers don’t know how to use it or how to solve problems with the service, they will flock to you because you provide helpful assistance that’s easy to use.

Sometimes the best way to edge out a competitor is to spend more time on your product and your customers. The best way to do that is to outsource as much as possible. Bookkeeping is a great place to start. If that is what your business needs, contact us today.

The post How to Provide More Service Than Your SaaS Competitors appeared first on Reconciled .

4 Ways Your Small Business is Wasting Money

Thu, 20 Jul 2017 14:16:00 GMT

There is no single, perfect guide to building a successful business. But, we can all agree that wasting money doesn’t help anything. Much of the job of starting and running a company is trial and error. If something works, celebrate and keep doing it. If it doesn’t, hope the damage isn’t too bad and change course.

However, there are certain areas where most business owners could use some focused energy. Making their business more efficient, especially when it comes to financial efficiency. Could you be wasting money on things your business doesn’t need?

Paying for too Much Space

Space is the biggest and most common way businesses are wasting money. Of course, you want your business to have room to grow. But, if you are renting that massive suite of offices right from the get-go, it could be a revenue drain. Get just what you need for where you are. Add in just a bit of growing room if you can’t stop yourself. Rest assured, if you experience enough growth to move into a bigger space, you will probably also have built a customer base that will move with you.

Chasing Around Customers on Social Media

Social media is a powerful tool, but it can also take up a lot of money and time. Time as we know is money). Social media marketing campaigns are great if they’re getting you results. But, publishing for the sake of publishing, without understanding the returns, is wasting your business’s hard-earned revenue. Engaging with followers and customers is important, but make sure you know what customers you’re going after and whether your efforts are working.

Over-Hiring Can Be Wasting Money

New business owners may be tempted to bring on a lot of staff quickly in the hopes that many hands will lead to many customers. Unfortunately, hiring a full staff early on is a big mistake. When you are still developing a young business, you need to do as much as you can to make it profitable, and this may mean working those long hours doing many jobs yourself until you have the revenue to support a larger staff.

Doing Tasks You Have No Experience In

Yes, over-hiring can be a big money waster, but a bigger one business owners make is trying to wedge themselves into roles that they are ill-equipped to complete. Taking on tasks you don’t understand may not only waste money. It could also cause dangerous mistakes. Sometimes hiring or outsourcing is the right choice.

Luckily, if you need help where most entrepreneurs do, in the accounting department, you can contact us today to see how we can support your growing business.

The post 4 Ways Your Small Business is Wasting Money appeared first on Reconciled .

Small Business Payroll: Outsource It or Not?

Thu, 20 Jul 2017 14:14:00 GMT

Managing small business payroll is probably on most business owners’ list of tasks they least enjoy.

Keeping track of even a few employees can quickly become complicated. A busy small business owner or entrepreneur has a couple of options to ease the strain: outsource payroll or keep it in-house and opt for a software program like Quickbooks .

Keeping Payroll In-House

Keeping payroll in-house could be the more affordable option in terms of direct cash out the door. As long as a business owner limits software purchases to just one or two. But any decision to keep a bookkeeping or accounting function in-house must come with an understanding of the opportunity costs. For some owners, the time managing payroll is well-spent because they want to stay closely connected to the books. However, hours pouring over payrolls documents are hours no longer available for other tasks, like brainstorming new product ideas or figuring out how to create more efficiencies in your operations . An in-house system could also become difficult if problems or questions arise. The business owner also doesn’t have an expert to call.

Outsourcing Payroll

Outsourcing payroll is likely to cost more upfront than keeping payroll in-house. Though the opportunity costs will probably be lower. A small business owner or entrepreneur who outsources will have more time for other business activities. Also, they will be less likely to spend frustrating hours wrangling the numbers and trying to understand the tax code. For business owners who are not as adept at accounting, outsourcing also provides a level of comfort that the company is complying with relevant tax laws.

Both outsourcing and keeping payroll in-house have benefits, depending on a business owner’s particular needs and abilities. If you are looking for accounting options to help handle your payroll and other business accounting needs, contact us today.

The post Small Business Payroll: Outsource It or Not? appeared first on Reconciled .

From the CEO: How to Create a Strong Company Culture Even If Your Team Is Remote

Thu, 20 Jul 2017 14:13:00 GMT

In today’s digital economy, technological advances allow many of us to do our jobs from anywhere in the world. That is, as long as we have a laptop and an internet connection. That lifestyle is appealing to everyone from digital nomads, who want a different view for every day of the week, to stay-at-home parents who are looking for the flexibility to make an income in between wrangling kids.

The concept is most associated with freelancers, who work for themselves and set their own rules. But, what if you’re a business owner looking to employ a team of people who don’t come to an office? How do you keep your company culture? How can you make them feel like part of a team if they never see the other players?

These are the questions that I’m confronted with each day as I build out our team here at Reconciled. As the founder of a technology-based company, I love that we are not bound by geography. Cutting those ties gives me the power to hire the best people for the job, no matter where they are.

They’re also the face of my business, so our company culture needs to cultivate the types of work relationships that lead to excellent customer service even when I rarely see my employees.

So how do you create that culture and get happy employees ?

First, figure out what you want your company culture to be.

We provide digital bookkeeping and other financial services for entrepreneurs. Handing over your finances to someone is a big risk. Our clients like that they’re working with a real person that can call on the phone, build a relationship with. Creating trust and authenticity are key to our business, which means they are at the center of our company culture.

Next, find people who match that culture.

Since trust and authenticity are critical to our brand, I look for certain qualities right away in the interview process. I seek out general honesty, but I focus specifically on the ability to admit weaknesses. During an interview, I ask two questions that get at the root of it for me. I ask applicants to tell me about a time when they were given a task they didn’t know how to complete and the specific steps they took to complete it. I’m not interested in people who know how to do everything. Technology is changing too fast for anyone to stay ahead of it all the time. Instead, I want employees who admit that they don’t know how to do something and jump into figuring it out.

I also ask applicants to tell me about a big mistake they made and how they resolved it. We all make mistakes. I’ll admit it when I make a mistake, and I need employees who will do the same. My clients demand it.

Finally, cultivate that culture by communicating it to your employees.

You might think cultivating a company culture around trust and authenticity is impossible if you never stand face to face with your employees. But it’s not.

The key is showing the value of your culture by modeling it and communicating it to your employees. I give all of my employees a lot of freedom and autonomy to express their personalities with our clients. They’re also given a high level of trust, which is a risk I take on because I think people step up to the challenges placed before them. I express my personality, and I share when things are challenging so that they know they can do the same.

In an office setting, staff members get to know each other through interactions over their days. I work to create spaces for that to occur outside the office setting. We have biweekly Google Hangout staff meetings, which allow the team to see each other’s faces, even if we’re not in the same space. On those calls, I ask my employees to share an insight, a victory, or a challenge. Sometimes the discussion is more focused on work; sometimes it’s more personal–the two are often intertwined. We also have quarterly in-person gatherings that give an even better opportunity for employees to connect.

Because my employees don’t come into an office, I must check in about how their work-life is going. I connect regularly with all my employees through Slack and do a somewhat formal quarterly meeting, often over video. I want to know if they’re sick or if their workspace isn’t working for them and they need some assistance with a better laptop or a new phone or just to talk through a problem.

A remote workforce allows for keeping overhead costs low and hiring great employees who may not otherwise be able to work for you because of a long commute or a need to remain in the home. But ensuring that employees outside the office stay invested in the company culture requires connection and the thoughtful use of technology to keep everyone on the same page.

The post From the CEO: How to Create a Strong Company Culture Even If Your Team Is Remote appeared first on Reconciled .

Work Smarter, Not Longer In Your Small Business

Thu, 20 Jul 2017 14:10:00 GMT

Everyone wants to work smarter, not harder. However, if you want to work shorter hours, then starting a small business probably isn’t your best choice. Small business owners often work nearly twice as long as employees at larger companies. Of course, there’s a bigger dream at stake. Also, the desire to grow and thrive is a big driver. But even the most determined entrepreneur can’t work nonstop. Inefficient use of time is one crucial mistake that can leave a small business owner working way longer than they actually need to. So what can a small business owner do to work smarter?

Let Go of Control

Often small business owners think they need to do everything. Perhaps the thought is justified because they can’t afford to hire someone to do it for them. But often there’s an employee available, and letting go of control has simply proved too difficult for the owner. Good small business owners need to know how to delegate tasks and trust their workers with the work they are given. Vetting employees well during an interview process to make sure they can be trusted with the necessary tasks is critical to handing over control.

Embrace Time Management

Poor time management is about more than personal distractions. There are so many items on a to-do list that a small business owner could easily get distracted organizing their filing cabinet when they need to be sending out invoices. Entrepreneurs that want to cut down on their hours need to examine how they spend their time and prioritize tasks that are aimed at making money and improving the business rather than more menial jobs, which can be delegated to employees.

Automate It

There is the old way of doing things, and then there’s a new way. These days administrative tasks like accounting don’t need long hours with a calculator and a pencil. Instead, there are hundreds of different programs out there designed to make administrative tasks easier and faster for small businesses. Find the few that will make your days easier.

If you want to learn more about how you can save some of those precious hours spent working on your small business’s bookkeeping and accounting, contact us today.

The post Work Smarter, Not Longer In Your Small Business appeared first on Reconciled .

Mapping Entrepreneurship Finances for Start-up Success

Thu, 20 Jul 2017 14:07:00 GMT

Getting a start-up success strategy is one thing all successful entrepreneurs must do to put themselves on the winning side of the business. Is there a single, cookie-cutter approach that applies to all start-ups? No, not really. But there are basic elements that are proven building blocks for a successful strategy that is uniquely shaped to the particular characteristics of a specific business.

Cost Structure

It takes money to make money in business. You need to know exactly what your fixed costs , like rent, are as well as the variable costs that occur for manufacturing and promoting your product.

Key Activities & Resources for Start-up Success

Outline activities that must be executed in order to successfully get your product or service from point A (conceptualization) to point B (in a customer’s hands). This might include things like labor, marketing, printing, packaging, and shipping, etc. Listing activities allows you to further break down components into a detailed fixed and variable cost analysis.

Revenue Streams

Identify your revenue streams. You may have more revenue sources than just sales. For example, will your enterprise rely on funding partners? Map out all of these streams and the details of where your profits originate.

Revenue Offset

Once you identify revenue sources, there may be some streams that will be offset by expenses like processing fees for credit cards or third-party fees for online sales through a platform like Amazon or eBay.

There is no one-size-fits-all start-up success strategy. However, an accurate financial map makes the winning difference for all entrepreneurs. To get it right, contact us and trust your numbers to professional bookkeepers. We have the expertise to make your start-up success even easier to achieve.

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What Attributes Make Successful Entrepreneurs?

Thu, 20 Jul 2017 13:56:00 GMT

You don’t have to search far to find successful entrepreneurs to look up to. Some got generous startup capital that leads to their success. Others turned pennies into millions. However they got started, most successful entrepreneurs have a few common attributes.

Intellectual Curiosity

Successful entrepreneurs are life-long learners. Even if your business is a big hit, there is always something new to try. Some way to change processes or seek improvements. Embracing that growth and continuing to learn about the world and your industry will go a long way toward ensuring that you go far.

Graciousness

We have all met successful people who are less than gracious. Perhaps other factors helped them climb to that position. However, so many entrepreneurs who climbed their way up from the bottom are the most gracious people around. Vendors, partners, and customers all appreciate it and come back for more.

Unyielding Stamina

Until the new business is well-established (and even then), entrepreneurs will take on a lot of the work just to make sure everything goes perfectly. From engaging with customers to looking over the accounts, an entrepreneur needs the stamina and the focus to be able to go the distance. After all, glamorous vacations only come after the 14-hour workdays.

A Positive Outlook

Looking at everything in a negative light may not destroy your chances of success, but you will only go a fraction of the distance that your positive friends go. Even if you don’t believe in things, like the power of attraction, other people are definitely attracted to positivity. Any entrepreneur knows that they will need the help of others to be successful.

Cultivating these qualities can go a long way to your success. Of course, every entrepreneur knows that they need more than a good attitude to rise to the top. To find out more, contact us today.

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Keep it Simple: Bookkeeping for Your Growing Business

Wed, 10 May 2017 14:37:00 GMT

When your business is just starting, bookkeeping is easy–maybe even fun. However, as your business grows, so, too, do your books. Suddenly bookkeeping is significantly less enjoyable and infinitely more complicated. The key to staying on top of your finances is to keep your accounts as simple as humanly possible. This helps you to not spend endless hours sorting out your accounting.

Keep Organized

This is rule number one for keeping bookkeeping simple. You need to work out an organizing system that works for you. Typically, the easiest thing to do is invest in some accounting software, which will help you keep things organized. You also need to have a system for your physical copies. That way, you always know where your invoices are and what vendor they are associated with. And equally important: you must be able to get to everything quickly.

Pencil In Accounting Time

If you don’t want to be randomly stuck doing accounting for most of a day, pencil a little time in every week. Organize your papers in your organization system. Make sure everyone has gotten paid. Also, try to anticipate any hiccups that might be coming soon, like having to deal with a big purchase or sale. By setting aside an hour or two every week, you’ll cut down the total time required. Also, you’ll avoid having to deal with the books when you’re desperately needed elsewhere.

Choose the Right Accounting Software

There are plenty of accounting software programs out there aimed at making things easier for you. However, if you let yourself get lost in the software, you’ll end up having your accounts done by ten different programs, ultimately making things harder for you. Keep it simple with a straightforward program like Quickbooks and perhaps one or two other programs that can sync with it, like Bill.com and Dext . When programs work well together, you don’t need half a dozen of them.

If you are having trouble keeping up with your accounts as a growing business, why not let a professional help you get things sorted? For more information, contact us today.

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3 Reasons to Choose Cloud Accounting Services

Wed, 03 May 2017 14:38:00 GMT

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How a Standard Operating Procedure Averts Bookkeeping Disasters

Wed, 26 Apr 2017 14:40:00 GMT

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Tips for Smoothly Syncing Bill.com with Quickbooks

Wed, 19 Apr 2017 14:41:00 GMT

As a small business owner, you’re on a constant mission to make your processes as efficient as possible. That’s partly why you’ve chosen to use cloud accounting software programs like Bill.com . One of Bill.com’s best features is the ability to sync with all your other financial tools, especially Quickbooks . However, as handy as it is, the syncing Bill.com may not always feel intuitive. Here are some tips to help your syncing go smoothly.

Hopefully, these tips help you with syncing Bill.com with QuickBooks. If you need further help, contact us today to see what we can do to make your time with these two pieces of software a little bit easier and more efficient.

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From the CEO: How to Get A Small Business Loan When You Don’t Know Where to Start

Wed, 05 Apr 2017 14:43:00 GMT

Entrepreneurs and small business leaders often ask me for advice on how to get a small business loan or other funding for their new business (as a CFO, it’s part of what we do ).

You may be trying to understand this complex landscape of how to get a small business loan and wondering where to begin. Or even if you’re ready to start talking to lenders. Here are five things I’ve learned through over a decade of working with startups and small businesses:

1. Plan ahead

Do not wait to apply for cash until you desperately need access to commercial funds. An entrepreneur with no money in the bank is more likely to take a loan at a terrible rate because they did not plan for their cash needs. And having access to enough capital can be a tricky business in the early days: healthy, fast-growing companies will often need to front payroll or marketing dollars while waiting for customers to pay. The lending process at a traditional bank could involve several weeks of applications, reviews, and underwriting, so start before you need the cash. If you can show growth plans and know you’ll benefit from access to funds in the future, now is the time.

2. Get help

Partner with a CFO or local accounting professional to help vet your local banks. They’ve worked with many of the lenders and can help you develop a strong package to bring to the bank and make sure you’re finding the best fit for your company.

3. Go local

Make your first stop your current business bank commercial lender. Or shop around at local banks, who are often hungry to lend and have the best rates on the market. I was able to help a recent client get an unsecured $50K line of credit at 5% at their local bank by showing healthy financials and a solid growth plan.

4. Keep going

If you aren’t able to get a traditional loan through your local bank, don’t despair. Hit up the SBA . This federal agency has the next cheapest type of funding. Your local bank may even introduce them as an option if the bank cannot offer an unsecured line of credit. As a CFO, I help entrepreneurs apply for SBA loans using smartbizloans.com.

5. Try online

If neither a traditional nor an SBA loan works for you, check out the loan matchmaking site Fundera . I recommend them the most because they work to get you the best offer or rate from the current online lenders as well as banks across the country. Their loan specialists are very helpful and do a great job following up with you during and after the process. A number of my clients have had success closing several types of loans via Fundera at decent rates.

Navigating the lending process can be intimidating, but don’t let that keep you from locating the cash your business needs. Work with a CFO or accounting professional who can assist you with gathering the required documents and creating a solid plan for how to use the funds wisely. When in doubt, get advice and do not fall prey to easy money or predatory business lenders.

Plan, and you’ll be on your way to a small business loan at affordable rates for your business.

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From the CEO: How to Get A Small Business Loan When You Don’t Know Where to Start

Wed, 05 Apr 2017 14:43:00 GMT

Entrepreneurs and small business leaders often ask me for advice on how to get a small business loan or other funding for a new business (as a CFO, it’s part of what we do ).

You may be trying to understand this complex landscape and wondering where to begin or even if you’re ready to start talking to lenders. Here are five things I’ve learned through over a decade of working with startups and small businesses:

1. Plan ahead

Do not wait to apply for cash until you desperately need access to commercial funds. An entrepreneur with no money in the bank is more likely to take a loan at a terrible rate. They do this because they did not plan for their cash needs. Having access to enough capital can be a tricky business in the early days. Healthy, fast-growing companies will often need to front payroll or marketing dollars while waiting for customers to pay. The lending process at a traditional bank could involve several weeks of applications, reviews, and underwriting. So, start before you need the cash. If you can show growth plans and know you’ll benefit from access to funds in the future, now is the time.

2. Get help

3. Go local

4. Keep going

If you aren’t able to get a traditional loan through your local bank, don’t despair. Hit up the SBA . This federal agency has the next cheapest type of funding, and your local bank may even introduce them as an option if the bank cannot offer an unsecured line of credit. As a CFO, I help entrepreneurs apply for SBA loans using smartbizloans.com.

5. Try online

Plan, and you’ll be on your way to a small business loan at affordable rates for your business.

The post From the CEO: How to Get A Small Business Loan When You Don’t Know Where to Start appeared first on Reconciled .

How to Use the Quickbooks Online Partial Purchase Orders Feature

Wed, 29 Mar 2017 14:45:00 GMT

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Is Kabbage the Right Small Business Financing Option For You?

Wed, 15 Mar 2017 14:47:00 GMT

There are hundreds of small business financing websites online that are ready to give you a business loan, including Kabbage. However, just because they will give you a loan doesn’t mean you should take one from them. It is important to stick with reputable organizations–and ones that will give you fair terms on your loan.

Among those hundreds of different online financing websites is Kabbage , but with so many different competitors, how do they stack up?

Kabbage has been around for a decent amount of time, allowing several sources to check it out. They are now one of the better-known small business lending sites. Endorsed by big names like MSNBC, Forbes, and Time–and boasting over 100,000 satisfied customers–you can rest assured that they offer aboveboard loans.

Kabbage does things a little differently. Instead of offering traditional loans, they only offer loans as a line of credit. So if you need a long-term loan option, Kabbage is not right for you. However, because they only offer 6-month terms, you can get your fees out of the way quickly and avoid the possibility of digging yourself into a real hole.

To get approved, your business must be at least a year old and have either $50,000 in annual revenue or have made over $4,200 over the last three months. If you meet the criteria, they are quick to approve and often offer the quickest access to funds in the business.

Want to learn more about how to thrive as a small business? One of the real keys is to have an effective bookkeeping system. Contact us today to learn more about how we can help your small business grow and thrive.

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Why More Business Owners Are Choosing Cloud Accounting Software

Wed, 08 Mar 2017 14:48:00 GMT

When you own a small business, it is important to stay one step ahead of your competition. While you may not be able to beat out the big corporate competitors, you can thrive locally by having an edge. For many small businesses, cloud accounting software can be that edge.

Storing your data securely in the cloud makes it easily accessible by different users and in different locations. This means everyone doesn’t have to be in the office to access the system. Because data is so available and easy to use, employees and contractors can work easily from any location. This allows for more collaborative teamwork that can help your business thrive.

Benefits

Cloud accounting software comes with many features, many that go above and beyond simple accounting. You can trust in the software to help your small business in new and unexpected ways, such as:

Perceived Downfall

The benefits listed above are major selling points of investing in cloud accounting technology, but there are owners that fear the security of the cloud. However, with so much stored in it today, great security measures have been taken to protect your data. Also, the cloud has its security advantages. Like, if your physical copies are stolen or destroyed, you still have complete access to your documents online. By investing in cloud accounting software, you are putting in place an effective bookkeeping system and a great disaster recovery system.

If you are sold on the possibility of more bookkeeping freedom with cloud accounting software, so that you can get back to what matters, like actually running your business, contact us today.

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Benefit from Bill.com on Your PayPal Transactions

Wed, 01 Mar 2017 14:49:00 GMT

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How Bill.com’s Auto Bill Entry Can Cut Bookkeeping Time In Half

Wed, 15 Feb 2017 11:29:00 GMT

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Don’t Be Fooled-Your Business Finances Only LOOK Confusing

Wed, 08 Feb 2017 14:22:00 GMT

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Three Online Financing Websites That Can Benefit Your Business

Wed, 01 Feb 2017 14:24:00 GMT

The world of online financing websites is convenient and helpful, but it can also be a scary place. When you are looking for a loan to start or expand your business, you want to put your best foot forward to avoid those nasty words: turned down . Although online financing is time-consuming and complex, it is still a valuable resource. Here are three online financing websites that can benefit your business .

Online financing websites have made obtaining a business loan a simple and convenient process. Whether you need funds for start-up capital, a business credit card, or a line of credit for company improvements, T&E, or miscellaneous expenses, going online and filling out an application has become standard for busy CEOs all over the world. For more information about online bookkeeping and accounting – to make your life easier – contact us today!

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Five Bookkeeping Tips to Implement this Year

Wed, 25 Jan 2017 14:26:00 GMT

You own a small business, and everything is moving forward just as you outlined in your original business plan. You couldn’t be happier with the progress.

Then, tax time arrives and you realize that bookkeeping is not one of your many strengths. These 5 bookkeeping tips to implement this year will allow you to spend more time and energy on growing your business

1. Have a storage box

Keep all your records in one place for easy access. These include bank statements, credit card statements, paying bills, and even your prior year’s tax return. At the end of the year, everything is right where you need it.

2. Keep personal and business accounts separate

This is imperative for good record keeping. Business owners need to have bank accounts and credit cards independent from their personal accounts. This separation will ensure there are no conflicts and make tax time much simpler.

3. Save all receipts

It is always a good idea to track all of your expenses. By saving every receipt, you may discover items that could be written off as a business expense and save you money. Using a program like Dext can help you organize your receipts and make saving them a breeze.

4. Review your statements

Bank statements and credit card statements require a thorough review. The owner of the accounts must always review monthly statements . It will help the accuracy of listed items and cut down on potential fraud.

5. Enlist the services of a bookkeeping and accounting service

Outsourcing is a cost-effective way to safeguard your business from errors. And it frees up a valuable resource – your time. If you’re having a hard time fitting it all in, consider outsourcing your bookkeeping duties .

Hopefully, by next year you’re ready for tax season with these 5 bookkeeping tips to implement this year. If you’re ready to get started with a bookkeeping service, contact us today.

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Start the New Year Right for Your Business

Wed, 18 Jan 2017 14:37:00 GMT

With 2016 in the rearview mirror, the time is right to establish a strong foundation for the new year. Whether this is your first year in business or your 50th, here are some things you can do to make sure your business, your customers, and your peace of mind are at their happiest to start the new year right.

1. Get your financial ducks in a row .

Been waiting to file that stack of bank statements? Do it now so that they’ll be ready for your accountant at tax time. Need to order checks or open a new escrow/trust account? Get those housekeeping details in order–any fees will go into the books for this month, and you’ll be starting in 2017 with a clean desk. Run a P&L statement so that you have an accurate picture of how you did in 2016–more fuel for strategizing at the beginning of 2017. Need help? Reach out to us for pointers on how to streamline your bookkeeping and accounting procedures so you can focus on what matters most.

2. Reward your best customers .

You know who they are…the loyal folks who keep your business running with their orders, timely feedback, and support. Show them how much you appreciate them by offering them a Happy 2017 discount on their next order. Mail them a colorful coupon, or attach a printable coupon to your next marketing e-mail so that all your customers can start the new year off with you! This is also a good time to launch a satisfaction survey…and attach a coupon for all your customers who participate.

3. Reward your staff (even if it’s only you) .

This is a great time to celebrate the contribution that you and your employees have made to your business success. If you’ve already given financial bonuses, you can still make a personalized gesture to let your people know how much you appreciate them. A handwritten note (“Dear Joe, I appreciate your perfect attendance in 2016. It’s great to know I can count on you.”) is a great way to inspire your staff. If you are the sole employee, try the same thing–write yourself a congratulatory letter, thanking yourself for the late nights, that great sales campaign, surviving that week when no deliveries came through, you name it. You made it until the end of the year in one piece–celebrate!

4. Make some resolutions.

2016 was full of lessons. You tried new things, you experimented, and took risks. What did you learn? Will you know anything new the next time that will improve your odds of success? What do you know to avoid from here on out? Year-end is the perfect time to take stock of how far you’ve come and to put that knowledge to work shaping your business’s future in 2017. Think about where you want to be at the end of next December. Do you want your customer base to grow? How about your sourcing to be more green? Want to hire more people? Or to bank another $10K? Want to expand your product line? Write your goals down and keep the piece of paper where you can see them every day as a reminder. Or type them into your phone so that you can review your list at home or during travel.

The work of keeping a business afloat is never easy, but it promises extraordinary satisfaction for those who dedicate themselves to it. Taking a few moments to make sure you fully understand where you are and where you’re going in 2017 is a great investment. Contact us for help getting your finances in order.

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Start Preparing Your Books for Tax Returns

Wed, 11 Jan 2017 14:19:00 GMT

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How to Reconcile Your Bank Accounts

Wed, 04 Jan 2017 14:30:00 GMT

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Important Bookkeeping Tips for the Busy Business Owner

Wed, 28 Dec 2016 14:32:00 GMT

Like all business owners, you want to stay on top of the money flowing in and out of your company. Keeping good books is key to ensuring you are making a profit, not to mention how helpful it will be when tax time comes. To have maximum efficiency at tracking your income and expenses and not get bogged down in an overload of pencil-pushing, you want software that does the work for you. Here are three bookkeeping tips to help you manage the books more efficiently.

Secure Quickbooks Software for your business

Quickbooks is an excellent program to help you keep track of all your business data. From handling multiple employees, creating invoices, or setting up and tracking your inventory, Quickbooks makes the process user-friendly . Additionally, you have data at your fingertips to create reports or just to analyze when you need it.

Enlist in the Quickbooks online services

All businesses need flexibility. You need the ability to work from any device, any place, at any time, and know your information is secure and readily accessible. Quickbooks Online allows you to keep your information privately stored in a cloud-based program.

Secure bookkeeping assistance when in need

At times, you may need assistance with the multitude of forms that are due quarterly and annually. Also, accounting or bookkeeping services are helpful when you are starting up a business, making changes with a business, or just need help during a busy time. It may be beneficial to obtain help in using Quickbooks to its fullest capacity too. Established bookkeeping companies can provide tips on how to create your company’s file, develop account names that are unique for your business, plug-in sales tax rates, create an inventory list, establish your employee base and wage amount, and much more. Outsourcing for some assistance can make your task much easier.

At Reconciled, we offer solutions for the busy owner using Quickbooks. Contact us today for more information!

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Three Tasks to Automate For Easier Bookkeeping

Wed, 21 Dec 2016 14:33:00 GMT

When it comes to owning a business, there are a lot of fun parts. Making money and creating happy return customers are a few. But, one of the most dreadful tasks is keeping on top of the books. Surprisingly, many small businesses still do their accounting the old way. The hard way. However, with automation so affordable to even the smallest of businesses, there is no reason you shouldn’t keep your books the smart way and implement these three tasks to automate.

Inventory

If you still do it with a pen and a pad of paper, taking inventory will eat up precious business days. By automating your inventory with cheap and effective programs like Fishbowl , you can cut the time you spend managing inventory in half, if not more. Inventory automation software integrates with your accounting and bar code scanning software so that you can scan, save, and store what you have. This helps you better keep track of what you need and drastically cuts down on inventory errors that are the result of miscounting.

Invoicing

There is nothing more awkward than when a vendor gives you a call to chew you out for not being paid. It is a mistake that has happened to everyone without automated invoicing. However, automation software like QuickBooks lets you do more than automatically generate invoices that you can see, e-mail, or print for your personal record. With payment features and integration with other accounting software that stores invoices and receipts, you can always stay on top of who you are paying and whether you still need to pay them.

Payroll

Figuring out payroll taxes is one of the biggest, most tedious administrative burdens for small businesses. Doing it without the help of software can take hours, and sometimes it is not always as accurate as you would hope. However, with automating software like Intuit’s Payroll , you can generate instant paychecks, automatically calculate the tax, and all while avoiding tax penalties.

Changing these three tasks to automate, you will save both a lot of time that is better spent on your business and a lot of money that you can put back in. To learn more about helpful bookkeeping tips to help save you time, money, and a huge headache, contact us today.

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Four Bookkeeping Mistakes to Avoid

Wed, 14 Dec 2016 16:46:00 GMT

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How to Integrate Bills and Invoices into Dext

Fri, 09 Dec 2016 16:49:00 GMT

Dext makes it easy to integrate bills and invoices!

Unfortunately, many choose to skip using this handy software tool because they have so many different documents stored in different places. You may have a folder full of receipts in your e-mail, half a tree of invoices stacked up on your desk, and a few multiple-page invoices that you just aren’t sure how to load into the software. Luckily, Dext (formerly Receipt Bank) has a variety of easy ways to integrate bills and invoices, so you can keep accurate records.

Emailed Invoices

If you get some of your invoices by e-mail, then transferring them to Dext is easier than you might think. You don’t need to print them out and scan them in. Instead, forward them to receipts@Dext.com. From there, they will be processed and brought into the software.

Paper Invoices and Receipts

If you already have printed copies of your invoices and receipts, adding them to Dext will be a little more time-consuming, but still easy. You’ll need to take a photograph of the invoice or receipt with an iPhone, Android, or Tablet and submit it to your Dext account.

Multi-Page Invoices

While the above method is great for single-page invoices, you’ll want to use a scanner on multiple-page invoices. Scan each page, then drop them in the Dext dropbox. These receipts are harvested several times an hour and provide the easiest way of integrating multi-page invoices.

Was this helpful to integrate bills and invoices with Dext? Do you want to learn more? Contact us today to learn more about our great bookkeeping and accounting services that will help your small business thrive.

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How to Customize Reports in Quickbooks Online

Tue, 15 Nov 2016 11:07:00 GMT

If you intend to print out or customize reports in Quickbooks Online for a number of different clients, you want your reports to be easy to understand.

Furthermore, if you intend to show these reports to all the important people in your business, as customers or investors, you also want them to look professional. Unfortunately, unless you are a trained accountant, learning how to customize reports in Quickbooks Online can seem hard to understand.

How to Customize Reports in Quickbooks Online

Creating customized reports in Quickbooks Online is pretty easy. From your dashboard, go to Edit < Preferences < Reports & Graphs. This will give you a list of customization options where creating a custom report is as simple as knowing what each option does.

Accrual vs. Cash

In the “Summary Accounts Basis” section, you will be given two options – Cash and Accrual. If you choose accrual , your reports will include all transactions, sales, purchases, and expenses from the moment they are recorded, whereas choosing cash will display them from the moment you pay or receive payment for them.

Age Transaction Date vs. Age Due Date

In the “Aging Reports” section, your options are pretty straightforward. This will show either transactions or sales from the date that the transactions are due or the date that they were recorded.

Show Accounts By

In this section, you are given the ability to choose how you want your account information shown on each report. You can choose to order them by name, by description, or using both.

There is also a section where you can choose the same option for items on reports.

Statement of Cash Flows

Unless you know what you are doing in this section, it might be best to leave it for a professional. In this section, you can tell QuickBooks how it should handle its accounts when it produces a statement of cash flows using accepted accounting principles

Format

Finally, the format section is likely going to be the most interesting to you if you want to make customize reports in Quickbooks Online. Here you can clear the default formatting, then explore other formatting options within. As to how to format, it is all up to personal preference.

Need more tips on QuickBooks and other accounting software to make your business run smoother? Contact us today.

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Save Time With These 5 Bookkeeping Tips

Tue, 25 Oct 2016 11:09:00 GMT

Businesses exist to make a profit. Therefore, you must keep good records of any money you make. The government wants this documentation at the end of the year. Unfortunately, this is really challenging sometimes – to the point you find yourself struggling to balance your books each month. So, follow these five bookkeeping tips to stay on top of it.

Some bookkeeping tips will help you keep better records.

If you’re an entrepreneur or small business who feels they could benefit from having some help with their bookkeeping, contact us . We’d love to help you with this so you’re free to focus on more important parts of your business.

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Tips For Using Bill.com Effectively

Wed, 21 Sep 2016 11:11:00 GMT

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3 Tips for a Quickbooks Online Beginner

Tue, 06 Sep 2016 11:14:00 GMT

Quickbooks Online was developed by Intuit for use by small-to-medium-sized businesses. The software, capable of running in the cloud, has remained a popular choice. Whether you are a QuickBooks Online beginner or an experienced user, doing your own bookkeeping, or just double-checking a few things, here are a few tips to improve your experience with Quickbooks Online.

1. Download the desktop app

The app is free to download with a Quickbooks Online subscription and runs faster than using the service through your browser. It is available for both Mac and Windows. While it isn’t recommended, you also have the option to stay signed in indefinitely. The app can also use notification bubbles to let you know when you need to check something. Downloading this is crucial for a QuickBooks Online beginner.

2. Open a new tab

Having Quickbooks Online opened in two tabs at one time allows you to move back and forth between reports more quickly. You can also drag one tab into its own window to view the reports side by side.

3. Work on multiple companies at once

This tip is for accountants and entrepreneurs with more than one business. There are multiple ways to go about doing this. The most simple way is to open Quickbooks in multiple browsers. If you are using Chrome, you can also open an Incognito window and use it to open the second account. Chrome will also allow you to have multiple Users. To do this, go to Chrome > Settings > Users. Use the different Users to sign in to multiple Quickbooks Online accounts at one time.

Running a small business is easier with Quickbooks Online. Reconciled can help ensure that you are utilizing the program to the fullest extent possible. For more tips on using the software, contact us !

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5 Reasons Small Business Owners Need Quickbooks Online

Fri, 22 Jul 2016 11:16:00 GMT

Accurate bookkeeping is essential for the success of every business. When it comes to the best kind of online bookkeeping service, small business owners need Quickbooks online. To get the most value for this software, small business owners can use Quickbooks online in the following 5 ways .

1. Mobile

Being able to access your cash balance or customer payment history on the go is very important for small business owners who are often out of the office. You can access Quickbooks online from your phone or tablet, and even set up alerts and email periodic reports right from your device.

2. Cloud

By having access to Quickbooks anywhere you have an internet connection, you eliminate the need to back up files or maintain a server. Since Quickbooks online automatically updates, there is also no need to manage multiple versions of the software.

3. Activity Log

News feeds are increasingly popular with social media, so why not have one for your bookkeeping? Quickbooks’ activity log allows you to view financial transactions and login history. This can help you keep a close eye on your business accounts, and decrease the likelihood of fraudulent activities.

4. Invoices

You work hard to maintain your business, so keeping track of invoices and payments from your customers is key. Quickbooks online make creating invoices easy, and even sends them out automatically. It also provides an option for your customers to pay via credit card.

5. Apps

Quickbooks aims to give its customers the best experience possible. They do so by giving you the option of purchasing apps to add to your system. These third-party apps include inventory and project management, and CRM.

Running a small business requires having the right tools to help you get the job done in a timely and correct manner. Contact us today if you have questions about using Quickbooks online or need help setting up your online bookkeeping service.

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Three Ways Small Business Cloud Accounting Technology Can Help Your Business

Sun, 05 Jun 2016 11:17:00 GMT

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Online QuickBooks Tips to Make You More Productive

Tue, 31 May 2016 11:20:00 GMT

One of the best things about QuickBooks is that it helps businesses of all sizes be more productive. But there are actually several shortcuts that can help you become even more productive. Here are a few of the top QuickBooks tips that will help make you more productive in the workplace.

1. Changing Dates

When you are looking to change dates, simply push the + or – keys. This will move the date forward and backward as needed.

2. Utilize Calculator

Instead of pulling up a calculator on your computer, use the one that is built into QuickBooks already. To pull it up, simply press the =, +, *, or / keys.

3. Delete Items Quickly

When you need to delete an item, such as a check or invoice, press Ctrl + D. This will remove the item without needing to use your mouse to complete the action.

4. Use Shortcuts for Dates

When you are looking to enter dates manually, there are plenty of shortcuts to help. For example, the shortcut “y” will give you the first day of the year and the shortcut “r” will give you the last day of the year. Also, to bring up a pop-up calendar, simply press the down arrow.

5. Chart of Accounts

If you are looking to discover the right account to put a transaction into, simply press Ctrl + A. This will display the Chart of Accounts window.

These QuickBooks tips are all ones that will help you save time and be more productive . As you are going through your daily tasks on QuickBooks, make sure you keep them in mind. To learn more about how you can use QuickBooks to make your business more productive, contact us today.

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IRS Phone Scammers Demand Payments

Mon, 25 Apr 2016 19:55:00 GMT

Don’t be fooled with what may sound like a legitimate phone call.

Imagine that person on the other end of the phone is actually sitting next to you and speaking to you in person…would you believe them? The IRS, specifically the Treasury Inspector General for Tax Administration, issued an Alert last Friday about IRS Phone Scammers. Do you know what to do?

The Treasury Inspector General for Tax Administration issued an alert Friday warning that it has received information that callers impersonating IRS employees or the Treasury Department are demanding payments on iTunes Gift Cards.

TIGTA noted that the scam callers may also request payment of taxes on Green Dot Prepaid Cards, MoneyPak Prepaid Cards, Reloadit Prepaid Debit Cards, and other prepaid credit cards. The alert stressed that these are fraudulent calls, and any call requesting that taxpayers place funds on an iTunes Gift Card or other prepaid cards to pay taxes and fees is an indicator of fraudulent activity.

TIGTA pointed out that no legitimate U.S. Treasury or IRS official will demand that payments via Western Union, MoneyGram, bank wire transfers, or bank deposits be made into another person’s account for any debt to the IRS or Treasury

[Accounting Today, Michael Cohn, IRS Scammers Demand Payment ]

If you have any questions about your taxes or have gotten an IRS Phone Scammers call, c ontact us . We’d be happy to help you make sense of your business taxes.

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Client Spotlight: M+E Design

Mon, 25 Apr 2016 11:22:00 GMT

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Should Law Firms Outsource Accounting?

Tue, 05 Apr 2016 17:38:00 GMT

Today, law firms face many financial-related obstacles that impede their growth and ability to provide a better service.

These issues for law firms may include:

As you know, dealing with all of these issues can take up a lot of paperwork and time. Is there an easier way to get around these accounting issues? The answer is yes, and it’s called outsourcing.

Now the question is, should your law firm outsource its accounting?

What is Outsourcing All About for Law Firms?

Outsourcing can be a cost-effective and efficient solution to delegate tasks that take up so much of your valuable time. One of the best examples of outsourcing is accounting and bookkeeping. Lawyers should focus on what they are good at, and that’s working towards winning their client’s cases in court.

It’s not uncommon for law firms to hire a local part-time bookkeeper to keep records and bank statements in order.

But now, there is another option to outsource your accounting and bookkeeping tasks to a company, one that specializes in working with law firms specifically.

What to Look For When You Outsource Your Accounting

You should expect to find, a good accounting firm that will provide professionalism on all levels. A top-notch company will offer multiple services that revolve around accounting such as payroll, HR, bill payments, and tax services.

Look for accounting companies that offer:

Conclusion

So, should law firms outsource accounting? As you can see, it can be an excellent solution to the countless hours of paperwork headaches. Contact the Reconciled today to discuss your Law Firm and how we can help with your outsourcing needs.

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Three Best Quickbooks Online Tips

Fri, 25 Mar 2016 16:43:00 GMT

The 2016 version of Quickbooks Online is a wonderfully powerful, yet mostly intuitive tool. It is designed to help small to medium-sized businesses effectively manage their bookkeeping and accounting practices . One of the best features of Quickbooks is how the developer, Intuit, continues to invest significant time and resources into the product. It evolves with the changing needs of business and its customer base. The following is a current list of three of the best Quickbooks Online tips to consider.

1. QuickBooks

Make everything you do in Quickbooks quicker by taking full advantage of time-saving keyboard shortcuts. Commit the most useful shortcuts to memory, and you will definitely achieve QuickBooks. Consider shortcuts, like the plus sign (+) for the next day, the minus sign (-) for the previous day, and the capital “T” for Today. Options that can save a lot of time when processing particularly large spreadsheets that track calendar days.

2. Go Mobile

Now available on iOS and Android, you can take Quickbooks with you wherever you go. The mobile app allows you to fully utilize the pinch and zoom features of these smartphones. So, there shouldn’t be any squinting necessary to read the fine print. Having access to your books wherever you go is a very handy feature. Especially, if you’re not in the office and still need access to vital data.

3. Try It for Free

Intuit does offer a free trial run for their signature software that allows users access to every feature. This is a big indicator that Intuit feels you will become so enamored with their product, you will not want to end your experience with it. Most people will indeed subscribe to the online accounting software that makes life easier for small to medium-sized businesses.

“ Reconciled ” makes accounting easy. We are a certified pro advisor for Quickbooks Online. The preceding tips are just a small introductory sample of how to make the most of your Quickbooks experience. We know every angle of how to professionally utilize this software. We would be happy to put our expert knowledge to work for you as well. Please contact us today for more information on any of our services.

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Is Small Business Cloud Accounting Technology For You?

Mon, 14 Mar 2016 16:41:00 GMT

The post Is Small Business Cloud Accounting Technology For You? appeared first on Reconciled .

CPA vs. Bookkeeper – Which One Do I Need?

Mon, 22 Feb 2016 16:39:00 GMT

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Bookkeeping Best Practices and Tips

Thu, 21 Jan 2016 16:37:00 GMT

Implementing bookkeeping best practices and tips is vital if you are an entrepreneur or a small business. Your time and energy should be focused on leading and growing the business. Whatever the specifics, pushing a pencil and keeping up with accounting logistics is not the best use of your time. We highly recommend partnering with a competent and reliable bookkeeping service that can provide the numbers and metrics to inform your business decisions.

Here are some recommended bookkeeping practices to keep your business running smoothly. Do these from the start and you will be glad you did.

Contact us if you would like to discuss your bookkeeping needs or you need some guidance with your bookkeeping best practices.

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Achieving Bookkeeping Freedom: Top 3 Cloud Accounting Tools for Small Businesses

Tue, 12 Jan 2016 16:35:00 GMT

Small businesses and entrepreneurs don’t need to spend precious hours of their time buried neck-deep in financial reports. Yet at the same time, they don’t need to spend hundreds of dollars for business accounting software either. Cloud accounting tools are made for small business owners. Cloud accounting technology allows small businesses to make accounting quick, easy, and accessible. This is all done for a fraction of the price of corporate accounting software. For those looking to take the pain out of their finances, these top three cloud accounting tools provide the best utility for the price.

QuickBooks Online

QuickBooks has become synonymous with small businesses – and for good reason. While Quickbooks offers several different versions, QuickBook Online provides the best value for the accounting needs of a small business. It is the fastest-growing product for Intuit. At only $12.95 per month, the software makes it easy to track sales, create invoices, and access business data online or from a mobile device. With added benefits like the automatic download of bank transactions, processing payroll, and receiving online payments from your customers, Quickbooks Online makes accounting easy. What also sets Quickbooks Online apart is the App ecosystem where hundreds of cloud-based applications have been created and synced to work with Quickbooks.

Xero

Xero is the competing alternative to QuickBooks Online for small businesses. While both Xero and QuickBooks have evenly matched utility. They both have basic accounting features all organized in an easy-to-use interface, but there are small differences that have made Xero a growing favorite. One handy feature is the automatic categorization of expenses/imported bank transactions. With Xero, users can set up rules that allow transactions to be automatically routed into certain categories. These include bills, insurance, income, etc., and are based on different factors like dollar amounts, keywords, or vendor names. At a starting price of $9 per month, the more intuitive sorting and organization as well as its specifically designed online and the mobile interface make Xero a growing favorite among small businesses.

Dext

The biggest pain of doing bookkeeping by hand is sorting through, or rather, keeping track of all the receipts that accrue. Dext removes the burden of collating and inputting receipts by hand. Its software utilizes Optical Character Recognition (OCR) technology. OCR reads receipts and can automatically input them into other cloud accounting software, like Xero or QuickBooks Online, with just a click of a button. Starting at $15 per month, small businesses can take on new clients without any fuss. Also, they don’t have to worry about what happened to a thousand little slips of paper. Dext is a key part of the bookkeeping process for Reconciled and saves a significant amount of bookkeeping time. Reconciled is proud to partner with Dext .

While cloud-based accounting technology helps ease the strain of small business accounting, keeping track of all your finances can still be a challenge. Need more help with your accounting? Contact us! Reconciled takes the headaches out of accounting. Our online bookkeeping service allows owners to focus on what is important to them – their business.

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Happy New Year!

Fri, 01 Jan 2016 16:31:00 GMT

It’s now a New Year and Reconciled is ready to launch our first of weekly blog posts. We plan to write about many different topics that matter to us and you.

Here at Reconciled , we love bookkeeping. And I’m not just saying that because it’s what we do. There’s something about making sure all the numbers get to where they’re supposed to be that makes us sigh with contentment.

But not everyone feels that way. I would even venture to guess that most entrepreneurs don’t get into business for accounting. They get into it because they have a dream or an idea they want to see come to life. Your business is where you do what you do best. And unless you’re like us, that doesn’t include reconciling bank statements and categorizing expenses.

Having an accurate financial picture of your business is vital to its success, but how many hours a week does bookkeeping take you away from that dream, that idea, that need that got you into business in the first place? That’s where we come in.

Reconciled can set you free in this new year. We have taken advantage of the advances in accounting technology and set up a system that makes accounting easy for our customers. Give us a try and experience bookkeeping freedom today.

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