Top Ten Tips - Before Year End

1. If you have employees, review your WCB claim estimate to make sure you haven't underestimated.  There are penatlies for reporting low that can be avoided by reviewing this now.
2. Plan time to take a physical inventory count on your last business day of your fiscal year.  Or hire an inventory company to do this for you.  They're specialists and can often finish faster and without paying your staff overtime.
3. Do a physical backup of your files and store at an offsite location.  9this should be done monthly)
4. If you use subcontractors, ensure you have T4A forms and up to date vendor information.  Fill out forms and submit before the deadline.
5. Verify your payroll liability amounts before your December remittance for any last minute changes that might need to be made.  This will avoid penalties & interest.
6. Review any pre-paid expenses and accrued liabilities.  Are they still accurate?  Do you need to set up any new ones?
7. Change your password to help protect your data.
8. While sending out Christmas cards & reviewing addresses, make sure all employee infomration is up to date.  HAs anyone moved, changed phone numbers or emergency contact information since you last looked at their forms?
9. Review a "Sales by Customer" report and a "Purchases by Vendor Amount" report.  Modify the report to include a "Percentage" % column.  You might be surprised to see where most of your money flows, or what percentage of business you're doing with your best or most difficult clients.
10. Create a set of new file folders for your vendors, with the new year dated in the right hand corner.

Your top QuickBooks Questions

Do you use QuickBooks to manage your small business? Do you know you could be using the software more efficiently, but don't have the time to take a one or two day seminar?

1. Write to me, in the comments section here (don't worry, it won't post publically. They all come to me for approval first)
2. Include your email address so I can send you my response.
3. Tell me if its okay to include your question on my blog. (I'll answer your question regardless. But it's amazing how many people have the same questions. You'd be helping others too!)

Have a profitable day!

Loralee

~Lora Sent on the TELUS Mobility network with BlackBerry

Time Flies.....when you're having fun!

It's how the saying goes, right?!  Then this year MUST have been a lot of fun, because I haven't posted once in the past 12 months.  Amazing!

I had really left this blog because I was focusing my energy on 3 other blogs hosted on my main webserver.  But this month, because of some bad planning on my part, those sites are down & I find myself craving an outlet to write. I'll get those sites back up and running soon, so I can incorporate everything together again.

"Streamline & Simplicity" was my motto for 2010. In some ways life has become exactly that.  Streamlined and Simplified.  In ways I couldn't have possibly imagined when I first started doodling those two words everywhere.   Relationships, physical belongings, business, health.  Nearly everything in my life has changed in the past year. Some of it didn't look very pleasant while it was happening, and others were a welcome change. And then when you take a moment to look and see what's happened?!  Well, change is always a little painful, isn't it?

Four Important October Updates:

1. Date Change for "Catch Up Day!' OCTOBER 15, 2009 - See all of the details at www.catchupday.com
2. QuickBooks 2010 Canadian Edition is coming very soon. It's the answer for so many of us who have been using the stand alone version Multi-Currency. Please don't upgrade before consulting me, or your trusted advisor, as there are many great changes, but they do require a bitof pre-planning. Ask me if you have any questions about upgrading. You can still purchase

September 18th!! Catch Up Bookkeeping Day!

"If you're feeling like this guy, then please set aside September 18th in your calendar."

Register at www.catchupday.com

In April we hosted our first "Catch Up Bookkeeping Day!" with great results. One participant sorted through and prepared everything she needed to complete 4 years of back taxes. Another entered all of his transaction for the first quarter of the tax year. And another started using QuickBooks for the first time, sorted out her paperwork, and had it ready to hand off to a brand new assistant the following week. What could this day be like for you?

eWomen Network Conference Ticket & Chocolate Decadence Party - $375 USD

Only until Tuesday at noon

Unfortunately I'm unable to attend the conference (a very last minute change in plans). This Dallas, TX conference is one that I look forward to all year long.

One-On-One Mentoring From Self-Made
Millionaire Mentors THIS Summer!

Are you able to help me with a Pilot Program for Do It Yourself Bookkeeping?

This week I'm recruiting small business owners like you, for the online version of "Do It Yourself Bookkeeping". It was a success in a local setting, with desk, laptops & papers. And now I have the infrastructure to bring the service directly to your office.

But, it won't be the same without one trial run.

An opportunity to test and retest to make sure that everything is working from your end. With different operating systems, with different levels of knowledge. And, of course, different personalities, and levels of motivation.

Click Here if you know someone who has a tendency to put off doing their bookkeeping... OR, if that person is you?

SUCCESS or FAILURE


They aren't mutually exclusive, are they?

Check out the Toilet Paper Entrepreneur today for Mikes newest post. You'll find over 100 reminders of why YOU are on the right path!


OH! Look for my Tip (somewhere between #5 and #20). Shameless plug! I know...

Have a fantastic day!

Loralee

This past week I had a conversation with Andrew about his dream to run an accounting & bookkeeping business. I've had an 3-course sitting in my computer for a very long time, just collecting dust (metaphorically speaking, of course). While we were talking I wondered again why I wasn't sharing this information with more people. I didn't know this, but Andrew used to be an artist and ran a small business until he was married & started a family. Now he works in a very responsible job, working 9-5 in a downtown accounting firm. He told me how he misses the flexibility of setting his own hours, and really wishes he could volunteer at his oldest boys school this fall, when he goes to kindergarten. Yeah! He has 2 little boys at home right now.

He's being a responsible Dad! I commend that! But what if he could build a business quickly and solidly? What if he could create that flexible schedule so that he could be there for his son this autumn. If you're working in a bookkeeper capacity right now, or you've taken an accounting or bookkeeping diploma - maybe it's time to look at the 6 week e-course I'm offering this summer.

The ExtraOrdinary Bookkeeper!

Special Pricing Today & Tomorrow only

Vancouver July 13 - 16, 2009
The Missing Thread Intensive

Flight included if purchased by June 2nd - for Edmonton, Calgary & Saskatoon
Payment Plan options available

5 Star Seminar Package

I'm SO excited about this event July 13-16th in Vancouver with Donny & Dr.Kirk, and David Neagele. I'll write more about it later this week. But in the meantime I wanted to provide you with the link, so you can view it for yourself!

The Missing Thread Intensive

See you there!

Loralee

Mentoring Program - without the long term commitment

Have you been looking for a mentoring program that won't break the bank? I've followed Erin Blaskie for the past 2 years and have witnessed phenomenal growth. Take a moment to check out her program. Jump in today!

Long Weekends - a small business owners' pondering

Do you ever find yourself at loose ends on a long weekend? I've wrapped myself up in my business and "work" for almost a decade ~ and I find that when I'm faced with a long weekend, I'm often at loose ends. Should I go to the office & "catch up" on work? Or stay home and rest & rejuvenate? Or, go for a day trip out of town?

I still don't know the answer! Something to ponder, and write about later.

Hope your Victoria Day is delightful!

Loralee

“Recession Rescue with Rapid Results: How YOUR Small Business Qualifies for One-On-One Mentoring From Self-Made Millionaire Mentors THIS Summer!” Do not miss THIS once-in-a-lifetime Opportunity Call with Master Coach David Neagle on Wednesday July 8, 2009! You’ll learn: Exactly how you could be 1 of only 10 business owners to be laser-coached by this multimillionaire coach for next to nothing AND receive additional resources valued in excess of $15,897!! Click Here: http://www.davidneagle.com/summer2009

Setting up your Filing System

Supplies Needed:

• 3 separate colors
• File folder labels (ink jet or laser printer labels from Avery work best)
• Sticky file clips (find the real name for these 2 hole punched things)
• “ENTERED” stamp (only documents that have an entered stamp on them should be put into the filing cabinet.

1. Create a template for what your customer files should look like - it’s much easier to start out the way you intend to proceed. Create one file that’s your “PERFECT CLIENT FILE” and then mimic them all after this one file. Do you need a checklist on the front page? What documents need to be in each file? Has all of the contact information been entered into your data base, contact system, and then transferred to your accounting system?

2. Customer Files - choose one file folder color for your customers start setting up your customer files based on the template you set up in step 1

3. Vendor files - create one folder for each supplier or subcontractor. This includes utility companies, and city taxes for example. As a general rule, if you have more than 3 pieces of paper for this company each year you can create a file folder to hold the receipts. As the year progresses & you need to reference documents you’ll find this step to be very helpful. On the labels make sure you note which fiscal year these files pertain to. For example, the file folder may look like this: TELUS COMMUNICATIONS - FY09
4. Current Accounts Payables (or UNPAID BILLS) - Keep a separate folder that holds any unpaid bills. As soon as you’ve written the cheque, paid by credit card or transferred funds then transfer them into the vendor folders . Remember that they’re in this file when searching for current documents.

5. To Be Entered - this should include your most current receipts that still need to be entered into your accounting software. Once marked with an entered stamp, simply file them in the appropriate vendor file folder. In some cases they may be placed into a “to be filed” folder if you have an administrative person who files documents at a later date.

6. Government & Banking - Keep another section and color for banking and government related documents. These often need to be held beyond the current fiscal year & won’t be packed into long term storage as quickly.

7. Employees & Payroll - Keep your payroll and employee information in a separate and secure location. Not with the information that your other employees can access while serving your clients need & the relationships with your vendors. These files should also be labelled with the calendar year, and look something like this: JOHN SMITH - 2009

8. Long term Storage - At the end of a year (or if your company is still small enough to store only in a filing box) move your documents to a bankers box, write clearly on at least 3 sides this information: Company Name, Fiscal Year, and these words, “DESTROY AFTER XXXX” (fill in the year that the box can be destroyed. In Canada you must store them for an additional 6 years. Check with your government regulations to be sure.

For other articles by Loralee Hutton go to her company website at www.red2black.ca

To Register for "Catch Up Day Bookkeeping" on April 9th

Click HERE

You'll be directed to a page on the Red2Black.ca website!

APRIL 9th!! Catch Up Bookkeeping Day!

"If you're feeling like this guy, then please set aside April 9th in your calendar."

You may want to be in your office alone, or bring in an entire crew. Just set aside April 9th in your calendar as THE DAY to get it done.

Can a group of Like-Minded Business Owners really make a difference?

You probably already know a bit about the MasterMind group I joined this January. And for some, it's a commitment of time and money you're just not prepared for. And I completely understand. I've heard about Sharon Wilsons programs earlier in the year, and became aware of her 30 day challenge this evening. I thought I should share it with you.

(this is one of the pictures I took on my blackberry on a beach in Los Angeles the day before the Freedom Formula Experience)