In our last post, Lists: Key to Getting the Most Out of QuickBooks for Nonprofits, we walked you through an overview of QuickBooks’ lists and how they can help you with better record keeping and reporting. While all the lists in QuickBooks have a role to play, the most important one is the chart of…
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If you’ve been using QuickBooks for a while, you may be frustrated over how to enter transactions so you get meaningful reports. The key to good reports starts with understanding and using QuickBooks’ lists. Today we want to give you a brief overview of QuickBooks’ most important lists. Effectively using QuickBooks’ lists is the key…
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It’s been a long time since Carrie and I posted to our blog. It’s good to be back! I had to eat a piece of humble pie last year when I realized I had allowed myself to get too busy for things that mattered most to me, including writing this blog. As Michael Hyatt observed,…
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Whether you do payroll in-house or use an outsourced payroll service, you may be experiencing unnecessary costs. And these costs pile up payroll after payroll, month after month. Here are a few of the worst offenders. #1 – Processing Fees Let’s start with the obvious. Chances are your payroll service is charging you per payroll.…
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If you are like most nonprofits, paying people for services is your largest expense. It’s not unusual for payroll and contractor payments to make up 80% or more of total expenses. It’s also an area with many tax compliance issues and bookkeeping challenges. Consider what combination of accounting software and payroll software and/or services would…
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No one starts a nonprofit because they want to do accounting. But sooner or later, you realize you need some sort of accounting solution if your nonprofit is to succeed. In case you are wondering what accounting can do for you, see our post “12 Ways Accounting Can Make You an Awesome Nonprofit Manager.” If…
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Let’s be right up front — accounting is probably not at the top of your list of fun things to do. Or things you really want to work on today. But you are starting to realize that accounting related problems are getting in your way and holding you back from reaching important goals — like…
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Do you pay any vendor a total of $600 or more for services during the year who is NOT your employee? If yes, you may have a Form 1099-MISC filing requirement. Who is subject to 1099 reporting? The most common vendors subject to 1099 reporting are: Vendors who go by their personal name. For example,…
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“Luck is where preparation meets opportunity.” – Attributed to the Roman philosopher Seneca. Another favorite quote is “It’s amazing how long it takes to get something done when you’re not working on it.” – Attributed to a lot of people so I have no idea who said that one. Opportunity can come in a flash…
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