Adjusting Journal Entries from your CPA

As a consultant for many small businesses, it really bothers me when a CPA does not make sure after the tax return has been done that the client’s books match the tax return. Most small businesses don’t understand or realize the importance of this. Many small businesses rely on their CPA for accurate numbers, not realizing that they should and could have financials that match their CPA records at their fingertips, on their own computer.

Adjusting journal entries are entries that are done once your CPA reviews your books and makes any changes before filing your tax return. These adjusting journal entries should be given to you along with your tax return. They will include depreciation (if not previously posted), may include changes to fixed assets and prepaid expenses as well as loans if the interest expense had to be adjusted. If any personal expenses were paid from the business the adjustments will also include changes to the owners equity.

Your CPA works for you, ask for your adjusting journal entries and post them in your books if the CPA hasn’t done that for you. If you need help, we can help at Success In-Formation LLC.

QuickBooks Question & Answer Session

Anyone interested in a QuickBooks Question & Answer Session on a Saturday or an evening, please email me at info@successif.biz. Remember to tell me your time zone when you tell me your preferred time.

Our most recent Q & A sessions have only drawn one person. I'd like to pool some people together for a group session. There are always good questions when there is a group.

The session is free for 90 minutes.

Communicating accross Generations

You can see here, why I have been amiss about posting on this blog. I am a new Grandmother. Here, my granddaughter is less than a week old and for a few minutes, we communicated in our own way.

I spent just over two weeks with my daughter and her husband before, during and after the delivery of Victoria Tate. I learned just how much things change through the years. I remember my mother being with me when I was having children and she must have been thinking the same thing. You'd think that things like having babies and nursing would be so natural that they would be done the same across generations. But this is not the case, innovations in baby care, clothes, toys, re-discovered (by me at least) herbs, salves, diapers (no pins anymore even for cloth diapers). It didn't take long for me to realize that the old school way was my way and I suddenly felt my age, I guess I should, I'm a grandma.

So many times we want to do things because we know they work. Because we are used to doing something a certain way. It doesn't always mean it's the right way and it might not be the wrong way, but there might be a better way if we are open to listening, watching and learning.

Blog Block

I have been experiencing a combination of a busy schedule, a new grand baby on the way and a new found dilemma called "blog block". I feel a change coming. For any of you who have followed my blog, I apologize and will be posting very soon.

Mastering the task - one bite at a time

One of my favorite mentors in my life used to remind me when I was overwhelmed with a task at hand: "How do you eat an elephant Sarah? One bite at a time".

I'm sure that quote belongs to another person and forgive me please for not citing the correct author, but I do relate to the quote. I get overwhelmed as often as my clients do, but I try to pick the most important tasks and concentrate on the task at hand instead of something I "should be" doing. There will always be lots of work to do and we are all very busy people. One way to keep moving forward is to continue to master our software to learn easier ways to do the tasks at hand.

How to you master your software? One new task at a time, for example:

QuickBooks:

• Begin adding or organizing items - one hour per week
• Begin using just one additional billing method - this month
• Merge vendors (customers, items, accounts) that are duplicates - 4 per week
• Attend Success in-Formation http://www.successif.biz/ Free On line Q & A Session each month with a list of questions to ask - 90 min per month.

American Contractor:

• Begin using T & M Invoicing for one job this month - read help next Tuesday.
• Begin using Info Center by scanning in AP Invoices for just one job - starting on the 15th.
• Add your daily/weekly tasks to Fast Access in Command Center - one time, next Friday morning
• Schedule Night Auditor this month to reindex every Tuesday night - Schedule it tomorrow (takes 5 minutes to schedule it - read help for more info)

Windows:

• Name your saved files in a consistent fashion - begin today as often as you can.
• Organize your folders on a shared folder/eliminate duplicates in just one folder - 15 minutes each Wednesday after lunch.
• Schedule an automatic backup or contact a remote backup company this month so you don't have to worry about loosing data.
• Learn to connect to the office remotely - this month.

Microsoft Word:

• Make your tables attractive using Styles - one table at a time as you need them.
• Learn about QuickParts by reading help and creating one. - Next Friday afternoon.
• Add a commonly used document to your templates - this week.

Microsoft Outlook:

• Add a tag line about your business to your signature line - change monthly on the 10th of each month
• Delete your junk mail folder- once per week, glance at the emails quickly for non-junk, then delete.
• Categorize your contacts into logical categories to find contacts quickly-create or clean up one category per week.
• Add above tasks to Outlook to remind you, over time, you will be happy you did them, they will make your life easier in the long run.

Learning in the Now

Learning new software is a wonderful time to practice, living in the present.

There area many books out about "living in the Now" and "focusing within". I remember when I used to demonstrate software and I could feel myself "being in the zone". Time would go away while I was in a contractors office showing them a software program. I would focus on their questions and make notes and show them the software. I got very good at knowing my success rate by the time I left their office. I could feel the connection we had made, or didn't make in some cases. I could assess their needs and concentrate only on them. When this was happening, I lost track of time. Sometimes the demo would take 3 hours, sometimes 45 minutes. It really didn't matter, what mattered was that I was there at that moment, living in the Now.

Life is so busy, offices are so busy. It is very hard to do your present job as well as implement new software. It is especially hard if you don't have a plan of action for how it will happen and if you cannot focus on that plan. Your focused hard work will make your job easier in the near future.

Focusing within means giving attention to the task at hand and to yourself. Be good to the person who has to do this task "You". Give yourself time to read, concentrate in a quiet place, not answer the phone, just to breathe and relax. You deserve the chance to fully grasp what you are doing in the workplace. Someone at your office decided that now was the time to implement new software. Based on that decision, you can decide that "Now" is the time you will give your undivided attention to your needs in order to learn and perform this task.

As quoted in "The Power of Now" by Eckert Tolle, there is an Eastern saying "the teacher and the taught together create the teaching". I can say from experience, that a successful implementation are when both the teacher and the taught are focusing in the present moment.

Happy Learning!

Networking

I have always valued the benefit of networking. It is a challenge to decide what networking opportunities are the most time effective. There are a limited number of events per month I can manage to participate in so deciding which will benefit my business the most is a marketing decision I struggle with each month.

I am a member of the National Association of Women in Construction (NAWIC) and have been for 30 years, longer than I have done anything else, including raising my children.

My business is a member of two Chambers of Commerce, both Manatee and Pinellas Park in Florida. I am on the small business committee of the Manatee chamber which meets once per month for an hour in the morning.

When I was in Michigan I was a member of the Construction Association of Michigan and the Associated General Contractors. I have not re-joined any construction associatons other than NAWIC since being in Florida (now 3 1/2 years) but am considering making that move soon.

There are network associations popping up all over the place these days. They are private and local to your specific area. In these associations, the members refer the other members of the group to each other and everyone they know. Some groups have only one of each kind of company in an industry so your competition is not a member of the group at the same time you are. But...you cannot miss meetings, if you miss your meeting, another company, possibly your competitor will take your position. If I refer someone to one of my clients or a friend or my family, I want to know they are good at what they do. I don't want to refer someone just because I'm in a group that requires me to do that. I understand that the theory is to grow your business, but I'm not sure yet if these groups are for me, although I'm sure there are very skilled people in the group that I would be happy to refer.

With the Internet, we network no matter what we do. The world sees us, blogging, writing articles, what colleges we attended and who our friends are (my space, face book).

It is important to say what you mean and stand behind what you say. If we aren't sure of something, we must state up front that it is an opinion or we shouldn't say it at all. My mother taught me and I taught my children "if you don't have anything nice to say, don't say anything at all". I guess after all these years, this still holds true.

Oh and one more thing, Blogs are almost always "opinions"!

Happy Networking!