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11 09, 2020

New Business Financial Checklist: Essential Tasks to Maintain Daily, Monthly, and Annually.

By |2020-09-09T22:14:50+00:00September 11th, 2020|Bookkeeping Basics, Business Tips, Finance Tips, Small Business|0 Comments

Starting your new business can be exciting and stressful at the same time. There is a lot that goes into business finances, so maintaining those items for the first time can quickly become overwhelming. We’ve highlighted a few essential tasks to keep you on track and ensure your company’s success throughout its first year and every year after.  Daily   Check Cash Position  Start your day by routinely checking the amount of cash you have on hand. We recommend you repeat this task weekly and monthly to estimate how much money you will need in the future.    Weekly   Organize and File Receipts  Organizing your receipts, invoices, and cash payments every week will help you find information easily come tax time. While Excel can be an excellent option to keep track of all expenses, it can time consuming and confusing. Instead, you can find a bookkeeping team to help manage that information for you.  Review Unpaid Bills From Vendors  Start by identifying any unpaid vendors. If you don’t already have an “unpaid vendor” folder, this would be a good time to do so. [...]

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20 08, 2020

How Can You Support Small Businesses During COVID-19

By |2020-07-30T23:38:31+00:00August 20th, 2020|Bookkeeping Basics, Business Tips, COVID-19, Finance Tips, Small Business|0 Comments

The coronavirus pandemic has disrupted every aspects of normal life. From school structure to to human interaction to business operations. One area that feels this disruption deeply is the small business sector. Across the country, small businesses are struggling to keep doors open. They are innovating and rapidly changing their business model in order to continue servicing clients and generate revenue.  According to the US Small Business Administration’s Office Advocacy, small businesses generate 44% of U.S. economic activity. To support this important sector of the economy, here are suggestions for ways to help:  Gift cards and take out are a great help. The food and beverage industry is greatly impacted. In some areas, only outdoor dining and/or take out options are available. This greatly diminishes the money generated in an already low margin industry. Consider purchasing gift cards or ordering from your favorite neighborhood eatery.   Shop Local. Many local retailers have pivoted to either build a more robust online store or offer products online for the first time.  When you are buying the next round of home goods, staples, groceries, and more, consider purchasing [...]

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30 07, 2020

Staying Afloat When Your Cash Flow is Impacted During Times of Crisis

By |2020-07-30T16:25:18+00:00July 30th, 2020|Bookkeeping Basics, Business Tips, Finance Tips, Small Business, Uncategorized|0 Comments

When our community undergoes a period of economic uncertainty, one of the most unsettling financial experiences is to question your stream of cash flow. Business owners and employees alike risk financial stability and loss of income when the economy takes a sudden downturn. Although we cannot stop a recession from happening, here are a few tips to curb the impact of a sudden crisis on your cash flow.  Get a bird’s eye view of your cash flow. When you have a good understanding of your monthly cash flow, you can better forecast your financial situation in the future. Take a look at your statements and identify profits, bills, payroll, inventory, debt, etc. to understand which expenses are fixed, and which expenses can be prevented. Consider cutting back on nonessential inventory for the time being.   Offer discounts for pre-paid services. This is a good way to ensure timely income, or to encourage clients and customers to pay early. Reevaluate your invoicing habits. Avoid sending out invoices at the end of the month if you want your cash to transfer into your bank account sooner. [...]

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23 07, 2020

How Do I Establish A Reimbursement Policy In My Company?

By |2020-07-23T21:36:23+00:00July 23rd, 2020|Bookkeeping Basics, Business Tips, Finance Tips, Small Business, Uncategorized|0 Comments

In some companies, employees are able to purchase things on behalf of that company, but may not have access to a corporate credit card or payment account. In other instances, an employee may incur costs, such as travel expenditures, that need to be reimbursed. Essentially, reimbursed expenses are an employee’s out of pocket expenses that are compensated by a company. As companies grow, there is typically more of a prevalence for these type of expenses. How can you make them manageable and create guidelines understood company-wide? It is important to set up a policy ahead of time so that employees understand what is eligible to be claimed as an expense and how much is acceptable. Beyond travel, gas, or food, you may also offer continuing education whereas college courses can be reimbursed. Outlining a policy upfront will help you clearly define categories and establish a process internally. This will be helpful as your business grows and can control employees from surprising you with unplanned costs. When creating a policy, consider these points: Create categories to define spending is appropriate Create [...]

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26 06, 2020

Update: Economic Injury Disaster Loan (EIDL) Now Taking New Applications

By |2020-06-26T21:01:28+00:00June 26th, 2020|Business Tips, COVID-19, Small Business|0 Comments

It is uplifting to hear positive news in the midst of these concerning times. Two months after the SBA stopped accepting EIDL applications, they have opened them to the public once more. As of June 15, 2020 the SBA began accepting new EIDL applications which now include agriculture businesses.  Agriculture businesses are referred to as businesses engaged in the production of food and fiber, ranching, and raising of livestock, aquaculture, and all other farming and agricultural related industries.  You can access the application and specific information here. If you are not familiar with the Economic Injury Disaster Loan, it is an existing program administered through the U.S. Small Business Administration (SBA) offering emergency relief to businesses. Due to the impact of the COVID-19 pandemic, the program has expanded. Previously, only small businesses in presidentially-declared disaster locations were eligible to apply for the loan. However, as of March 13, 2020 these locations have expanded to include the entire United States, its territories, and Washington D.C..   The SBA allows qualified small business owners and agricultural businesses to apply for the Economic Injury Disaster Loan (EIDL). COVID-19 related loans [...]

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15 06, 2020

Reopening Your Business after Quarantine

By |2020-06-08T18:03:38+00:00June 15th, 2020|Business Tips, COVID-19, Small Business|0 Comments

Many of us have felt the negative impacts brought forth by the coronavirus. Although the continual effects of the coronavirus are still uncertain, some business owners are beginning to plan to reopen, or already have.  If you are in the planning process, what are the next steps to prepare for reopening.  What does that look like? Here are a few tips for business owners who are looking to reopen and resume business. Resume Social Distancing – As states and cities across America begin to lift quarantine, each region will have its own pace and restrictions. Make sure you are knowledgeable about the laws and restrictions that are relevant to your location, as well as your customers’ locations. If employees are returning to the office, make sure your business is in compliance with CDC standards to ensure the health and safety of your workers. Find more information from the CDC: https://www.cdc.gov/coronavirus/2019-ncov/community/organizations/businesses-employers.html Continue Regular Cleaning – Consider adding more sanitation stations, such as installing sanitizer dispensers at your building’s entryways and bathrooms. Increase sanitation of high-traffic areas, such as doorknobs, desks, printers, [...]

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7 06, 2020

Finance Tips for Small Business Owners

By |2020-05-04T22:14:50+00:00June 7th, 2020|Bookkeeping Basics, Finance Tips, Small Business, Technology|0 Comments

Finances will always be an important factor of any business, regardless of the type of business you are running. While your business will inevitably drive in income, there are other elements that can help you cut costs, save money, and set your company up in a position to maintain financial stability and profitability in the long run. Here are a few tips that will put your company in a good financial position. Know Your Sales Cycles – Depending on your industry, your business can experience seasonal cash flow. During certain times of the year, your business may experience higher financial periods. For example, retail shops may experience periods of high sales during the holidays when people are shopping for gifts, versus slower months such as the spring. Avoid Procrastination – Procrastination can build up. This is especially true when dealing with finances. There is a greater potential for forgetfulness and disorganization if you leave too much time in between invoices. Evaluate Expenses – Identify factors that are fixed expenses and keep them as low as possible. Although you want to [...]

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11 05, 2020

Business Success During COVID-19

By |2020-05-04T22:14:20+00:00May 11th, 2020|Business Tips, COVID-19, Finance Tips, Small Business, Technology|0 Comments

As we settle into routines and adjust to working from home, it is important to set strategies and maintain consistency to ensure your business is maximizing success during the quarantine. The presence of COVID-19 has brought unique challenges for business owners. While many things remain the same, some elements require extra attention to ensure business success. Here are a few tips to stay productive, stimulate team motivation, and ensure overall business success. Keep a close eye on deadlines. Although we are in a country-wide crisis, it is still important to mind your deadlines. Stay conscious of credit card bills, loan payments, tax payments, and utility bills. The last thing you want is to miss a deadline and build late penalties during the crisis. Commit to check-ins. Make a commitment to virtually check in regularly with your employees. Stay involved with their projects through video meetings and screen sharing through Google Hangouts or Zoom meetings. This helps your team stay focused and shows your employees that you are involved and interested in their work. Create multiple channels of communication to ensure [...]

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4 05, 2020

PPP Loan for Business Owners

By |2020-05-04T22:09:24+00:00May 4th, 2020|Business Tips, COVID-19, Finance Tips, Small Business|0 Comments

The onset of COVID-19 has brought challenges for the entire economy, effecting business owners and employees alike. Thankfully, the Paycheck Protection Program (PPP) Loan has been allocated to businesses and sole proprietors who need support during COVID-19. The PPP specifically helps businesses keep their workforce employed during the crisis. Although the first round of the PPP was exhausted in only 13 days, a second round from the SBA with an additional $310 billion of funding was issued on 4/27. If you haven’t yet applied, do so now. Here are a few things to know about the program: Qualifications: You can apply for a loan if you are a small business that meets SBA’s size standards, sole proprietor, independent contractor, self-employed person, or a non-profit organization. Where to Obtain: When the funds are available, apply for a PPP loan through any of the 1,800 participating SBA approved lenders or through any participating federally insured depository institution, federally insured credit union, and Farm Credit System institution. Loan Forgiveness: Loans will be fully forgiven if used for eligible uses, including payroll costs, interest [...]

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22 04, 2020

Business Finance Tips During Times of Crisis

By |2020-04-01T23:01:13+00:00April 22nd, 2020|Finance Tips, Small Business|0 Comments

As we have recently experienced, crises can come suddenly without warning or predictability. This can include natural disasters, widespread disease, or other sudden, economic downturns. Such circumstances can disrupt normal routines and certainly impact small businesses. Because the onset of these crises can occur suddenly and unpredictably, it is important to prepare your business financially while also looking out for your employees and team members. Take action in times of crisis with the following financial tips: Assess High Areas of Value – Take a step back and determine the areas of your business that drive the most value. Prioritizing these elements can help you assess what areas you want to keep your financial resources invested in versus areas where you can cut spending. Monitor Expenses – Cut your spending where you can and tighten your budget if possible. Separate your discretionary expenses from your fixed expenses. In other words, separate your needs from your wants and only spend where necessary. Proceed with Compassion – Naturally, we make budget cuts in times of financial crisis. Still, it is very important that [...]

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Bakersmith Bookkeeping

Expert accounting and bookkeeping services for businesses in the Denver Metro and South Denver Metro Area. We specialize in QuickBooks Pro, QuickBooks Premier, QuickBooks Enterprise, QuickBooks Online, QuickBooks for Mac, LexisNexis Time Matters, PCLaw accounting and software.

Phone: 303-792-0655
Email: [email protected]

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