Monthly Archives: December 2010

My First Year in Business – A Financial Overview Seminar

Date: Friday, January 7, 2011 – 10:00am – 12:00pm Price: $25.00 Starting a business is an exciting time, establishing your financial records and bookkeeping system should be one of the first orders of business. You will need to establish a separate bank account, put together a filing system, decide how to… Find the rest at http://www.smallbusinessbc.ca/seminars almost at the bottom of the page.

End of Year Bookkeeping Checklist:

  1. 1.      Reconcile Your Bank Account.
  2. 2.      Catch Up On Invoices.
  3. 3.      Record Transactions. – Don’t forget about the credit card purchases. Search your pockets for receipts
  4. 4.      Categorize Expenses. – Make sure all of your income and expenses have been properly categorized.
  5. 5.      Don’t Forget Mileage. – Have you recorded all the time spent in the car? Your daily commute doesn’t count.
  6. 6.      Pay Your Estimated Taxes. To avoid penalties when taxes are due on April 30th, be sure you’ve paid enough in estimated taxes for the year.
  7. 7.      Check your Income Statement. Compared to prior years?
  8. 8.      Don’t forget to reverse stale cheques!
  9. 9.      Record any year end accrual entries – and depreciation!

10.  Check Accounts Receivable and Accounts Payable for accuracy

11.  Bad debt write offs, if any (and hopefully there aren’t!)

12.  Prepare A Budget for Next Year. One quick way is to take your profit and loss statement from the year that is ending and export it to a spreadsheet, then you can easily add formulas to say you want to increase revenue next year by 10% or reduce costs by 5%

Multiple Warehouse Location Tracking in Sage Simply Accounting.

Sage Simply Accounting allows small businesses to keep track of inventory stored at more than one location, for example at home in the basement or at different store locations.

Businesses that have regional warehouses to cut back on shipping cost will find this feature very helpful. Knowing what inventory is where to expedite deliveries, shipping and re-ordering of goods is critical.

Drop shipments become manageable by creating a supplier as a warehouse locations allowing you to ship direct from factory to customer.

Inventory Reports can be grouped by location and transfers between locations can also be done using the Inventory Adjustments & Transfers window.

This fantastic feature is in the Premium or higher edition.

Be careful with this powerful feature, once a location gets used in a transaction, it cannot be removed or made inactive.

Locations cannot be turned off. If you want to edit location codes, be sure to do so before performing any transactions for them.

You can set up as many as 100 locations. Sage recommends a max of 10 because from the database stand point of view it would mean having 10 times as many inventory items as they all get duplicated per location even if you don’t have any stock in a particular location.

 

Dianne Mueller CPB

www.simplysoma.com

Soma Small Business Solutions

Gold Level Simply Accounting Consultant

Bookkeeping Essentials – Are Your Books Audit Ready

 

  1. Have you set up a separate bank account for your business?
  2. Have you set up a separate credit card for your business purchases?
  3. Have you kept detailed supporting documents for every transaction recorded in your bookkeeping software?
    1. Receipts, invoices, contracts, cancelled cheques.
  4. Do you keep your books up to date by recording transactions as they happen?
  5. Did you create a dedicated filing system for every type of financial data?
  6. Have you separate files by year and retained all files for 7 years?
  7. Have you file all CRA remittances by the due dates and deadlines?
  8. Did you make multiple copies of important documents and receipts?
  9. Did you keep a vehicle log book?