Better Bookkeeping Buzz
Quick tips, business trends, and financial "buzz" to keep your business on track.
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January 2021
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New Website Coming Soon!2/25/2021  We are excited to announce that we are currently in the process of launching a new website to help bring improvements to our customers and partners. Our new website will be faster, easier to navigate and bring a range of new resources to help our clients maximize our Bookkeeping, Payroll and QuickBooks services and level-up their businesses. Keep an eye for more information soon!
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Bookkeeping Tips for Solopreneurs1/26/2021  Are you running your own business independently? If so, you are considered a solopreneur! As a solo entrepreneur, you handle everything yourself, from everyday business duties and office tasks to accounting and bookkeeping. Being at the helm of your own business can certainly be rewarding but it can also be challenging when it comes to multi-tasking and taking on duties outside your expertise. Today, I'm sharing a few tips to help you manage your bookkeeping as a solopreneur.
#1 – Separate Personal and Business Expenses Co-mingling business and personal expenses may result in you being held personally liable for your business's debt and financial standing. Solopreneur or not, I recommend going through every transaction to determine if the expense was personal or professional. #2 – Sort and Organize Your Financial Records You'll want to start compiling and organizing invoices you sent to customers, receipts, bank, and credit card statements where you made purchases that are business expenses. It's important to review any outstanding invoices and collect on that debt. #3 – Track Your Expenses Keeping a record of all business expenses is essential for managing your business, budget and preparing to file for taxes. I suggest you keep a digital record of expenses to save you time and keep organized. #4 – Invest in Software Invest in software that will work for you. Intuit QuickBooks allows you to manage your accounting, track expenses, get invoices paid, accept payments and much more. #5 – Reconcile Bookkeeping Once you've organized and separated your expenses, you can log in to your accounting software and reconcile these expenses with your bank statements. This is one of the most crucial steps in preparing for tax filing, so be sure to take care when matching records. Have questions or need help with your bookkeeping? I'd love to help! Contact me. –Amanda Hafto, Bookkeeper amanda@capribookkeeping.com
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Top 4 Reasons to Outsource Your Payroll1/22/2021  Payroll processing inside your business is time-consuming and can be costly. After working with small business owners for over a decade, I've seen the challenges they've had when performing payroll inside their business and the benefits when they choose to outsource their payroll. Today, I'll reveal just a few of the perks of outsourcing your payroll.
#1 – Time Savings Regardless of the number of employees you have, processing payroll demands time and attention to detail. By outsourcing payroll, business owners have more time to focus on what matters most to them. #2 – Cost Reduction In-house payroll processing can be costly for many small to medium-sized businesses. When you consider the time and costs of processing payroll, you'll realize the time you can save by outsourcing this task. #3 – Avoid Mistakes and Penalties Complying with government and IRS regulations is essential for your business. These rules and regulations are highly technical and penalties for errors, omissions or late payroll tax filings can be very costly. When you work with a trusted outsourced payroll provider, you can be sure that all information is accurate and filed on-time. #4 – Team of Experts Our team offers an advanced payroll system for your business, plus our payroll solution is customizable and seamlessly integrates with QuickBooks. As an Intuit affiliate, we can provide our clients with low rates for our full-service payroll option. We also offer the added benefit of pay-as-you-go Workers Comp. Capri makes payroll and payroll taxes simple and it synchronizes with all versions of QuickBooks. Contact me to learn how we can help with your payroll. –Natalie Foydel, Bookkeeper natalie@capribookkeeping.com
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 We're excited to welcome the FBI Agents Association (FBIAA) to Capri Bookkeeping Solutions! The FBIAA provides support and advocacy to more than 14,000 active and former FBI Special Agents. We're proud to work with this exceptional organization and recently sat down with Jean K. O’Connor FBIAA Executive Director to learn more about their mission. Q. Tell us about the FBI Agents Association mission and history? The FBI Agents Association (FBIAA) is an organization founded in 1981 with a mission to advance & safeguard the careers, economic interests, conditions of employment and welfare of Federal Bureau of Investigation (FBI) Agents & retired FBI Agents. We fulfill this mission by providing support and advocacy to more than 14,000 active and former FBI Special Agents. Q. What should we know about the FBIAA? The FBIAA National Executive Board is made of Agents elected by their peers to represent Agent issues as well as on Capitol Hill. This board is divided into regions which cover the geographical United States. Each of the 56 Field Offices has a local Chapter Representative, who brings concerns and ideas to the National Executive Board. This makes the FBIAA truly an organization which represents the Field Agents throughout the country. Q. What services do you provide FBI agents and what are some of the FBIAA’s accomplishments. The services to members of our organization include internal advocacy within the Bureau, legal representation, legislative advocacy and financial support to members, offered through both the Memorial College Fund and the Member Assistance Fund. A couple of the hi-lights are below: • On a bi-annual basis the FBIAA honors Special Agents for exemplary work on cases. These awards are very meaningful as they are recognition by the honorees’ peers. • Lobbied to pass the Sam Hicks Act, granting statutory authority to the heads of federal law enforcement agencies to assist the families of 1811s killed in the line of duty with relocation costs, should they need to move back home. • Vigorously worked to have accumulated sick leave under FERS credited to an employee’s length of service for pension calculation purposes. • Successfully urged Congress to extend the 9/11 Victims’ Compensation Fund through 2092. Worked to have those lost to 9/11 illnesses recognized as line of duty deaths. The FBI has lost 17 employees related to illnesses from exposures during the response to the three crash sites, and have dozens more who are currently ill. Q. Tell us about the Memorial College Fund and Membership Assistance Fund. The FBIAA maintains both the FBIAA Memorial College Fund (MCF) and the FBIAA Membership Assistance Fund (MAF), including the SA Jeffrey Drubner Legacy Fund. Contributions to both funds are tax deductible. The MCF was created following two tragic incidents resulting in the loss of five Special Agents of the FBI. The MCF provides financial assistance to the children and spouses of deceased FBI Agents in obtaining a collegiate level education. The MCF currently provides approximately 75% of the annual cost of attending college for the fund recipients. This fund has assisted over 250 students reach their dream of a college education. The MAF was established for the purpose of providing financial assistance to Association Members and their families who have been affected by a sudden unforeseen tragedy or catastrophic event. The impetus for the MAF was the donations received by the FBIAA to assist the FBI victims of Hurricane Katrina, a series of California wildfires, and a terrorist attack in Pakistan. The formal establishment of this fund allows the generosity of the donors to be properly recognized and to provide assistance those Special Agent Members in need. The SA Jeffrey Drubner Legacy Fund was initiated by a former New York Field Office Agent to recognize the sacrifices made by Agents and to assist their families following a line of duty death. The Fund was expanded to assist Special Agents shot and wounded in the line of duty during adversarial action. These injured agents receive financial assistance from the SA Jeffrey Drubner Legacy Fund. Q. Why did you decide to seek bookkeeping services? The FBIAA decided to use a bookkeeping service as a way to manage the small number of employees working at the FBIAA. Capri came very highly recommended by a member of the FBIAA. Hiring a trusted bookkeeping service allows us to focus on providing services to our members, while outsourcing part of our administrative duties. Q. Tell us about your experience working with Capri so far? Our experience with Capri has been very positive. The service provided to the FBIAA was tailored to our requirements. Amanda is very responsive to our daily and weekly needs by preparing our payments, reconciling our accounts, and ensuring that we are accurately accounting for our income and expenses.
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