MPowered Business

We prefer to use QuickBooks in Accountant View? Switching between Business and Accountant view in QuickBooks Online is simple and fast. As a business owner, you may want to switch between Business and Accountant view to access different features and functionalities. We find the Accountant View to be simpler to navigate primarily. ?? What are the differences between the views? The big difference lies in appearance: feature, menu, and button names are different in each view, but the actions are identical in most cases. Changing views doesn't affect your accounts or data. We think that the Accountant View allows us to get to the tools and screens we need with fewer clicks and makes it easier to find what we need. Note: The Cash Flow chart is only available in Business view.

What communication skill powerfully decreases workplace conflict? Reframing the focus during conflict from the people involved to the problem at hand. ? A conflict resolution breakthrough is a MUTUAL attitude shift from "me against you" to "us against the problem." It requires helping participants to become more curious than accusatory. Problems are solved more effectively when leaders focus on helping make that shift. Very often it simply starts with you asking curiosity-based questions. We can help you learn to stop the retaliatory cycle and start the conciliatory cycle!

MPowered Business provides you the support team your small business needs to go to the next level. From strategic planning, business coaching and team development to back office services like bookkeeping, marketing and customer support--find your team at MPowered Business ?? 318-542-6602 ?? [email protected] ?? https://lnkd.in/g-Eym99p

If you haven't already, February is a great time to be sure you have all your tax deductions recorded and ready. One common tax deduction involves business mileage. Preparing a mileage log for business tax deductions is crucial to support your claims and comply with tax regulations. Here's a step-by-step guide on how to prepare an effective mileage log: 1?? Use a Dedicated Logbook or App: Start by using a dedicated logbook or a mileage tracking app. There are several apps available that can automatically track your mileage using GPS, including one built in to Quickbooks Online. Alternatively, you can use a physical logbook to record your trips which can be as simple as a spiral notebook. 2?? Record Essential Information: For each business-related trip, record the following information: Date of the trip Starting point and destination Purpose of the trip (e.g., client meeting, business errand) Starting and ending odometer readings Total miles driven for the trip 3?? Differentiate Business and Personal Trips: Only business-related mileage is eligible for business tax deductions. 4?? Regularly Update the Log: Make it a habit to update your mileage log regularly, ideally immediately after each trip. This helps ensure accuracy and reduces the chances of forgetting or misplacing important details. 5?? Maintain Consistency: Be consistent in your record-keeping. Use the same method (either a physical logbook or an app) throughout the year to maintain a standardized record. 6?? Calculate Total Business Miles: Sum up the total business miles for the year. This will be a key figure when claiming your deduction. 7?? Keep Supporting Documents: In addition to your mileage log, retain supporting documents for any travel expenses you are tracking, such as receipts for tolls or parking fees, to validate your claims in case of an audit. 8?? Consult with a Tax Professional: Before filing your taxes, it's a good idea to consult with a tax professional or accountant. They can provide guidance on specific tax regulations, help you determine the most advantageous method for deducting mileage, and ensure that you're in compliance with tax laws. Remember, accurate record-keeping is essential for maximizing your business tax deductions and avoiding potential issues during audits.

When was the last time you ASKED one of your customers to give your business a public review or testimonial? A great WIN would be: ?? By the end of this month, request customer testimonials or reviews from your FIVE best customers by sending a personal message with links to the review feature of your Facebook and Google Business Page QUICK TIP: ? To find the link for your Facebook review page, open your Facebook Business page in a desktop browser. Click on the “Reviews” tab then copy the URL. ? For the Google Business review link, open your Business Profile Manager on Google. Under 'Your Business on Google', there is a message box with a pen labeled 'Ask for reviews'. Copy the link!

What does it to take to be a good team leader? Being a good team leader requires being a good COACH. Managers and leaders who can't coach are only successful if the employees are already a strong and engaged team and if the team doesn't change and if the situation doesn't change. So the success of a team led by a manager or leader who can't coach is limited at best and, most likely, will lose momentum. Managers and leaders who develop themselves as coaches build stronger teams every day and teach others to become strong coaches, too. It's important to: ? know the players (your employees) ? focus on building teams around strengths ? identify and mitigate weaknesses ? motivate growth and engagement ? communicate directly and positively We believe these are the most impactful characteristics of a good coach. We can help you get there! ?? https://lnkd.in/g-Eym99p

Needing more information or even a receipt can make it hard to stay caught up on categorizing bank transactions. We have a simple solution--two great tools to help you stay on top of transactions in QBO that need additional information or a receipt. (1) Create an account named ADDITIONAL INFO NEEDED and (2) create a tag named RECEIPT NEEDED. ?? Recommendation One ?? Whenever you need to ask a team member to clarify what was purchased or you aren't sure what account the CPA wants you to use or just need additional info before you can correctly categorize a transaction--this tool will keep you from getting stuck. An expense account named ADDITIONAL INFO NEEDED, lets you go ahead and process the transaction into QBO and makes sure that you can easily find the ones that need to be correctly categorized once you have the missing info. To create the new account, go to the Gear Icon and select Chart of Accounts in the first column. Click NEW. Name the account ADDITIONAL INFO NEEDED. Choose EXPENSES as the account type and OTHER BUSINESS EXPENSES as the detail type. This way, any transactions you categorize as ADDITIONAL INFO NEEDED will show up on the Profit and Loss Report under that name to remind you and your team to clean up those transactions before finalizing your finance reports. You will still be able to reconcile bank accounts and run reports while you are seeking out the additional information. ?? Recommendation Two ?? People often forget to turn in receipts, and keeping up with which transactions are missing receipts can be a nightmare. This tool helps you easily keep track of that list. Create a new tag named RECEIPT NEEDED. To create the new tag, go to the Gear Icon and select TAG in the second column. Click NEW. Name the tag RECEIPT NEEDED. (Tags can be grouped together which can make pulling a report easier, but it is not necessary.) Your new tag is ready to use. Whenever you add a transaction but don't have the receipt, choose the tag RECEIPT NEEDED. Then when you get the receipt, simply remove the tag from the transaction. To see which receipts are still missing, go to the Gear Icon and select TAG in the second column, find the RECEIPT NEEDED tag and click RUN REPORT. Be sure to set the date to ALL. ? TIPS TO CREATE A MEMORIZED REPORT ? Find the ADDITIONAL INFO NEEDED category in your Chart of Accounts. Click REPORT in the drop down arrow beside the account. Change the date to ALL DATES and make sure you can read the full memo. SAVE CUSTOMIZATION and name it TRANSACTIONS NEEDING ADDITIONAL INFO. For RECEIPTS NEEDED report, go to the Gear Icon, select TAG in the second column, find the RECEIPT NEEDED tag, and click RUN REPORT. Be sure to set the date to ALL. Click SAVE CUSTOMIZATION and name it RECEIPTS NEEDED. If you want the reports to automatically mail out as reminders, you can go to REPORTS>CUSTOM REPORTS, find the customized report and click EDIT. On the next screen, you can set up an automatic email.

Let's look at your Balance Sheet... Most numbers showing on a Balance Sheet should be positive numbers, so negative numbers need to be carefully reviewed. ? Negative numbers should only appear in very few places on a Balance Sheet. A negative amount listed for an asset account other than depreciation or amortization is a red flag and needs to be carefully reviewed and corrected. ? A negative amount listed for any liability account is a red flag. This is a likely indicator that the original amount was not recorded correctly, that interest fees are not being recorded correctly, or that you have not accurately recorded credit card charges. ? Negatives in Equity are expected for draws or distributions, and may appear for Net Profit if you have a loss for the year or for Retained Earnings if you have a cumulative loss over the lifetime of the operation. The second critical step it to be sure that you recognize every asset and liability account listed and that basis of the amount shown. Every amount listed should be able to be reconciled to an external record for that account, and we have examples for you below: ??Balances listed in bank accounts should be reconciled to the statements from the bank. ??A balance showing for a fixed asset should agree with the value of the asset listed on your purchase documents. ??Balances showing on loans should be reconciled (at least annually) to the statements from the lender, and the interest should be reflected on the Profit and Loss report. ??Payroll liability balances should match your payroll reports less any tax payments made for the same period ??Depreciation should match your tax documents. If the balance listed for one or more accounts is incorrect, your financial reports are not reliable. A correct Balance Sheet can actually provide more insight to a business than a Profit & Loss report provides, but the full story can only be seen by looking at the Balance Sheet, the Profit and Loss, and a Cash Flow Statement.

Ready to take your team to the next level? Looking for an experienced speaker to engage with your employees for a training session? Need help finding the motivation for your management team to truly lead? ? We offer a wide variety of business and leadership training! All of our courses and workshops are customized to your business and your specific needs. Topics include Bringing Joy Back to the Job, Key Commitments of Effective Leaders, Mission Heart & Business Mind, Achieving Your Vision, Hiring and Keeping the Right Employees. Classes are also available for skills development like Introduction to Excel, Using Basecamp to Accelerate Productivity, Mastering QuickBooks Online. We focus on engaging the full team, making learning fun, and providing practical tools that can be put to work immediately. Let us help you MPower your team!

High turnover rate? Need to keep the great employees and improve engagement? ?The training session "Bring Joy Back to the Job" covers the fundamentals of what it takes to keep employees engaged and motivated. Leann Murphy created this training to help companies counter the growing trend of disengagement and quiet quitting. Many managers and business owners have named the class as a top training--taking back the information, team-building games and learning experience to their businesses. You'll learn: ? what joy has to do with keeping great employees, ? what brings joy to the job, ? how to increase joy at your company. ? People tend to believe that pay is the most important factor to being happy at work. However, the data according to many studies, including Indeed’s Well-Being Report, points to a sense of joy being more important. Ready to bring the joy back to the job? Let's get your training scheduled. ?? https://mpowered.as.me/