Sendin Accounting Services

One area where bookkeeping becomes complex is with the purchase of vehicles, equipment, or property such as buildings or land. These are all known as fixed assets. If purchasing vehicles, equipment, or property is a common transaction in your business, you absolutely want to make sure you have a strong bookkeeper / accountant in your corner. But, the most important task in entering these purchases is the purchase document / receipt. It should list the date of the purchase, purchase price, and a description of the asset. We want this information contained on the official purchase document to defend our bookkeeping records in the event of an audit. Once we've used the purchase document to code the asset's purchase into the accounting file, then we store the document in your business's online folder storage, and it is named under a convention such as "ASSET NAME - [PURCHASE / SALE] - [COST] - [DATE OF TRANSACTION]". Therefore, this goes to show that the bookkeeping can be more complex than simply recognizing transactions as income and expense transactions. #FixedAssets #BusinessBookkeeping #AccountingTips #AssetManagement #AuditPreparation #BookkeepingBasics #FinancialRecords #AssetTracking #BusinessAccounting #ComplianceReady #TaxPreparation #BusinessFinance #SmallBusinessTips

Making sure you're prepared for tax filing is not a simple task as a business. The larger you are, the more time and complication involved. It's important to be organized in this process to make sure nothing gets missed in your tax filing. Here's how year-end preparation goes: #1 - Confirm the bank and credit card accounts are reconciled through December 31st. #2 - Verify Accounts Receivable is accurate (ensuring no negative values exist) #3 - Verify Accounts Payable is accurate (reviewing each vendor's open balance) #4 - Confirm documents are stored for Fixed Asset purchases or disposals #5 - Verify loan balances match (to the balance listed on their statements) #6 - Adjust the payroll gross wages and payroll tax expenses to the payroll filings #7 - Organize relevant documents for the tax accountant, including: - Statements dated 12/31 for all bank accounts - Statements containing 12/31 for all Credit Card Accounts? - Invoices/Receipts for All Fixed Asset Purchases - Loan Statements showing balance as of 12/31 - Sales Tax filings (if applicable) - Payroll Journal Summary Report showing all paychecks processed, and totals for the year. - 941 (all quarters), 943, 940, all W-2s, W-3 - State Unemployment filings (all quarters), and State Withholding filings (all quarters). - Local Payroll Tax Filings (if applicable, all quarters) - 1099s Delivered to Vendors / 1096 - 1099s or 1098s Received. This is a process we perform for our clients to get them prepped and ready for taxes. #TaxPreparation #YearEndChecklist #TaxFilingTips #SmallBusinessTax #FinancialOrganization #BusinessAccounting #TaxCompliance #TaxSeasonReady #BookkeepingBasics #TaxDocuments #OrganizedFinance #AccountingTips #PrepareForTaxes

Organized documents is not an exciting function of any business, but it is necessary. Audits can be scary when the documents are not on hand to defend the numbers sitting in your Quickbooks file or on your Balance Sheet statement. To avoid this, a business must have an organized document filing system. This is a resource to get from your accountant. It helps ensure that all the documents the IRS will need are stored in the correct place and they are easy to retrieve. This is a key service a bookkeeper or accountant offers. Take our document filing system as an example: 1. [Tax Year, e.g. 2024] 2. Financial Statements 3. Correspondence 4. Permanent File Let's focus on the Tax Year folders. Each Tax Year folder includes all the documents that defend the numbers in your accounting: 1. Bank Statements 2. Credit Card Statements 3. Payroll Tax Filings & Reports 4. Income Tax Filings & Payment Records 5. Loan Statements 6. Sales Tax Filings & Payment Records 7. Fixed Asset Purchases & Sales 8. Insurance Policies As you can see, a bookkeeping service should be much more than just punching in transactions! It needs to protect you all-around to keep you in compliance with the law. #OrganizedFinances #AuditPreparation #DocumentManagement #ComplianceMatters #BusinessFinanceTips #BookkeepingEssentials #StayCompliant #TaxReady #SmallBusinessFinance #AccountingAdvice #FinancialWellness #IRSCompliance

Start Managing Your Business Finances with These Simple Steps Managing your business’s finances is like learning a new language — it takes time and consistency. Start with the basics: track labor hours, material costs, and profit margins on each job. With consistent effort, you’ll gain a clearer understanding of where your money is going and where you can improve. Set aside the first hour of your day to manage your finances. Whether it's reviewing last month’s budget or updating current expenses, these small steps will lead to big improvements in your cash flow. Need help? I’m here to guide you through it. To learn more about cash flow, check out this article here: https://lnkd.in/gMem595y #CashFlowManagement #SmallBusinessGrowth #BusinessFinance #FinancialPlanning #ProfitabilityMatters

Don’t Overspend on Overhead – Here’s How to Stay on Track You could be hitting your profit margin goals, but if you’re overspending on overhead, your business may still struggle with cash flow. Spending discipline is key. One effective method is setting a budget based on last month’s income and ensuring your spending stays within those limits. By setting clear spending goals each month, you can make sure you’re not eating into your profits unnecessarily. Tip: Add up your expected monthly expenses and compare it to your projected revenue. Make adjustments as needed to stay within your limits and avoid financial strain. To learn more about cash flow, check out this article here: https://lnkd.in/gMem595y #CostControl #BusinessStrategy #OverheadManagement #FinancialSuccess #SmallBusinessTips

Take Action – How to Start Fixing Cash Flow Issues If you’ve seen our previous post about cash flow issues, we’ve discussed the importance of measuring key metrics. If your business is experiencing a cash flow squeeze, the most crucial step you can take is to start tracking your direct costs. Make it your top priority to monitor labor hours, material costs, equipment rentals, and any other expenses for each job. Once you have this data, you’ll be able to make informed decisions and adjust spending where necessary to improve your cash flow. Remember, no accountant can help you unless you have this information available — so start today. This isn’t just about fixing short-term cash flow issues; it’s about setting your business up for long-term financial success. Prioritize tracking and managing your numbers, and you’ll begin to see the difference in your cash flow. To learn more about the key metrics you should start measuring today to overcome cash flow challenges, check out the full article here! https://lnkd.in/gvVG5QUr #FixYourCashFlow #BusinessStrategy #FinancialPlanning #TakeActionNow #BusinessSuccess

While we'd love to say there is a method to relieving all stress when it comes to business finance, the reality is you will experience two main stressors: 1. The stress of not-knowing, and 2. The stress of awareness The stress of not-knowing comes from ignoring the numbers, and avoiding them at all costs. When we don't know what's happening, stress will build. There's no end in sight with this stress. The solution doesn't come unless you address the problem head-on, which involves reviewing the financial statements, the bank balances, and your profit margins in business. Be aware that while this is the solution, this is when the second stress hits, which is the stress of awareness. It is inevitable to experience. See the numbers will throw you into an emotional roller coaster, and the best method to managing it is to expect it and know that stress is inevitable, and that the stress of awareness is the better option than ignoring it altogether. Keep in mind that stress of awareness is at its greatest when you take a lot of time away from the numbers. But with repeated reports, and sitting down to review them weekly and monthly, that stress almost disappears. So the lesson is to tackle this issue head-on. There's no way around it. Be prepared for the mental struggle, but know that it's at its greatest in the beginning, and dissipates the more often you do a financial review. #business #accounting #bookkeeping #finance

Why Tracking Your Profit Margin is Key Your gross profit margin is the heart of your business’s financial health. If you're not tracking it, you might be missing out on critical insights. For every job you complete, subtract your total costs (labor, materials, rentals) from the amount your customer paid. The result? Your profit margin. To stay financially strong, aim for a 55-70% profit margin on each job. This may sound ambitious, but it’s what’s needed to sustain and grow your business. Even small errors in tracking can hurt your margins over time, so don’t leave this to chance — track every job’s costs and revenue. To read more about this topic, check out our article here: https://lnkd.in/gMem595y Ready to see better margins? Start tracking today! #ProfitMargins #BusinessFinance #SmallBusinessGrowth #FinancialSuccess #Entrepreneurship

Why You Need to Measure Key Business Metrics One of the main reasons businesses experience cash flow problems is because critical numbers aren’t being tracked. The reality is what isn’t measured can’t be managed. If you’re not keeping a close eye on your direct costs, it’s almost impossible to manage your cash flow effectively. So, where do you start? Begin by tracking key metrics such as: - The number of labor hours spent on each job, - The dollars spent on materials for each project, - Equipment rental costs for each job, and - Any miscellaneous expenses like site utilities (portable restrooms) or property damage. Once you start capturing this data, you can identify areas where you might be overspending and adjust accordingly. Without this information, it's like trying to fix a leak without knowing where it's coming from. The first step in resolving cash flow issues is to track these numbers consistently. No accountant can help you without the right data, and this is your foundation for financial success. To learn more about how to measure your profit margin, check out our article below. https://lnkd.in/g8Eag5m5 #TrackYourMetrics #FinancialManagement #ProfitMargin #FinancialChallenges #SmallBusinessGrowth

Why Cash Flow Problems Can Be Predicted Cash flow problems don’t just show up out of the blue — they can be predicted if you track the right numbers. For example, if you’re regularly exceeding the budgeted labor hours on a job, it’s a strong indicator that you’ll face low cash flow soon. This delayed effect happens because even small budget overruns, like an extra $500 here and there, add up over time, eventually draining your bank account. The key takeaway: track your labor hours and job costs closely to spot these early signs and avoid future cash flow stress. It’s not just about solving cash flow issues when they appear; it’s about preventing them before they happen. To read more about this topic, check out our article here: https://lnkd.in/gMem595y Stay proactive and keep your business financially strong! #CashFlowSolutions #BusinessFinance #SmallBusinessTips #Entrepreneurship #ProfitabilityMatters