Employees vs Contractors

CA AB5 just made things a lot clearer, but also much stricter regarding how is legitimately considered a contractor vs. who is an employee. This new law (passed in Sept 2019) takes effect on January 1, 2020. ZümiFi is encouraging ALL clients to be aware of these new legal requirements, and understand now how this...

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Attaching Documents in QuickBooks Online

This is such a gift for recordkeeping! You can attach all kinds of documents within QuickBooks Online. At ZümiFi, we love attaching ALL W9 forms received from vendors. We also love attaching copies of vendor bills and/or their receipts for expenses. But you can also attach documents on the sales side as well. You can...

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Capitalization Policy

The capitalization policy is the threshold that will be used to determine whether a larger purchase should be considered an asset of the business, or if it can be directly expensed. Generally, your tax preparer will make this determination. Traditionally we saw many tax preparers use low thresholds, such as $500. Meaning any purchase over...

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Success Stories – Clean Books Always!

We have a newer client who has a LOT going on – the couple each owns their respective own business. They also own rental properties. And of course, they have their own personal financial activity that they want to track. Like many business owners, they are super busy. They pay bills as they need to,...

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Attach Those Records!

Documentation is critical in your business. Hopefully, you will never be audited, but if you are, you will need to produce that documentation to substantiate what you are claiming on your income tax returns. As a virtual bookkeeping firm, we receive almost all documentation electronically. ZümiFi’s best practice is to attach that documentation WITHIN QuickBooks...

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Success Stories – Squeaky Clean!

One of our account managers, Jean recently untangled a mess caused by a third party biller. It seems like they didn’t do their job consistently, and despite being authorized to process numerous invoices for payment they did not! Our client knew things were wrong but didn’t have the time to sort it out themselves directly....

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Track that Petty Cash!

Many businesses benefit from having some petty cash on hand for those occasions when cash is required, or simpler. If your business handles petty cash, we have several recommendations on how to best track that petty cash, as follows: Establish a set amount of petty cash you need to have on hand. Keep enough to...

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