As a business owner, having access to your books is crucial. Unfortunately, many business owners don’t realize they cannot access their financial records until too late. For example, Melinda recently had a call with a potential client who didn’t have access to their books – the only ones with access were those who maintained the...
Staying Up-to-date on Changing Employment Laws and Regulations: Tips for Business Owners As a business owner, you have a lot on your plate, and one important responsibility is staying up-to-date on changing employment laws and regulations. Failure to comply with labor laws can result in serious legal and financial consequences for your business and negatively...
Small business owners face various challenges, including managing their accounts receivables (A/R) to avoid cash flow surprises. However, even the best clients may face hardships, so staying on top of A/R and promptly addressing a customer falling behind is crucial. At ZümiFi, we believe good communication is key when reaching customers. Therefore, we recommend sending...
As a business owner, you may know keeping receipts when entertaining clients is important. However, did you know that receipts may not be enough? In addition to receipts, documentation is key to entertaining clients and writing off associated expenses. Here are some tips to help you keep track of the necessary documentation: Create a guest...
If your current payroll company doesn’t give you that warm and fuzzy feeling inside, it might be time to consider a new provider. Switching to a new payroll service provider at the beginning of the year can make payroll a breeze for years to come. So, it’s essential to conduct some due diligence and choose...
Maintaining “adequate evidence” for business expenses claimed on your tax return is an IRS requirement. However, in today’s electronic age, the best way to collect and store receipts varies depending on your preference and work style. Some individuals still prefer to store paper receipts, while others scan and store them electronically. If you choose to...
We all lead busy lives, whether managing a business, handling personal responsibilities, or both. However, automation technology can help free up time in your workday. Many service providers offer automation tools to simplify repetitive tasks, allowing you to focus on more important matters. For example, many banking institutions can set up Autopay for recurring payments....
Reconciliations serve a purpose! Reconciliations are critical to great books. Why? Because when you reconcile, you confirm that the correct data is recorded. Not too much (duplicate transactions), not too little (missing transactions), but just right! (If we can quote our friend, Goldilocks). Melinda often says that great books come from two main phases –...
Melinda’s wise words echo through ZümiFi’s ethos. We believe there are two fundamental reasons why businesses need bookkeeping. The first is due to government regulations that require companies to maintain accurate financial records for taxation and legal purposes. The second reason is to help business owners make informed decisions based on the financial data of...
Who’s doing what? For many small businesses, it makes sense for owners or employees to handle some bookkeeping tasks. For example, many of our clients handle their billing. At ZümiFi, we don’t get fussy about who is doing what. What matters is that the books are clean. What matters is that we are all clear...