Category: Best Practices

Close Your 2018 Books!

Now that your 1099s have all been filed, it’s time to wrap up your 2018 books. In addition to the regular monthly activities of reconciling all your bank and credit card accounts, and reviewing your A/R and A/P reports for accuracy there are a few additional items we recommend you do to ensure your 2018...

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New Year, New Rules – Confirm Your Sales Tax!

Sales tax is changing dramatically. There was a Supreme Court ruling in mid-2018 that stated it is, in fact, legal for states to require out-of-state retailers to collect sales tax on sales to customers within their state. South Dakota was the state at the center of this case, but other states are very quickly following...

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Closing Out the Year

Book a conversation with your CPA to strategize about closing out the year If you haven’t already, be sure to contact your CPA now! You’ll want to provide them with your actual financials through November, and then your projection of what will happen in the month of December. Be sure to include information about any...

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Schedule Your Physical Inventory Count!

If you have inventory in your business, you will absolutely need to conduct a physical inventory count on or about December 31. So plan your count today! You will need to get an accurate count of all items on hand, and how many you have of each. You will then also need to assign a...

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Make Your 2019 Plan!

According to a recent survey by Clutch, 74% of businesses with 10 employees or fewer did not have any documented budget for 2018. What??? A solid budget is such a key factor in ensuring your success. A budget will focus your attention not only on the specific goals you want to set (like Revenue Goals)...

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Confirm Your Sales Tax Jurisdictions!

In June 2018, the U.S. Supreme Court issued the Wayfair decision which gave the state of South Dakota the right to collect sales tax even if the business has no location or “nexus” within the state. This decision has potential sales tax implications for any business that sells across state lines and many states have...

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Create Your Equipment Inventory!

Most business owners are so busy getting things done, that they sometimes miss keeping track of what they have. If you are buying computers, equipment, furniture you will have to report all these business property items on a 571-L form wherever you are locally registered to do business. They will then determine how much property...

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Track your budget!

Right now is the perfect time to start thinking about your budget for 2019. ZümiFi highly recommends taking advantage of the budgeting feature offered in QuickBooks Online Plus. Whether you are creating a budget for the first time or if you just need to adjust your budget, we have a few tips that can help...

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