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© 2022

Balanced Office Solutions Balanced Office Solutions
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    • All Things QuickbooksTM
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Balanced Office Solutions Balanced Office Solutions
  • Home
  • About
  • Services
    • All Things Bookkeeping
    • All Things QuickbooksTM
  • Blog
  • Resources
  • Contact

© 2022

  • Home
  • About
  • Services
    • All Things Bookkeeping
    • All Things QuickbooksTM
  • Blog
  • Resources
  • Contact
Balanced Office Solutions Balanced Office Solutions
  • Home
  • About
  • Services
    • All Things Bookkeeping
    • All Things QuickbooksTM
  • Blog
  • Resources
  • Contact

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Got your answers?⁠ ⁠ It’s ok if you need to Got your answers?⁠
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It’s ok if you need to refer to your financial reports for one or two of those. The important thing is you know where to look. It also tells me something as an accountant…⁠
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It tells me you know HOW to manage your finances.⁠
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Managing your finances does NOT mean:⁠
-  Checking your bank balance to see if you can afford X, Y, & Z⁠
-  Dipping into your personal finances whenever your business cannot afford something ⁠
-  Assuming the product with the most sales is the most profitable ⁠
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Managing your finances means you have an understanding of how all the pieces in your business work together. But here is the most important thing you need to know ->⁠
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You don’t have to figure it all out on your own.⁠
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There are plenty of resources and accountants out there that help you understand the answers to questions just like this. Answers you should know as a business owner!⁠
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I know, it can be difficult to know where to begin. So let’s start with baby steps. ⁠
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#smallbusinesstips #businessservices #letmehelp #smallbusinesshelp #smallbizlife #selfemployedlife #businesstips #smallbizowner #creativebusinessowner #buildalifeyoulove #smallbusinessadvice
The Lowdown: 1099-MISC vs. 1099-NEC⁠ ⁠ In year The Lowdown: 1099-MISC vs. 1099-NEC⁠
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In years past, you probably issued your vendors and freelancers a 1099-MISC. The IRS likes to keep us small biz owners on our toes, though, and has switched stuff up since 2020. ⁠
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Form 1099-NEC is now the form used for reporting all non-employee compensation (NEC). This is payment you’ve made to independent contractors, freelancers, people you’ve hired to do work for you but haven’t brought on as full-blown employees.⁠
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Form 1099-MISC is still around, but is now used to report other types of payments to the government. These include rent, royalties, legal service payments, prizes and awards, and some very specific fishing & boat related payments. ⁠
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I am a big believer in working towards a good mind I am a big believer in working towards a good mindset. ⁠
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And entrepreneurs often have similar mindsets…⁠
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I love working with entrepreneurs because we DREAM BIG! We have these big audacious goals and work hard to make them happen. Sometimes we work a bit too hard…⁠
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We want everything to be done perfectly. To succeed and reach the point in our business where we can finally call ourselves a “success”. Sometimes that hard work leads to burnout. ⁠
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Sometimes we impose burnout and an unsustainable mindset on ourselves. The idea that we need to achieve everything today is not realistic and we can easily become discouraged by those around us.⁠
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Instead - consider these mindset tips ^^^⁠
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In my latest article on how to handle burnout, I talk about how to shift your mindset and some other factors that may make you feel like you have nothing left to give.⁠
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#smallbusinesstips #businessservices #letmehelp #smallbusinesshelp #smallbizlife #selfemployedlife #businesstips #smallbizowner #creativebusinessowner #buildalifeyoulove #smallbusinessadvice
Owner’s Draw or Salary - What’s the best optio Owner’s Draw or Salary - What’s the best option for your small biz?⁠
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Figuring out how to pay yourself as a business owner hinges A LOT on this question.⁠
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And there are a lot of factors that go into the decision between the two types of owner payments. ⁠
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Check out my most recent article for a breakdown on these owner payments and which one you should pick for your small biz. #linkinbio⁠
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