Insider Tip: Business Funds For Personal Stuff

Last week, I brought you some major problem-solving knowledge about how to handle using your personal funds for business expenses. If you missed it, you can check it out on the blog here. Don’t forget to download that FREE and really awesome expense report template. So this week, I want to answer the question I get about the reverse situation. What do you do when you use your business funds for personal expenses. That is a fairly simple answer. You again have to decide how you want to proceed. And by that I mean, will you be reimbursing the business or not? If you will be reimbursing the business, I suggest using an Expense account called “Other Expenses” for this. First, you categorize the

Insider Tips - Business Expense - Personal Funds

I get asked a lot about a confusing issue. “What happens when I use my personal money for business expenses?” Wow, great question. That one can get confusing. But I have good news. If you have this question too, you can relax now. Why? Because #1, You’re not alone. And #2, I have the answer. No matter what type of software you use or what kind of accounting system you have in place, this answer will work for you. Are you ready? First, you need to decide if you want to be repaid the money from your business or not. That is step one: Do you want your funds back? The next step depends on the answer to that question. If yes, decide if the funds are going to be paid back in one lump sum soon or

4 Signs You Need to Outsource Your Bookkeeping

Imagine a world where you can run your business and someone else takes care of your accounting.  Imagine a friendly face showing up at your office and handing you perfectly organized reports that are useful and informative. If this sounds like your daydream, you should probably consider outsourcing your bookkeeping.  The big secret:  Outsourcing your bookkeeping can actually save you money. Take a look at this list. If any of these fit you, you should consider handing off those ledgers to a pro. 1. You are an expert in your field,  not in accounting. And that is ok, not many people are! That is why the world has accountants. 2.  You spend too much time trying to reconcile your accounts. The

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