Bookkeeping
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1 Overlooked Key to Small Business Success
Author: Amy Andrews
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by Amy Andrews
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More Details about virtual assistant here.
You dreamed of owning your own business, doing what you love and enjoying unlimited earning potential. You researched. You planned. You prepared. Finally, you launched. Your dream was realized...and then your business started to grow! Could it get any better? Well, yes, but if you're like many others, you may have encountered one unexpected challenge along the way: Are you drowning in the day-to-day administrative tasks necessary to make your business successful? Managing emails. Bookkeeping. Writing articles or newsletters. Processing invoices. Answering phone calls. Scheduling appointments. Marketing. Customer Service. Travel Planning. They all take time. Unfortunately, time is in short supply when business is booming. The work needs to be done, but you don't want to do it yourself and you don't want the cost or the hassle of hiring an employee, right? So what's the key? A virtual assistant. Virtual assistants provide a wide range of administrative services to small businesses and individuals. They are independent contractors who work from home, use their own equipment, occupy their own space and pay their own taxes and benefits. Best of all, they charge you only for time spent on your particular project(s). They typically have years of administrative experience under their belt and most are amazingly budget-conscious. As an emerging industry, virtual assistance is quickly becoming a valuable asset to individual business owners and a must-have in the small business community at large. Handing off administrative tasks to someone with the tools and know-how to complete them quickly and efficiently is saving many businesses untold amounts of time and money. A virtual assistant is undoubtedly a worthwhile investment. BONUS: 4 Tips for Working with a Virtual Assistant: * Start small. Don't be afraid to "test the waters" by giving your new virtual assistant a small project without a huge budget. It may take time to find a virtual assistant with whom you work well. * Be specific. Virtual assistants like to know exactly what's expected of them. Provide as much detail about your project and your needs as possible. * Forge a relationship. Establishing a strong, lasting connection with a virtual assistant will benefit you enormously in the long run. You will be surprised how much you come to rely on his/her knowledge and expertise. * Remember, your virtual assistant is not your employee; they are small business owners themselves, partnering with you to achieve success. This is a win-win situation because when you succeed, they succeed. Keywords: virtual assistant, virtual assistance, administrative, outsource, support
About the Author
Amy Andrews,
amy@simplycomplete.com
Learn more about virtual assistant
Find a virtual assistant quickly, easily and for free at SimplyComplete.com, owned by Amy Andrews. Search the VA Directory or post your project in minutes. Get your to-dos done!
...
Top 7 Strategies for Writing Accounting Procedures
Part Two of Cash to Cash Cycle Series Next Sales Weve already found 250000so lets find another 250000 Laying the Foundation Last week we raised the question what would your business do with 1000000 To lay the foundation we introduced inventory as the
Top 5 Services Your Companys Accounting Department Should Outsource
Accounting is one area which every company has to maintain but mostly not part of their core business It is also one of the areas that keep changing every year and the company has to aggressively keep up with the changes in the tax code This includes managing your books till you finish up with
Bookkeeping Techniques For Morons
Please dont think I am calling you a moron to hurt your feelings in any way I was a moron when I first started setting up my files You have to force yourself to do it NOW right at the beginning Many of a business has collapsed simply because they lacked organization in their basic accoun
Tuesday, November 08, 2005
Accounting
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Surprise! Accounting is the Hot New Major
Author: Donna Monday
There was a time when accounting was the boring college major that many people regretted signing up for. A constant barrage of numbers, statistics and spreadsheets was none too interesting.
Boy, have times changed! Thanks to recent accounting scandals by companies like Enron, there is a high demand for accountants and auditors.
According to the Job Outlook 2005 survey, accounting comes out on top as the most in-demand major on college campuses. Forget dot com start ups. Cleaning up a company�s accounting books is what�s in.
But can accounting be sexy?
�All the focus on accounting created a perception to students that accounting matters and is perhaps even sexy,� says Ira Solomon, head of the department of accountancy at the University of Illinois at Urbana-Champaign.
Colleges are scrambling to find more accounting teachers and professors to replace those retiring. Not an easy task, since there are twice as many accounting faculty openings than applicants to fill them.
Here are the top 10 most in-demand college majors as surveyed by the National Association of Colleges and Employers (NACE):
- Accounting
- Electrical Engineering
- Mechanical Engineering
- Business Administration/Management
- Economics/Finance
- Computer Science
- Computer Engineering
- Marketing/Marketing Management
- Chemical Engineering
- Information Sciences and Systems
If you�re good with numbers and a stickler for details, you might want to consider accounting as a good career choice. However, you�ll probably have to take a number and wait in line behind all those other future accountant hopefuls.
About The Author
Copyright 2004
Donna Monday writes employment related articles for http://www.get-a-job-interview-quick-tips.com.
...Surprise Accounting is the Hot New Major
There was a time when accounting was the boring college major that many people regretted signing up for A constant barrage of numbers statistics and spreadsheets was none too interesting Boy have times changed Thanks to recent accounting scandals by companies like Enron there is a hig
Top 5 Services Your Companys Accounting Department Should Outsource
Accounting is one area which every company has to maintain but mostly not part of their core business It is also one of the areas that keep changing every year and the company has to aggressively keep up with the changes in the tax code This includes managing your books till you finish up with
How To Start a Bookkeeping Business
Saturday, November 05, 2005
Bookkeeping
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Mail Order Bookkeeping Basics
Author: DeAnna Spencer
INTRODUCTION
This information is provided for individuals who are starting a mail order business and require a basic bookkeeping system. It has been written for someone who has little or no bookkeeping background. No income tax or professional advice is rendered. Such advice should be obtained from a CPA or an Attorney.
The operation for any business requires a basic system to keep track of income expenses. There are two good reasons to keep good records.
1. It is the law. The IRS, State Income Tax Division and State Sales Tax Division (where applicable) requires you to keep complete and accurate records.
2. Keeping good records is good business. It helps you to understand your business better. It will let you know at all times how your business is doing -- how much money you are making or losing. In addition it enables you to analyze expenses and revenues. You can see how seasonal and other trends develop. All of this will help you to make sound business decisions.
BUSINESS CHECKING ACCOUNT
It is best to set-up a separate business checking account with your bank for your business. This account should be used only for deposit of business related income and payment of business expenses. In this way you a maintain a distinction between business and personal expenses.
STATE SALES TAX
You are required by law in most states to collect the appropriate State Sales Tax. This only applies for sales within your state. Out of state purchasers are not charged a sales tax. Only the end-user pays sales tax. If you should be selling to a dealer he can provide you with a sales tax exemption certificate.. In this case he is not required to pay the sales tax to you since he will be collecting if from his customers.
STATE USE TAX
THe Use tax generally applies when a company buys supplies or equipment for its own use from an out of state business. It does not apply when material or merchandise are bought from an out of state company which will be re-sold. The use tax rate is the same as the sales tax rate.
For specific information on regulations in your state call the nearest State Sales Tax Division in your area.
ACQUISITION OF EQUIPMENT
When acquiring office machines, such as typewriters, computers, copiers, furniture, etc. such expenditures are generally depreciated on your tax return over a period of time.. For specific information check with a qualified tax advisor.
EXPENSES RELATED TO A HOME OPERATED BUSINESS
If a business is operated from home in many instances a portion of rental, mortgage or other expense may be deductible when filing your income tax.. The same may apply to utility expenses. There are specific laws pertaining to this, and again you should get professional advice.
EXPLANATION OF FORMS
We have provided you with several forms. You can use them as they are or change them to fit your particular needs.
1. DETAIL OF MONTHLY EXPENDITURE FORM
In the left hand column you keep track of expenditures for merchandise and products that you resell to your customers. The accounting term is generally cost of goods or product, or cost of sales.. If you sell books by mail you would record your purchases for these goods (including drop shipments) in this column.
The right hand column should be used to record all other expenditures. You obtain this information from your business checking account. If you pay for business expenses by cash keep track of theses expenditures separately and enter into this column also.. If you also use one or more credit cards to pay for business expenses list these expenses here too.. It is best to designate a specific credit card to be used for business expenses only.. Do not intermingle personal charges. In this case you may be able to deduct the interest on your taxes.
2. INCOME AND EXPENDITURE FORM
Record your daily income in the left hand column. Since you may not have income on a daily basis in the beginning stages of your business you can record income less frequently, such as weekly or even monthly.
You may wish to keep a separate income journal. The purpose of such a journal would be to give you a more detailed breakdown of your revenue. Set it up in any way you feel it will best suit your needs. For example you may want to record new business separately from repeat business. If you sell dealerships and books, for example, you may want to record the revenue from dealerships separately from the revenue for books, etc.
In fact the right column of this form you can keep track of your expenditures by category. Again you can change the categories to suit your particular needs.
When you deduct your expenses from your receipts at the end of the month you will have an income or loss figure for your business
PROFIT & LOSS STATEMENT FORM
Here you show you monthly revenue, expenses and profit loss. There are no requirements for you to do this on a monthly basis..
Especially in the beginning stages of your new business, you may want to generate a Profit & Loss Statement on a quarterly basis, semi-annual or even annual basis.
SUMMARY
The above information and forms will give you a basic system. Tailor it to fit your own situation. You may want something more elaborate or less detailed. Or you may not even put all your business accounting on your P.C. If you are considering acquirING a software program to help you with your accounting I would strongly suggest you wait until you understand your business well. Also accounting software can be difficult to use for an individual without accounting background. A personal money management software system will generally be quite adequate for most small businesses.
Don't get overwhelmed by record keeping for you new business especially if this is something new for you. Governmental agencies do not require you to keep your books in a particular way but do require you keep good records. This also means that records must be substantial. Again your accountant can give you detailed information on existing requirements.
While the big task of any new business is developing sales and acquiring customers, good record keeping is generally found in successful business operations. Your records provide you with accurate present and past information that you as the owner and president of your company must use constantly analyze your business so you will maximize profits.
Copyright 2004 by DeAnna Spencer
Note to editors:
To show my appreciation to the editors that use my articles, I offer a free solo ad. Simply send an email to me by using the form on the contact me page on my website to tell me the url the article was used on or send me a copy of the ezine it was used in.
This article may be redistributed freely on the Internet as long as the resource box remains intact.
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How to Get The Best Accounting Software For Your Small Business
Buying accounting software is a major investment Its an important decision and you need to be sure of all the facts before you buy You certainly wouldnt want to get accounting software and then find a few months later that the software cant handle your growing business You also
1 Overlooked Key to Small Business Success
Let Someone Else Do It
When you decide to become selfemployed you automatically become the Chief Cook and Bottle Washer In other words you do it all You do the bookkeeping buy the paper clips market your business and you even provide your businesss product or service But you are better a
Friday, November 04, 2005
Bookkeeping
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Let Someone Else Do It!
Author: Ellen Zucker
When you decide to become self-employed, you automatically become the �Chief, Cook, and Bottle Washer.�
In other words, you do it all.
You do the bookkeeping, buy the paper clips, market your business, and you even provide your business's product or service.
But you are better at some tasks than others and there are some tasks that you just hate to do.
Fortunately, there is someone out there who likes doing what you hate-or what you do poorly. And, for a fee, they'll be happy to do it for you.
The payoff? Your productivity increases and you have more time to do the things you enjoy.
Most people will quickly hire an accountant or tax preparer to prepare their taxes if that is an area in which they have little expertise.
That payoff is obvious. The work is time consuming and tedious for most non-tax people. A competent tax pro will get the job done quickly and efficiently. Best of all, in an area where the consequences for getting it wrong can be huge, his expertise will ensure that the job gets done right.
Then there are additional benefits. If there is a problem, many will represent you before the tax authorities. And your tax pro can advise you on tax questions and strategies.
So the money spent is a bargain and the decision to hire his services is easy.
The same logic applies to other areas. If you find it difficult to write good copy for the postcards and letters you use for your direct mail campaigns, consider hiring a copywriter.
If you hate keeping your books, hire a bookkeeper. Or at least buy decent accounting software and hire someone to help you set it up properly.
These days, virtual assistants can work on specific projects or handle everyday mundane tasks. And you won�t even have to carve out a place in your bedroom home office for them.
And if there is too little money available, a business consultant can help you grow your business.
The money spent will more than repay itself in greater time for you-and a better bottom-line.
About the Author
Ellen Zucker has been self-employed for over 10 years and owns the web site http://www.selfemployment101.com .
Self-Employment 101: It's about making a living and creating a life! ... Observations, information and resources for those of us who are self employed or just thinking about it.
How To Set Up A TaxSaving Bookkeeping System
One of the most important but least understood or appreciated aspects of any business is its bookkeeping or accounting system And because very few people know much about the reasons for a bookkeeping system most people are frightened by the thought of the work involved in setting up such a sy
Bookkeeping Techniques For Morons
Please dont think I am calling you a moron to hurt your feelings in any way I was a moron when I first started setting up my files You have to force yourself to do it NOW right at the beginning Many of a business has collapsed simply because they lacked organization in their basic accoun
Let Someone Else Do It
When you decide to become selfemployed you automatically become the Chief Cook and Bottle Washer In other words you do it all You do the bookkeeping buy the paper clips market your business and you even provide your businesss product or service But you are better a
Wednesday, November 02, 2005
Bookkeeping
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How To Start a Bookkeeping Business
Author: Jose Valdez
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by Jose Valdez
Send Feedback to Jose Valdez
More Details about home based business here.
This creates an opportunity for bookkeeping services. A bookkeeper adds and subtracts a business's income and expenses, makes deposits, reconciles bank statements, handle payroll, do billing and prepare reports. A home based bookkeeping business service allows self employed professionals and/or other small or home based businesses to focus their time and efforts on the aspects of their business that make them money. The bookkeeper's clients drop off their receipts and sales slips to be posted to a ledger or computer data bank. The bookkeeper provides the client monthly statements and information for his yearly taxes and other any other contracted services. What to Charge Bookkeepers normally charge between $20 and $50 per hour for regular services and more for specialized services such as preparing tax reports or financial statements. Some bookkeeping service businesses charge a flat monthly fee. This fee typically ranges from $200 to $800 per month. The Market for Bookkeeping Services Many small business and home based business owners can not afford a lawyer of professional accountant. They simply need someone to keep track of their day to day operations to be able to tell where they stand financially. The target market for a home based bookkeeping service are other home based businesses, small businesses or professionals that are too busy or prefer not to do the bookkeeping themselves. Typically, a bookkeeping service will give each client a report of all of their invoices, check, tickets, etc., that are brought to the bookkeeping service. These are items that are required by the IRS. You will also need to provide a monthly statement as well as any other services that are offered and requested for. A bookkeeper is legally obligated to accurately and honestly reflect their client's profits that he is aware of. Honesty on the part of the bookkeeper is crucial. What you will need It is possible to start and operate a bookkeeping service without a computer, keeping only handwritten records. This however limits the profitability of your home based business. To make some serious money with a bookkeeping business, you will need a computer. You can get a computer and the programs necessary to operate a bookkeeping business for far less than $1,000. If you are not buy a computer and programs, you can lease both of these for relatively low rates. How To Charge Bookkeeping services charge by the hour. The fee usually start at $20 each hour plus any additional services or information that are required, such as year end totals. Advertising and Marketing Have and maintain a professional image with the use of a stationery, business cards, brochures. Be sure to hand out your business cards to potential clients. Be visible in the community. Attend business related events such as fund raisers, charity events, etc. Place an ad in the service section of your local paper. Mail brochures to businesses in your area describing the services you offer. Try to get an easy to remember phone number or convert it to an easy to remember name. List the telephone number of your business in the business section of the paper with A to get it listed first in the yellow pages. If possible, find a professional consultant such as a CPA, that you can seek out for advice. He or she will probably not worry with your bookkeeping service taking potential business clients away from them because most of the accounts that your business takes on could not afford him. Getting Started You need to have some knowledge in bookkeeping. You can obtain this knowledge through work experience and/or by taking a bookkeeping course. Contact your local community college or the www.aipb.com for information on bookkeeping courses. You are free to reprint this article if you include the following the following text and link about the author Jose Valdez is the owner/webmaster of A Guide To Starting A Business.com Find Business Articles.com and All Home Based Business Ideas.com Keywords: starting a business, small business, home based business, home business
Businesses need to have up to date and accurate account of their business income and expenses. Many business owners and professionals either do not like to do their own bookkeeping and/or prefer to focus their time and energy on other aspects of their business or profession. Feature Articles
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About the Author
Jose Valdez,
Learn more about home based business
Jose Valdez is the owner/webmaster of http://www.aguidetostartingabusiness.com http://www.findbusinessarticles.com and http://www.allhomebasedbusinessideas.com
...
Small Business Is The Accounting Profession Ripping Them Off
My 16 yearold daughter said Gee Dad You look just like an accountant And she wasnt being complimentary Accountants are perceived to be boring stodgy and conservative Over the years weve been the butt of many jokes Ive heard them all Why did
How to Get The Best Accounting Software For Your Small Business
Buying accounting software is a major investment Its an important decision and you need to be sure of all the facts before you buy You certainly wouldnt want to get accounting software and then find a few months later that the software cant handle your growing business You also
1 Overlooked Key to Small Business Success
Thursday, October 27, 2005
Accounting
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Empower Web clients, Increase your profits
Author: Kevin Murray
Static Websites, Static Content
In the early days of websites and webdesign, if (when) there was a need to change, add or modify published information on a clients website we'd get a call (or email) from the client with a markup of proposed changes. Simple stream of workflow, Client to us, us to web.
Dynamic Websites, Fluid Content
The days of static HTML pages has pretty much passed, and that's a good thing. Today, there's a much greater amount of, and need for "fluid content" on the web... Targeted "fresh" information is today's asset, and web-enabled business needs the abilty to keep that content current and relevant. Here's where content management comes in...
Real-World Business uses Content Management
The working model for just about any conventional business with more than one employee already uses a content management structure in real-world, day to day business.
As an example (unless you are a sole proprietor), when your company sells a product or gets an order;
* You get a paper trail upstream from sales
* Revisions and approvals are made by you (or lower management) and are passed back downstream to sales and accounting.
Your employees don't physically move walls, change or add doorways or build new additions to the building, they work only with assets, not the physical structure of your business.
Employees + Inventory = Yes
Employees + Building = No
Same Story, Different Media
Online Content Management works along similar veins by assigning administrative priorities and permissions to all content data available on your website. This structure enables anyone with permission to access, modify and add content to your website within administration guidelines without the need to change global website structure. Content can be anything you currently publish or would like to publish on your website; inventory (catalog/e-store), articles and business information are all considered content assets.
Separation of Church and State
The real strength behind most content management applications isn't the ease of content manipulation but rather, the complete separation of the "content" layer from the "application" layer. In the old days, when we developed a static website, content and interface were assembled together, page by page. Client content (articles, pictures and business information) were designed around navigation menus and the internal structure of the website, therefore, each time we were asked to make a substantial change to the clients content, someone here had to go under the client's hood and change or modify the application layer to reflect the new additions. On some the large sites, changing or adding a menu item or new content section required hand-coding hundreds of pages and took days, sometimes weeks.
Billable yes, cost efficient to client, no... From a design shop standpoint, static content maintenance was not even marginally profitable.
That�s where a good content management tool comes in.
By separating all client content from the application layer of the clients website, we now have the ability to make global changes to our clients website in seconds instead of hours or days.
Just Add Water and Stir
There are dozens of exceptional content management applications available on the market today that range from simple Online Journal Tools (Blog Software) to enterprise-capable CRMS (Content Resource Management Software). Most of the popular applications are internet enabled which means the application software needs to be installed on a dedicated intranet or web-server. Once installed, maintenance and editorial changes can be made directly from a secure administration section on your website with no special software needed. Just open up your favorite web-browser on any computer connected to the internet, log in and away you go.
About the Author
Kevin Murray is a managing partner at vkMedia Group, a small Florida Web Design and Application development Company the focuses on content managagement solutions for the Arts and Non-Profit Organizations.
...Accounting Nightmare at the FTC
Most government agencies cannot pass an audit of their expenses I can vouch for that and have been a longtime advocate that the government follow the same rules they force on business Walk the Walk In 1990 Bush Sr signed The Chief Financial Officers Act The Act called for 14 cabinet level
Mail Order Bookkeeping Basics
INTRODUCTION This information is provided for individuals who are starting a mail order business and require a basic bookkeeping system It has been written for someone who has little or no bookkeeping background No income tax or professional advice is rendered Such advice should be obtai
How To Start a Bookkeeping Business
Wednesday, October 26, 2005
Bookkeeping
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Bookkeeping Techniques For "Morons"
Author: Julia Tang
Please don't think I am calling you a "moron" to hurt your feelings in any way. I was a moron when I first started setting up my files. You have to force yourself to do it NOW -- right at the beginning! Many of a business has collapsed simply because they lacked organization in their basic accounting business practices. Don't be one of them!
As a small business you don't have to really do much in the beginning. Here is how to set up your files from ground zero:
1. Take out a hanging file folder and a label of any kind. (Hanging folders and labels for them can be purchased at K-Mart, Wal-Mart and any office supply store.)
2. Type or hand print "Receipts" on the label and place it on the hanging folder.
3. Now, place 5 MANILA file folders inside the hanging file folder (which you labeled "Receipts") and label each of the manila file folders with the following headings:
a. Advertising
b. Postage
c. Office Supplies
d. Utilities and Rent for the Office
e. Miscellaneous
You now have one large hanging file folder with 5 separate manila file folders inside it. Carefully place your hanging file folder in your metal file cabinet or cardboard banker's box. (A banker's box can be purchased at any office supply store also and normally cost around $4.)
Now, wasn't that easy? Some of you reading this will think that I am attempting to insult your intelligence. This is NOT my intention. This report is broken down in a simple, step-by-step way so everybody can understand it -- regardless of their previous knowledge and experience. Remember, some people have never worked in an office their entire life. What seems simple and accepted to some of us, may be something another person would never have known.
Okay, let's go back to where we were. You now have one master file completed and we're ready to make another just like it. This time we'll name the hanging file folder "Income" and label 3 manila folders inside it with the following headings: a. Completed and Shipped Orders b. Inquiries and Correspondence c. Open Orders Still Pending
See how easy? From now on, you simply make another folder as the need arrives and you're files will always be easy to maintain. (Once you get this concept down pat -- you can easily think about getting a computer. A computer organizes its information in the SAME manner. Believe me -- this same system works! You'll be amazed at how many mistakes it will help you prevent.)
Yes -- bookkeeping is a very simple process. All you have to do is keep the system going. For instance, every order that I process, I completely finish before moving on to the next order. Example:
1. Mail is received and opened. As each piece is opened it is placed into individual piles. Orders with pre-payment are placed in one pile, information and daily correspondence in another, and so forth.
2. Each order that has been pre-paid for is processed first -- with each one being processed individually to completion. (That means it is in an envelope, a label typed out and the completed order is ready to be mailed at the post office.)
3. During the process, the "date," "amount of check or payment" and "product ordered" is recorded on the outside of the envelope -- making sure the customer's full name, address and telephone number (if available) is on the envelope too.
4. Just before closing up the office for the evening, the envelopes are then keyed into the database on our computer (you can substitute a computer for the hanging files in the beginning.) We record all the information that was written on the envelopes during the processing of the order. (Don't think you will remember "what" the order was. That thinking will open you up to make human errors.)
If you operate an Internet business, you are going to use computer and email a lot. You need do following:
1. Create different folder in your computer, name it with different resources: marketing, search engine tools, articles and tips, ebooks, ezine lists, picture files...
2. Create folders in your email account, you can save useful emails for different purpose: training, sales, purchase receipt, new customers, prospects... As your business grows, your understanding and abilities will grow also. At that time you can grow into a more sophisticated means of keeping the books.
In the meantime -- keep good records. They are the lifeblood of any business and can eventually make or break you. You'll thank yourself in the long run.
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Julia Tang publishes Smart Online Business Tips, a fresh
and informative newsletter dedicated to supporting people
like you! To find out the best online business opportunities,
and to discover hundreds more proven and practical internet
marketing secrets, plus FREE internet marketing products
worth over $200, visit: http://www.best-internet-businesses.com
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Accounting Nightmare at the FTC
Most government agencies cannot pass an audit of their expenses I can vouch for that and have been a longtime advocate that the government follow the same rules they force on business Walk the Walk In 1990 Bush Sr signed The Chief Financial Officers Act The Act called for 14 cabinet level
Bookkeeping Techniques For Morons
Please dont think I am calling you a moron to hurt your feelings in any way I was a moron when I first started setting up my files You have to force yourself to do it NOW right at the beginning Many of a business has collapsed simply because they lacked organization in their basic accoun
Let Someone Else Do It
When you decide to become selfemployed you automatically become the Chief Cook and Bottle Washer In other words you do it all You do the bookkeeping buy the paper clips market your business and you even provide your businesss product or service But you are better a