Happy Money Monday! The Power Of Growth

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Happy Money Monday!

This Money Monday Message is dedicated to the primary caregivers in the house - the moms and dads whose businesses took a hit (or let's be honest - a nosedive) when the first kid came along. Your income may have tanked, or you may have done your best to maintain the status quo, and stay afloat - doing the day to day to keep those numbers the same.

Keep Looking At Those QuickBooks Reports

As you grow your kid-legs (aka sea legs), things get easier. Because you have less time to f*around making excuses for bad client behavior or lack of pitching for new business, you begin to tighten things up in your business department (or you threw in the towel completely, but since you're a reader of Tin Shingle, you're probably back in the game - YAY YOU!).

Look at your Gross year over year. If you take a salary, look at that year over year. If the number is low, that might be depressing to you. If that number has stayed the same, you have some work to do.

If That Number Has Grown...

But if that number has grown...if you took a salary of $6,000 one year, and $24,000 the next year, well that's some pretty impressive growth right there. While $24,000 in and of itself is far from the 6-digit number you’re going for, you can look at your percentage of growth and know that if you grew the business that much, you can spread your wings and do more.

PS: QuickBooks Has Helped With This Salary Growth

While this is not a sponsorship by QuickBooks (though we are channeling a partnership and do want them in our scheduled sponsor content for you), using QuickBook's Payroll at the full level has helped enormously with the cutting of payroll checks. The first payroll company we used was an old-school company that charged a big fee just to have it, plus a $45 fee to cut a check, and then a $99 fee to cut a check, and then a big old $157 fee for not cutting any checks at all during a quarter.

Having payroll even for just 1 employee has been helpful for avoiding incorrectly estimating taxes. But the favorite part is how easy it is to cut a payroll check any day of the week - even if it is sooner than the regular payday. If you need money now from your business, you don’t need to call 1-800-CASH-NOW, you can just cut a payroll check and have the money go where it needs to for taxes.

How can you not pay yourself as a business owner? Well, as a business owner, you may have another job, a supporting spouse, gifts allotted to you, dividend income, who knows. This has been written about before on Tin Shingle, the Crutch Syndrome, and you should go re-read it if you need a mindset shift in growing profitability in your business.

Meanwhile, have a great Money Monday, and go shake those money trees!

Money Monday: e-Filing 1099s With QuickBooks Is Finally Easy!

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"Money Monday" at Tin Shingle is all about earning, spending or donating money from your business. Share your Money Monday experience or tip by submitting your idea here for consideration to be featured on Tin Shingle's blog.

Money Monday gets a gold glitter ball this week.

Every year, when prepping the books for taxes, I am so tempted to e-file the 1099s to our contract workers via QuickBooks instead of having our accountant prep them. Not that I don't love supporting another business owner! But he's going to get 3 sets of taxes to file from me, so this is chump change. The benefit, really, is the ease of use, and quickness of filing those 1099s.

QuickBooks has had an e-file 1099 option, but it's never been seamless enough for me to try. I'm error-prone, so if there is more than a 10% room for error, I abort and put it in the hands of the professionals. This year - and maybe it's just me - maybe QuickBook's platform has been the same all of these years, it's just me who grew more confident - I did it. I e-filed the 1099 through QuickBooks!

Took all of 5 minutes, after the prepping of each vendor - which consists of the following and is the same as if the 1099s were being submitted to the accountant:

  • Checking for their social or EIN number.
  • Updating their address and email.
  • Checking money totals against the actual bank transactions.

I take that back. There is one step that was new, and that was selecting the number of Accounts and Vendors that would be included in this pull for 1099s. "Accounts" means that there are different reasons that you spend money, and when you do, you select an Account to attribute how that money was spent. That part didn't take long, it was just new for me, which made me nervous, and made me remind myself not to over-create Accounts and get too nitty-gritty, but I shouldered through and selected the correct Accounts. I checked the money totals against the bank transactions, and got matches.

Once all of that was complete, QuickBooks has you review your information before entering your credit card to pay. And the price of filing is quite affordable. Not only was it pricier with my accounting firm (again, I don't mind supporting my local firm), but I didn't have to drive there to pick up and sign my approval for them to e-file (not that I mind seeing my local firm either!), and stamping them and putting them in the mail. QuickBooks puts them in the mail!

The step of filing of 1099s is often a forgotten one done at the last minute. So this is a way to help businesses not need to file extensions, and start the tax year off right!