Say hello to Bevann, one of our Bookkeepers! When she isn't working you can find her getting her garden ready for fall and doing projects around their new house (they just became Tennesseeans🍊 ).
🌟 Favorite part of your job? "Taking some of the burdens off of business owners so they can concentrate on doing what they love. I feel great when they call with a question or problem and we can take it off their to do list and get it solved."
🎥 Favorite movie? "Toss up between A Christmas Carol and Les Miserables"
🌍 You have an all-expenses paid trip, where do you go and what do you do? "I would go to Europe and explore my genealogy further. Wales and England in particular, but I would love to visit several other countries."
We're glad to have you on our team, Bevann!
Recently, we were asked the following questions by a small business owner: “What is the best approach to buying a car? Should I use my personal money or the business account? What are the tax implications?” So, we thought it would be helpful to provide some answers should you have the same questions today or in the future. http://bit.ly/2Rud5nb #business
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How Should I Buy a Car as a Business Owner? - Two Roads Bookkeeping, CFO & Assistant Services | Knoxville, TN
Feels like we can say that we all know what it’s like batching tasks working from home. The same goes for bookkeeping! Batching tasks looks like making sure items are done in a regular rhythm like invoicing, inputting expenses, checking in with clients, and reviewing reports.
Keeping your business in business is a lot to juggle, but you got it 👊 There are a few reports to regularly review to make sure your business is on track.
Sales report: Keeps track of (you guessed it) the sales you make. It’s a good idea to review this daily.
A/R report: This will tell you the money people owe you.
A/P report: This reports keeps track of the money you owe people such as vendors, rent, etc.
A/R and A/P reports should be reviewed weekly!
In-house #bookkeeping seems like a smart financial decision but how much does it really cost? And don't forget that time is money. https://bit.ly/2PqKFIQ #business
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What's the True Cost of Doing Your Bookkeeping In-House? - Two Roads
Going back to the (bookkeeping) basics this week! Ever wonder what A/R and A/P stands for?
A/R = Accounts Receivable, think of it as the money people owe you.
A/P = Accounts Payable, this is the money you owe to people.
Budgeting is intimidating at the start, but once the groundwork has been finished it can make running your business much easier. As a small business owner/rockstar, budgeting helps you plan for what growth (or decline) looks like specifically for your business.
How do you know when to hire: budget
How do you know if you can afford video production: budget
How do you start monitoring your sales vs. expenses: budget
Keeping a budget is crucial for planning the future of work for your business!
We talk to a lot of small business owners like you. What we hear over and over and over again is that you love what you do but you hate the demand of the back-office tasks. It’s one of the biggest complaints of people who decide to start their own business. Why? https://bit.ly/2VqsDtV #bookkeeping
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4 Reasons You Should Hire a Bookkeeper - Two Roads
Talk frequently to your bookkeeper about your cash flow forecast. This will assist them in advising you on your financials, helping you know if you are on track to hitting your goal, or if changes need to be adjusted in your plan.
Meet Will, one of our partners who helps steer the ship at Two Roads! When he's not working you can catch him reading a good book, playing golf, and chasing around his three daughters 😊
🌟 Favorite part about your job? "Helping business owners and team members create the lives they want."
📚 Last book you read? No Rules Rules by Reed Hastings & Erin Meyer
💡 Favorite quote? "Hard work isn't hard if you do it often."
We're grateful for all the hard work and thought you put into making Two Roads the best place to work, Will!
Let’s face it. Business owners never really have a shortage of something to do. This means reading through financial business reports isn’t something that necessarily makes the top of their list. However, reading financial business reports can mean all the difference in gaining valuable insights that can help with the development of your business. https://bit.ly/2S6wYjL #manageyourmoney
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5 Financial Business Reports You Should Be Reading - Two Roads
When creating your cash flow forecast, be sure to include forecasting these steps that will affect cash flow: revenue, COGS (cost of goods sold), workforce, operating expenses, and capital expenses. You can use the most recent month's numbers as your baseline.
Every industry has it's own lingo and shorthand so we thought we'd tell you some of ours!
P/L: Profit and Loss statement, which is a report that shows the revenue and expenses of a business over a selected duration of time.
AR days: Accounts Receivable days indicate the number of days until a company is to be paid for its products/services.
AP days: Account Payable days indicates the time it takes a business to pay its suppliers.
Read our full blog post here: https://bit.ly/2T2AyMg
Recently, we were asked the following questions by a small business owner: “What is the best approach to buying a car? Should I use my personal money or the business account? What are the tax implications?” So, we thought it would be helpful to provide some answers should you have the same questions today or in the future. http://bit.ly/2Rud5nb #smallbusiness
TWOROADSCO.COM
How Should I Buy a Car as a Business Owner? - Two Roads Bookkeeping, CFO & Assistant Services | Knoxville, TN
No matter if you're a marketing agency, dental practice, or restaurant, starting a business requires a lot of time, money, and, inevitably, moments scratching your head figuring out the next step. It's important to build business credit in the earliest stages of your business. Incorporate your business to build credit separate from your personal credit history. Getting a credit card strictly for business expenses only and cover small expenses that you are able to pay back on time will also help build your business credit!
Today I thought we would chat about a few off the beaten path financial strategies. Really these are just good BUSINESS strategies but here is the thing. Seeing how these good business strategies directly affect your finances can be paramount to the growth of your business overall! https://bit.ly/3c1yfRa #bookkeepingquestions
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4 Unusual Financial Strategies for Small Business Owners - Two Roads
Rounding out our remote work tech stack is Gusto. Gusto makes it easy to set up payroll + benefits, plus has great information on their social media accounts and website!
image: GustoHQ
We recently sat down with Paul Sponcia of The IT Company in Knoxville to see how outsourcing The IT Company’s accounting has been going. http://bit.ly/2O5YTyF #financialaccounting
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Why One CEO Outsourced His Accounting, And How It Grew His Bottom Line - Two Roads Bookkeeping, CFO & Assistant Services | Knoxville, TN
Two Roads wouldn't be where we are without our INCREDIBLE team. Seriously. We actually like working because the people here, well, they're just the best! Very grateful for everyone on this team and looking forward to when we can all take pictures like this one together again 😊 (hi Bevann, Suzanne, and Alicia!)
You have finally worked up enough courage and now you are in the planning and scheming stage. You want to dive into the deep end of business ownership! You want to say no to the chains of 9 to 5 and yes to the freedom to invest your talents and time into your passions. All about that cash: will your business start-up make money? https://bit.ly/34kiIci #bookkeeping
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All About That Cash: Will Your Business Start-Up Make Money? - Two Roads Bookkeeping, CFO & Assistant Services | Knoxville, TN
Let’s face it, when you started a business, it probably wasn’t because you were excited about doing your own bookkeeping.Today, we’re going to discuss your profit and loss statement and share some useful tips for understanding exactly what it’s telling you and how to use it. Let’s get started with the basics... https://bit.ly/32Wzrm2 #smallbusiness
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Understanding Your Profit and Loss Statement - Two Roads
Share your goals with a trusted advisor or your team. Not only will this provide accountability, but more people aware of and working towards a goal makes it easier to achieve! We love working with our clients to help them realize their business goals by way of financial guidance. If you're looking for bookkeeping or CFO advisory to keep your business growing and goals tracking, we'd love to help!
Some news regarding PPP funds: The IRS has clarified that expenses covered under PPP will not be deductible. From the last day of your covered period, you have 10 months in which payments are automatically deferred, so there is still no rush to apply for forgiveness at this time. We've linked the article so you can read more!
https://www.aprio.com/whatsnext/irs-clarifies-tax-implications-of-ppp-funds/?utm_medium=email&_hsenc=p2ANqtz-9FWHw75NDecWV6-HqtnMeJ_8rD8nK6r0__RFTmmAxabIm4P0Wl7U6coinmExxLjOSkvdKrJmG3VbZa8pvaop8mwGOdi90y0xK_W5xv_rC1py7ruKY&_hsmi=100360644&utm_content=100360644&utm_source=hs_email&hsCtaTracking=7fbd859e-59f8-4dc6-90b7-b094ae2c7a75%7C3bd83f94-95b7-4bdd-94a7-8469872a3b53
APRIO.COM
IRS Clarifies Tax Implications of PPP Funds | Aprio
The SMART method is an effective way to reach any set goal. Make your goals
Specific
Measurable
Attainable
Realistic
Time bound
This is helpful to detail how you are going to reach your goal and take you from stressed to success!
Happy Monday! And to all you small biz owners/side hustlers grinding away, whether you own a restaurant, retail shop, law firm, marketing agency, or plumbing company, we see you and we are thankful for you!
The accounting and finance technology ("FinTech" if you will) is constantly being developed. Cloud accounting easily integrates with innovative technology. Apps such as Square or Uncat are able to connect with cloud accounting software, allowing you to incorporate new tech that makes your financial system flow better as you grow!
It's National Thank A Mail Carrier Day! Something we may not realize in the small business community is how important mail service is in our everyday. Do you fulfill shipment orders? Do you have inventory or supplies mailed to you? Send/receive thank you letters? Thank your mail carrier today, especially for all their hard work over the last months. #nationalthankamailcarrierday
Quickbooks newcomer or long time user? Check out our blog for some tips! https://tworoadsco.com/why-does-quickbooks-not-match-my-bank-account/
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Why Does QuickBooks Not Match My Bank Account? - Two Roads Bookkeeping, CFO & Assistant Services | Knoxville, TN
A benefit we really love about cloud accounting is that it works where ever you do! As a team, we're able to work remotely, and have been for the last (almost) 10 years. For your small biz, it allows you to easily save transactions and entries as you go about your day serving the community!
What is cloud accounting? Simply put, cloud accounting is accounting software that isn't stored on your desktop or recorded on paper ledgers. It's stored in the Cloud, which allows for your data to be immediately saved and updated in real time, and virtually eliminates paper filing (pun intended).
