KLS Bookkeeping Services

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United States
Franklin, MA
KLS Bookkeeping Services

Our firm provides virtual bookkeeping services to small businesses and entrepreneurs all across the United States.

Helping businesses find clarity and confidence in their financials is what we do best.

01/08/2024

Thinking about hiring a contractor this year? Or maybe outsourcing some tasks in your business?

Get a W9 from the contractor before you pay them.

You will need the W9 to help determine if the vendor gets a 1099NEC or not. It can be challenging trying to collect the form from vendors at the end of the year, but if you collect it before you pay them it will be one less thing on your to do list at the end of the year.

11/18/2023

If your bookkeeping feels daunting, you may be over complicating it. Which means you’re less likely to be consistent.

✨Simplicity is key here✨

Here are some steps to help you keep it simple:

➡️ Only have 1-3 bank accounts, you really don’t need more than that. One main account, one tax savings, and one profit/fun money account.

➡️ Set aside dedicated time each month to go through your income and expenses to make sure all is accounted for. My preference is weekly so it’s never too far behind.

➡️ Find things you can automate, like invoice reminders and expense categorization (QuickBooks bank feed rules)

➡️ Ask for help when you need it 👈🏻

Let me below which step your going to start implementing to help keep it simple 💕

07/31/2023

How often should I be reconciling my accounts? ✅✅

The best frequency is monthly.

Reconciling your accounts frequently helps us catch duplicate transactions, and missing transactions. It also ensures accurate financial reports on a monthly basis, which help us make decisions for our business.

Some accounting software has a reconcile function to help with the process, if yours doesn’t, print out your bank statement and start going one by one down the list to make sure what you entered into your system is what’s on your statements.

If you find yourself missing this step, reach out so we can help establish a workflow for you ❤️

11/07/2022

You look at your profit and loss and see how much your sales are, and notice what areas your spending the most on, now what?

Ask your self these questions next time your reviewing your numbers!

There’s more to your profit and loss statement than revenue and expenses ❤️

✨Which product or service is performing the best?

✨How much have I invested in my business - am I seeing a return?

✨Can I afford to outsource time consuming tasks?

✨Is my business profitable?

✨Am I on track to reach my goals this year?

Let me know if your going to start asking yourself these questions!

10/31/2022

Just looking at your balance sheet can feel a little overwhelming, there are a lot of lines and numbers all over the place!

But, a quick glance at your balance sheet can tell a lot about the health of your business!

So let's break it down...

Your balance sheet is ruled by this equation: Assets - Liabilities = Equity.

In simple terms, what you own = what you have - what you owe.

Need help understanding your balance sheet (or putting one together in the first place!)? Send me a DM and let’s chat 🥰

10/25/2022

If you haven’t made these changes in your business yet, make a plan to do so for 2023!

✨ Separate your business and personal transactions - this is a must!

✨ Collect a W9 from your contractor before you pay them, this is best practice! It makes it easier at year end and ensures you’ll have it ready when determining who needs a 1099

✨ Have a plan in place for your bookkeeping - work with a professional or come up with a schedule that works to DIY on a consistent basis

✨ Focus on your profit over revenue, you can have a $10k launch, but if you’ve spent $8k on coaching, marketing, and contractors, the profit on that is $2k - let’s focus on increasing that so you can pay yourself more!

Which of these are you going to start doing with the new year?

10/06/2022

Have you ever had this thought before?
I completely understand where this belief comes from, it normally doesn't make sense to spend more money if you're not making money!

However, when it comes to hiring a bookkeeper, your bookkeeper may actually help you make money.

By accurately recording deductible expenses, cutting unnecessary expenses, and focusing on your most profitable business segments, you'll have a clear path forward for your business.

When did you decide to hire a bookkeeper for your business?

06/23/2022

If you’re organized, you document every transaction, and your books are up to date, you can plan ahead, you can reduce your risk of cash flow problems, you can eliminate the stress of filing tax returns and you’ll have a better chance of financial success for your business.

To learn more about how we can help you get clearer financials, click the link in my bio and apply today ✨

Address

E Central Street
Franklin, MA

Website

http://kls-bookkeeping.com/

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