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 ✨

05/31/2022

Did you know there's a significant difference between growing + scaling? 📈

When I'm working with my bookkeeping clients, I can instantly tell whether their business is growing or scaling!

When a business is growing, it's increasing revenue proportionate to costs.

When a business is scaling, revenue is increasing at a much faster rate than your expenses.

As your bookkeeper, I want your business to grow, and eventually, I want to help you scale!

The first step is getting your numbers organized. Once organized, your numbers paint the financial picture that we use to determine what path your on and what we can do to get their faster.

12/16/2021

Did you make more money this year than you were anticipating?

First things first, congratulations if yes!

Because you made more than you were anticipating, there may not have been a plan in place to handle extra money this year, and that’s ok – but let’s review below how we can handle extra money from our business.

➡️ Reinvest in your business – if you have been eyeing a new piece of equipment or maybe there is a mastermind that you have been considering, go for it! Reinvesting in your business will also help to lower your tax liability

➡️ Adjust your take home pay – if you have been taking home a set amount each month, take a look back at your monthly profit to see if you should start increasing your owners pay

🚨 If you are an LLC or S-Corp, your personal assets should be protected if you are ever sued, as long as your not commingling funds. This means it would be best not let excess money sit in your business account. Don’t have a personal emergency fund yet? Get one started with your excess cash!

If you made more than you were anticipating this year, now would be a good time for you to look into working with a bookkeeper or accountant if you aren’t already.

Let me know below if this was helpful!

12/06/2021

It is time to complete your November bookkeeping, DIY friends!

Download your bank statements and pull out your receipts
➡️ Review your statements for business transactions and add them to your income/expense tracker or
➡️ If using an accounting software, go in and code transactions in the bank feed

Reconcile your accounts
➡️ If using an accounting software, utilize that reconcile function! It is incredibly helpful
➡️ If using a spreadsheet, manually reconcile your accounts by matching your transactions on your statements to what you have entered into your spreadsheet

Compare your profit & loss to previous months
➡️ This step is important if you want to be able to make informed decisions for your business, we focus heavily on the P&L during client financial review meetings.
➡️ Take a look at your current month vs the previous few months and take a look also at a P&L by month for the year to review trends.

Review your budget
➡️ Have you set a budget for your business? If not, you should! Check your P&L to see if you stayed within budget for the month.

Split that profit
➡️ Pay yourself! And set aside 30% into a tax savings account

Have you started working on your bookkeeping for November yet?

Address

E Central Street
Franklin, MA

Website

http://kls-bookkeeping.com/

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