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So far el presidente has created 37 blog entries.
28 08, 2019

The Best Apps On The Planet for Productivity

2019-09-04T20:53:18+00:00

Biker at sunset looking at beautiful scenery

The app ecosystem has exploded and it’s not all consumer apps like Venmo and Instagram. Business specific productivity apps have been popping up everywhere. Last year alone there were over 600 QuickBooks Online add-on apps listed at apps.com. This year that number is expected to double. Even we experience A.O.S: App Overload Syndrome from all the context switching. That said, there are a few apps that are worlds apart from the rest. These best apps on the planet are (drumroll):

TSheets

This is the app that anyone with employees needs and should be using. Why? Let me count the ways…

1- it is extremely low cost: 2-99 users is currently priced at $4 per user per month plus a $16 base fee.2- it turns nightmarish 18th-century paper timesheets into usable electronic data; bill customers, track job labor costs, and transfer notes with a click or two.
3- it puts GPS tracking on clocked in mobile employees.. no more arguments about how much time they spent at McDonald’s.
4- paper timesheets do not win legal battles, electronic ones do.

If you compare the very low cost of the app with the number of hours that you’re spending on paper timesheets, entering hours into payroll, copying notes and billing charges to customers, you might even make money with this switch! We’ve chosen 3 or 4 core apps that we work with…this is #1. The bonus is that as great as it is, TSheets customer service is even better. Give it a try, you will not be disappointed.

Best. Quickbooks. App. Ever.

Slack

Developer on Slack messaging app

We’re not sure how any business with more than 1 person can even operate without Slack. Every team should take advantage of this app.

1- Have you ever searched your email for multiple precious minutes trying to find a certain conversation? Document and search conversations all in Slack. Slack makes searching their database seamless saving you loads of time.
2- Slack has many integrations including Google Drive. Share Google Drive files and links. You’ll be able to preview files, manage access to documents, get notified about and reply to comments, and see when new files are shared with you. Slack becomes your business’s central point of notifications when connected with integrations.
3- Create reminders and to-do lists.
4- The best of all – stop clogging your inbox. We’ve all been there. A long list of emails with short answers. Slack is set up as a chat. You can even reply within threads so you don’t have a long string of messages with quick answers.

Slack makes communicating easy and fun while being extremely functional.

Best. Chat. App. Ever.

Grammarly

This app is for you grammar police. But in reality, grammar is important in establishing yourself as a professional and you should pay attention to this app.

1- Grammarly automatically detects potential grammar, spelling, punctuation, word choice, and style mistakes in writing.
2- Install the Grammarly extension on Chrome, Safari, Firefox, or Edge and grammar mistakes light up on your screen as you’re typing.
3- Copy and paste writing into the Grammarly’s online app and the algorithm will flag potential issues such as punctuation, wordiness, spelling and usage, and even plagiarism.
4- It works on mobile! Install it on your phone and have confidence that everything you write is mistake-free.

Move fast and Grammarly has your back.

Best. Grammar. App. Ever.

Google Drive

The two big storage apps are Google Drive and Dropbox. While Dropbox is still the 800 lb gorilla in the storage space, Google Drive is catching up quickly for good reason.

1- It’s in the cloud. Rest easy knowing you can access your information on any device, at any location, at any time.
2- Users can upload and download any file and easily share it with team members which makes it great for collaboration. Folders make things organized and its all very searchable from the web.
3- Google drive integrates with the rest of the Google ecosystem. Even better – Google Drive integrates with Slack!
4- 15GB of free storage. That’s a LOT of free storage. Store files, backup photos and videos, save email attachments, and more. Rest easy knowing that if you run out of your free storage, an additional 100GB of storage only costs $1.99.

The ease of sharing, price of storage, and integrations make this app invaluable.

Best. Storage. App. Ever.

Trello

Trello app task board

Work collaboratively and get more done with Trello – a sophisticated to-do list.

1- Create boards, lists, and cards that enable you to organize to-do items and notes in an extremely organized way.
2- Work with any team. Invite users to your Trello boards from anywhere and work together on the lists.
3- Information at a glance. Add attachments, comments, due dates, and tag and mention team members on any card.
4- Stay in sync on any device whether you are relaxing on a beach or skiing in the mountains.

While Trello is extremely useful in the workplace, you can use Trello to organize just about anything, even your entire life.

Best. To-Do List. App. Ever.

The Best Apps On The Planet for Productivity2019-09-04T20:53:18+00:00
14 05, 2018

5 Self Employed Money Mistakes To Avoid

2019-09-12T17:57:21+00:00

5 Self-Employed Money Mistakes To Avoid

Working for a wide variety of entrepreneurs for over a decade, we have seen first-hand the common mistakes that are made. We see mistakes not as something bad but as an opportunity to learn and teach small business owners how to operate better and get more organized.  Articles like this give us the ability to share these experiences that will help YOU to not make the same mistakes!

Lots of entrepreneurs take the leap of faith to start their business without knowing much about the financial side of things. That’s ok! That’s where we come in. The following are the Top 5 most common mistakes that we’ve come across.

  1. Mixing personal and business expenses a.k.a “co-mingling”!
  2. Not tracking you A/R (what people owe you) a.k.a Open Invoices!
  3. Waiting until the end of the year to start your record keeping
  4. Missing out on tax deductions because you don’t understand them
  5. Not having your business structured properly to take advantage of tax savings that are available to you

If you are guilty of one or more of these things – do not despair! Mistakes are good. How else would we learn, improve, grow, and move forward? Awareness is the very first step. Know that others have also faced these challenges and have overcome.

We want to help our customers to succeed by providing insight on how to manage business finances. Now that you know what can prevent success, start making changes now!

Reach out to your Accountant and ask for their support and for them to be by your side; hand over anything that ends in your being stuck i.e. not having enough time or not knowing what to do next. Being stuck will cost you far more money than asking for help with bookkeeping and taxes.

If your current Accountant is unwilling or unable, or just too darn expensive, give us one phone call to find accountants very willing, very able, and very affordable. We specialize in “done-for-you” bookkeeping & taxes for small business owners with annual business revenue from $10k to  $350k. We work for those who want more; an active lifestyle in paradise. Just imagine instead not worrying about bookkeeping going for a little longer bike ride or exploring that brand new hiking trail. Isn’t that what we’re here for?!

5 Self Employed Money Mistakes To Avoid2019-09-12T17:57:21+00:00
3 05, 2018

4 Realtor Frustrations and Solutions

2019-10-09T00:25:29+00:00

Focus on Realtors: 4 Bookkeeping Frustrations and Solutions for Realtors

Log home in the mountains Telluride, ColoradoI am acutely aware of the realtor frustrations in resort towns. Not only am I married to one, but I’ve also worked professionally with some of the top Realtors in my ski town as well as the state. Realtors are my clients and friends. I’ve attended more Real Estate conventions than Accounting conventions. I have a good pulse on running a Real Estate business in today’s world and here is what I see: you are facing challenges from everywhere.

Frustration 1 – You do not have enough time

Let’s be honest – Realtors are not so great at their bookkeeping. It isn’t because you can’t, it is because it is a huge time suck! When you finally have a couple of hours off the last thing that you want to do is accounting. You don’t really want to outsource your bookkeeping either. You feel that paying for bookkeeping is just another expense, like paying someone to clean the house. Who wants another expense? This mindset is costing you money.

Solution 1

Hire a QuickBooks Online Certified Pro-Advisor. You may spend a little more upfront but your ROI is mountains over just getting expense reports for tax returns. A QBO ProAdvisor will automate your bookkeeping. No more scrambling for statements, spreadsheets or guesstimates for the tax man – QBO integrates with your bank eliminating any possible missed deductions. Now you aren’t just paying someone to track expenses, now you have real time information to make better business decisions. 

Beyond that, Advisory “Firms of the Future”  will go the next step to review and analyze your numbers with you. Having historical data on the seasonal behavior of your business allows Advisors to help you plan your cash flow and strategize tax planning.

Partner with someone that can help you grow and keep your money.

Frustration 2 – You need to know where to spend your advertising dollars

EVERYone wants your advertising dollars. They are feeding sharks out there. You are spending so much money in so many directions, it’s scary.

Solution 2

The right accounting partner can provide you with details of where your advertising dollars are going – as they are going! If an angle isn’t working, catch it quickly and reset. Compare what you’ve spent this year vs last with the resulting impact on revenues. QBO ProAdvisors can create workflows that help identify where your customers are finding you.

Remember that hiring someone niche in your industry brings an entire knowledge base of what they have seen work -and what hasn’t. It is invaluable to have an Advisor with experience.

Frustration 3 – You don’t feel like you have control

Your phone rings constantly; you are the glue. You have to stay on top of everyone and everything to get the deal closed. Then you have to make dinner and get the kids to soccer. You do not want someone else paying your bills, they will spend too much of your money or pay for something that should not be paid. They pile up in the mailbox. You pay them late. At some point you’ve got to file all that (but really, you just throw them all into a box).

Solution 3

You can have full control over bill payments without spending hours every weekend. Hire someone who eliminates paper bills. We create Accounts Payable workflows for businesses operating around the World. Trust me, they aren’t processing paper bills! They pay on time and have happy vendors and retain full control while on-the-go. Bills are queued up and delivered to business owners for electronic approval…on their smartphones.

Approve or deny bills in 5 minutes – in between showings, waiting for a client, while blogging.

Frustration 4 – You can’t keep up with technology, but you see the competition doing so

Smart phone taking a photo of mountainsZillow, Redfin, and about a hundred other business are launching industry disruptive technology services. You can’t even keep up your Facebook page. Its overwhelming. You do not even know who to call.

Solution 4

You need access to a strategic network of professionals. This is why you hear Firm of the Future Accountants now calling themselves “Advisors”. They are out there building Teams of in-house and referral partner talent. Virtual Admins are all the rage now due to their low cost and technology capabilities. Your Advisor can tap into vast resources to help.

This is the kind of value that is far beyond the traditional bookkeeper. This is the kind of value that lets you keep more of your money. This is the kind of ROI that is mountains over just getting expense reports to the tax man.

If you are ready to make life easier and hire a professional, contact Singletrack Bookkeeping today at 970.291.1201. We do all the behind-the-scenes work to make your real estate business run smooth. Hiring us means that you will always have the most up to date accounting records.

4 Realtor Frustrations and Solutions2019-10-09T00:25:29+00:00
9 04, 2018

Why a Small Business Should Outsource Accounting

2019-09-04T20:35:37+00:00

As a small business, you are always under time and cost pressures. You have to worry about creating a good product or service line while reducing costs. When it comes to controlling every part of a small business, you may find it difficult or not doable. One area you may feel like you need help with is the accounting. An option you should consider for accounting is outsourcing. Many small businesses benefit greatly from outsourcing accounting. We outline the benefits, timing of when to hire an accountant, pros and cons, and pricing.

5 Benefits of Outsourcing Accounting

Financial Savings

The true value of outsourcing accounting is the reduction in costs. When you outsource your accounting, you are only paying for the accounting services you use. Meaning, you only pay for the help when you need it. Outsource accounting eliminates the typical employee expenses like benefits, insurance, payroll taxes, and paid leave. When you choose to outsource your accounting, you are reducing your overall operating cost.

Access to the Latest Technology

Accounting firms always want to make sure they are at the forefront of their industry. A part of being at the forefront is to have the latest technology. When you have access to the latest accounting technology, it ensures your bookkeeping is always up to date. Therefore, you know your cost better and can stay ahead of the competition.

The Best Expertise

When you hire an accounting firm, you can rest easy knowing you have access to the experts. Having an accounting firm on your side ensures you have the best financial reports that meet regulatory and compliance standards. An accounting firm specializes in the work they do, so they are perfect for getting all your accounting projects done. Hire a third-party accounting firm and rest assured that they will complete all your accounting quickly and correctly.

Daily Monitoring

An outsourced accounting firm allows you to keep track of your accounting records and data on a daily basis. Most accounting firms will assign a team that is dedicated to your company, allowing you to access your accounting records whenever you need them. Having daily reporting allows you to make better business decisions and stay ahead of the competition. Hiring an accounting firm helps your business to grow by having accurate and daily reports.

Better Time Use

When you outsource your accounting, you get time back that you used to spend doing administrative tasks. The time you used to spend on accounting can now be used to better your small business. Sometimes when you have to do tedious tasks such as accounting, it is distracting to you. Hiring an accounting firm, allows you to focus on the core of your business. Don’t waste time worrying if your accounting is correct, outsource it instead.

Female mountain biker biking on singletrack in the mountains

When should you start outsourcing accounting?

Hiring an accountant will save you money, time, and headaches. However; there are several key times when you want to have an accountant to help you with the process.

Writing your business plan.

Accountants have software with financial projections. This will help you write a business plan that is more professional and realistic which will give you more chance to succeed, especially if you are looking for financing.

Forming your business.

Forming your business requires a lot of decisions including what entity structure makes the most sense, help with getting all the business licenses set up, employee paperwork, and bookkeeping software to name a few. You should be careful when deciding what form of entity you choose whether it’s an s-corp, c-corp, LLC, sole proprietorship, etc… and that is where an expert comes in.

When setting up compliance and taxes.

Will you be charging sales tax, running payroll, or issuing 1099s? Even if your business does not require you to do either of those things, there are other reporting requirements businesses need to be compliant with.

In case you’re audited.

It’s better to hire an accountant before an audit happens but if it does happen it can be expensive, time consuming, and frustrating. If you already have an accountant in place, the process will be much more streamlined since they have already done upfront work to make sure your books are in order.

Outsourcing accounting pros and cons

Pros

More cost effective.

Outsourced accounting costs are often less expensive than hiring someone in house.
Time. Wouldn’t you rather be spending time doing the things you love rather than crunching numbers or managing the accountant on your in house team?

Accuracy.

Accounting firms take care of all the details so you don’t have to worry come tax time whether or not you or your solo in house accountant added up your expenses properly.

Fraud.

Outsourced accounting firms have a team of people working for you. This reduces the chance of fraud that can happen with one person at the helm.

Cons

Control. Giving up the control of your accounting to a firm can be hard and can feel uncomfortable. When choosing the best outsourced accounting services, make sure to choose an accounting service that has a smooth onboarding process, defines roles within the team, has policies and procedures in place, and has excellent communication.

Outsourced Accounting Pricing

Outsourcing accounting is generally less expensive than hiring someone in house. By outsourcing, you do not have any overhead costs such as salary, paid time off, health insurance, worker’s comp, retirement, and sick days. You also reap the benefits of having a team of people with different areas of accounting expertise. Singletrack Accounting plans start at $49 per month and the price is based on your company’s revenue.

The cost of hiring an accountant not only saves you money in taxes, but it also gives you back more time in the day to focus on your business. Let’s say doing your taxes takes 15 hours and you charge $100/hour. That costs you $1500 to do it yourself and the margin of error is greater.

Singletrack Bookkeeping owners pointing at a sign on the Yampa River Core Trail

Hire An Accounting Firm

Many small businesses benefit from outsourcing the accounting. You not only save money, but you have access to expert advice, daily reporting, and a piece of mind.

If you are ready to make life easier and hire an accounting firm, then contact Singletrack Bookkeeping today at 970.291.1201. We do all the behind-the-scene work to make your company run smooth. Hiring us means that you will always have the most up to date accounting records.

Why a Small Business Should Outsource Accounting2019-09-04T20:35:37+00:00
29 12, 2017

How the new tax law impacts your Small Business: The 20% discount

2019-09-12T17:10:06+00:00

Learn how the new tax law impacts your Small Business: The 20% discount by co-founder of Singletrack Bookkeeping, Kim Hornsby.

How the new tax law impacts your Small Business: The 20% discount2019-09-12T17:10:06+00:00
29 04, 2017

One Stop Small Business Shop

2019-09-12T17:20:59+00:00

Kim finds it immensely valuable to be a “one stop financial shop” for her clients, so that she can advise based on the “whole picture” of their business. Kim finds that most people want one firm to handle their books and taxes, so she relies on ProConnect Tax Online to streamline this process.

One Stop Small Business Shop2019-09-12T17:20:59+00:00
12 04, 2017

Organize Your Workflow, Organize Your Life

2019-09-12T17:22:05+00:00

I LOVE days like this

I spent the day organizing a Real Estate client, one of our specialties. Our client works in a Resort town, and real estate is booming right now. You’ve not met a busier person than a resort town Realtor. Its utter chaos! SO much information, so many moving parts that it makes ME feel the stress. After many conversations and lots of delays we have finally created a master workflow plan! I am so excited.

A Realtor’s Workflow – The Database

Today we eliminated duplicated manual entries in multiple systems. I configured a plug-in for our Realtor’s email inbox; one-click adds to the email address to her brand spanking new CRM. The CRM that we’ve selected is absolutely brilliant for keeping in touch with clients – a perfect fit for this industry. Our CRM then works it’s magic – an automated data aggregation tool – populating Contacts with loads of bio info available across the internet…you know the stuff you used to do by hand. It also adds an email magnet so no more filing into Outlook folders. All information captured in one location. Next I added more automation with a 2-way sync between the CRM and Mailchimp. BAM. 3 systems synced, linked and automated by one click.

A Realtor’s Workflow – Document Management

In fairness my client has been wise enough to utilize cloud storage. I implemented a simpler approach to her filing, making folders far easier to navigate and eliminating scrolling through years of inactive records.

A Realtor’s Workflow – Business In The Cloud

Now we already have QuickBooks Online on autopilot for our Realtor. Over time working with very successful Realtors, we’ve created some pretty great reporting on the information that they need to make decisions. With today’s implementations our end result is a 100% conversion to the cloud which allows for syncing across the system. Every app talks to the “eco-system”, a custom built workflow integrating email, CRM, social media, blog, Mailchimp, document storage, and more.  “In the Cloud” also means her system is mobile; every bit of this business is now 100% accessible from my client’s smartphone….no matter how crazy the day, no matter where she is, no matter how many calls she is juggling…she is carrying her entire office in her hand.

Time Far Better Spent

I’ve simplified my clients life, condensed where she spends her efforts, and automated things that she previously spent hours on. This is how I earn my living, and now she can spend more of her time earning her living. This is what makes the small business world go ’round!

Now..if only I can get her to snap photos of her receipts. We’ll save that for next week.
“I love technology” – Kip Dynamite

QBO Ecosystem

Organize Your Workflow, Organize Your Life2019-09-12T17:22:05+00:00
27 02, 2017

How To Set Up and Use QuickBooks Payments

2017-02-27T21:28:19+00:00

Quickbooks Payments now offers FREE ACH bank transfers. Easier for your customers to pay you, easier for you to track with Quickbooks Online automated reconciling, and easier on the business budget. It’s even easy to sign up right inside QuickBooks Online.

How To Set Up and Use QuickBooks Payments2017-02-27T21:28:19+00:00
22 02, 2017

3 Tips For Building Your Small Business Dream

2019-09-12T17:55:24+00:00

No matter the size of your business or the goals that you have in mind, it is not easy to build a dream. When I look back at the evolution of my own business I can point to 3 pivotal factors that were – and are- invaluable in building our organization:

Check your pride at the door
You’ve likely heard the adage “never be the smartest person in the room”. This is a rule that I absolutely live by. I like to think of my brain as a highly absorbent sponge; gleaning every tiny tidbit of information that I can locate. Even on topics where I may actually have thorough knowledge and years of experience my sponge soaks up everything it can in search of that one potential take-away that may turn into our next big breakthrough. For example every week I like to watch industry webinars or check in with industry forums to stay as informed as possible. Many times discussions cover ground I’ve traveled long, long ago. Nearly every day I can find a kernel, look at a problem from a new perspective, and simply learn something new. Grandpa use to say “Even a blind pig can find an acorn every once in a while”.

Self Reflection
I don’t know about you, but I am not perfect. There is nothing about operating a business that is not impacted your personal challenges. Understanding your personal challenges and how they relate to how you think, behave, react, learn – is the secret sauce of success. I cannot think of one successful entrepreneur that I’ve studied that hasn’t examined ” how they tick”. In fact that very self reflection is often the core of what business leaders write about and we seem to clamor for it. Identify your key roadblocks and find a path around them.

Support & Mentor-ship
There is nothing you cannot achieve in this world without guidance and support. For me personally I can tell you that there was a time in my life where this was absent and a time in my life where this has become present….there is no comparison. My life (and business) knows no bounds short of getting in my own way! That’s where support comes into the game. Setting your pride aside and honestly reflecting on one-self and business with the support and mentor-ship of Coaches, Consultants, friends and loved ones will help you create beyond what you dreamed is possible. This is why it has been so very important to myself and my team to transition far beyond the traditional bookkeeping service into Business Management & Advisory support.

Entrepreneurs flourish when the walls come down. While there are many other more practical factors in building your dream, incorporating these 3 today and in the future will keep you on the right path.

 

2013-03-24 19.19.45

 

3 Tips For Building Your Small Business Dream2019-09-12T17:55:24+00:00
11 01, 2017

You Don’t Think 1099s Apply To You….and You Couldn’t be More Wrong

2017-04-11T19:24:03+00:00

You Don’t Think 1099s Apply To You….and You Couldn’t be More Wrong! Why do I care? I’m trying to help you avoid big penalties. The IRS was wise to focus on 1099s for their crack down effort to improve proper reporting of taxable income. You don’t even realize how non compliant you are – perfect! says the IRS. What a great place to grab $500 in penalties!

The #1 thing you got wrong: 1099s are only for contract laborers. So many businesses assume that if they don’t have contract laborers, 1099s simply don’t apply to them. 1099s must be issued to those whom you pay for business rent, to those whom you pay for legal fees, to anyone whom you paid for a business -service- not simply contract labor. Those who are incorporated are exempt (except for attorneys) true enough, but how do you prove that they are incorporated? You collect their W-9 form.

The #2 thing you got wrong: you can collect W-9 forms in January. You have (had) *20* business days to send 1099s to eligible vendors, make corrections, and file them to the IRS….AND you think you can start asking vendors for w9s on January 11? Its simply not feasible. You need to collect w9s as you pay new service vendors.

Those are the headlines that I hope grab your attention. Here is the nitty gritty:

What are W-9s? IRS forms that request taxpayer ID numbers and business certification from contract vendors. What the vendor declares on this form will determine whether you must issue a 1099

What are 1099s? IRS forms issued to contract vendors each year that document the vendor’s miscellaneous income to the IRS

Rules on sending 1099s: Generally, you are required to send 1099 MISC forms to people and businesses you have paid for business services by cash or check. There is a threshold of $600. You must have paid a vendor for services, $600 or more over the course of the year, in order to fall under this requirement. You do not need to send a 1099 to a vendor that is incorporated. This exemption does not apply to attorney services.

Untrue urban legends surrounding 1099s:
“LLCs are corporations, so I do not need to issue a 1099” This is NOT TRUE! In fact most LLCs are not corporations! But they can be. How do you know? Request a W-9 from the vendor

“My contract vendor told me he is incorporated so I don’t need to ask for a W-9” This is NOT TRUE! In an audit the IRS will request W-9 documentation proof from you as to why you did not issue vendor 1099s

“I asked my vendor for a W-9 and they refused. So I’m covered with the IRS because I asked for one” This is NOT TRUE! The IRS says it is YOUR responsibility to get a completed W-9 from your vendor. How would you make sure you get one? Request it BEFORE you pay the vendor

“Rent is not something I have to send a 1099 for” This is NOT TRUE! The IRS even has a special box on their 1099 for business rents

More on Form W-9 request for Taxpayer ID Number and Certification https://www.irs.gov/pub/irs-pdf/iw9.pdf
More on Form 1099 report of Taxpayer Miscellaneous Income https://www.irs.gov/pub/irs-pdf/i1099msc.pdf

Ultimately all 1099 compliance is the responsibility of business owners: your accounting professionals are here to assist you, but you are the key to making the process work. Make sure that you understand both 1099 guidelines and your bookkeeper/ accountant’s procedures to help keep you compliant and avoid issues!

You Don’t Think 1099s Apply To You….and You Couldn’t be More Wrong2017-04-11T19:24:03+00:00