MG Bookkeeping Solutions

MG Bookkeeping Solutions ⭐Helping business owners through CLEAN-UP & CATCH-UP of messy books in Quickbooks

”Growth must be chosen again and again; Fear must be overcome again and again.” —Abraham Maslow
07/12/2020

”Growth must be chosen again and again;
Fear must be overcome again and again.”

—Abraham Maslow

“The power of positive thinking is the ability to generate a feeling of certainty in yourself when nothing in the enviro...
06/12/2020

“The power of positive thinking is the ability to generate a feeling of certainty in yourself when nothing in the environment supports you.” Tony Robbins

"Your customer doesn't care how much you know until they know home much you care " Damon Richards
05/12/2020

"Your customer doesn't care how much you know until they know home much you care " Damon Richards

" I am wasting 5 hours a week on Bookkeeping"Have you ever watched celebrity chef Jamie Oliver prepare one of his ’15 mi...
04/12/2020

" I am wasting 5 hours a week on Bookkeeping"

Have you ever watched celebrity chef Jamie Oliver prepare one of his ’15 minute” meals? He makes it look so easy, and it only takes him 15 minutes because he’s an expert, but have you tried making those meals yourself? I know I have, and they take me about an hour to prepare!

The same goes for bookkeeping. Doing your own bookkeeping takes time.

If you aren’t a professional bookkeeper, then chances are you are probably , it’s going to take you a whole lot of time to do it.

Let’s assume that you hired somebody to take over your bookkeeping… what would you do with that extra time that you’ve just freed up anyway?

Would you do things you enjoy with loved ones, or could you do other activities that you’re great at that contribute towards growing your business?

Tip : Hire an expert bookkeeper and save yourself a whole bunch of time and headaches.

" story were from https://beanninjas.com/"

Should I Pay for Invoicing Software? Invoicing software allows your business you to get paid faster.Not only does invoi...
04/12/2020

Should I Pay for Invoicing Software?

Invoicing software allows your business you to get paid faster.

Not only does invoice software process the transaction and generate invoice, but you will be able to see when your customer received (and read) the email.

No more chasing payment to customers ...

What if you can also automate sending reminders to those customer who haven't paid yet?

Does Invoicing software come with a cost?

Yes it come with a cost but this is an investment to your business.

Not only that it will save you time and effort, but you’ll also get insight into your invoicing process.

Are you ready to invest on invoicing software that will make your life easier?

Do you need someone to help you invoicing your clients or customers?

Send me a message and I would be glad to help you!

What's the best way to chase late payments?Wouldn't it be nice if all invoices you issued are paid on time?Your cash flo...
03/12/2020

What's the best way to chase late payments?

Wouldn't it be nice if all invoices you issued are paid on time?

Your cash flow are accurate and you will be able to pay your bills on time also.

But unfortunately being paid on time 100% doesn't happen all the time.

Chasing money from customers can ba awkward...

But you can do are...

1. Send a gentle email reminder together with the invoice to be paid

2. Make a phone call when there is no response from the email you sent.
Remember be polite and be firm

3. Send a letter and Statement to their address. This way in case you need to pursue legal action. Hoping you didn't end up with this.

4. Consider factoring. Allow them to pay in longer term if their business is on bad situation.

I hope that you don't have to chase payments all the time by sending notice to your customer a week before their due date.

Always remember be human and emphathetic to your customer.

CLIENT TESTIMONIAL"Mary is my shining star! She does amazing work, on time, is reliable and has helped me in more ways t...
03/12/2020

CLIENT TESTIMONIAL

"Mary is my shining star! She does amazing work, on time, is reliable and has helped me in more ways than just data entry. I can trust her to do a good quality job, and trust her with the client data that I have."

Client - Christine D.
Bookkeeping Firm Owner in New York

What can I do when my customer doesn't pay.Having overdue from customer can affect your cash flow. Sometimes it can be f...
02/12/2020

What can I do when my customer doesn't pay.

Having overdue from customer can affect your cash flow.

Sometimes it can be frustrating...

But communicating with your customer is important, know their reason and be empathetic with them.

Maintaining a good relationship with your customer will benefit both you in the long run.

They may encounter problem now but understanding their situation can also lead to referral.

Turn into an opportunity those not so good situation

To prevent this happening in your business here what you can do

1. Know your client, make research on them, have business relationship only that fits to your criteria as customer

2. Prepare contract. The contract should detailed the project or service you'll be doing, how much the client will pay you, and when payments are expected to be paid.

3. Get Payment Upfront at least 30% . This way, if the client doesn't pay the first invoice on time, you can stop working and refuse to finish the project or service until you get paid

4. Charge Late Fees. Ideally this is included in a written contract or invoices

5.Communicate with client. Send a reminder to your client they need to pay your invoice.

Hope this tips help you to minimize your outstanding overdue invoices.

Accounts ReceivableIt is the amount of money owed to you by your customers.Example of this is when you render a service...
02/12/2020

Accounts Receivable

It is the amount of money owed to you by your customers.

Example of this is when you render a service to your client and the payment term is 30 days.

How do we record Account Receivable

Step 1: Send the invoice to customer after providing the product or services

Step 2: Track the invoice . Check the due date and sent reminder to customer

Step 3: Receive and record payment.
When you receive the payment, record it as "paid" and enter it into your accounts receivables ledger. Make sure your customer records are matched squarely with your records.

In the accounts receivable world, it's vital to monitor who's paying you and when they're paying you.

Do you have outstanding account receivable that is due already?

Do you need help following up with your customer?

If the answer is YES, feel free to contact me.

SALESThis are the goods, products, or services that a company sells within a certain time period.Having a sales is one o...
01/12/2020

SALES

This are the goods, products, or services that a company sells within a certain time period.

Having a sales is one of the goal of the business.

Sales can be paid upfront or it can be on payment terms.

Accurate recording of sales is important because it is also the basis of the taxes to be paid by the business.

Having understated or overstated amount of sales on your Income Statement is not good because all the numbers should be properly recorded.

Do you need help keeping your sales record accurate?

Are liabilities bad?Liabilities isn't necessarily bad.If you owed money to purchase an asset that will help your busines...
01/12/2020

Are liabilities bad?

Liabilities isn't necessarily bad.

If you owed money to purchase an asset that will help your business grow and has good cash flow then it is good.

But too much liabilities can also hurt your business.

Knowing your capacity to pay is important in making decisions.

Liabilities turned into asset if used properly in business growth.

Liabilities - are business’s financial responsibilities. A common liability for small businesses are accounts payable, ...
30/11/2020

Liabilities - are business’s financial responsibilities.

A common liability for small businesses are accounts payable, or money owed to suppliers.

For example you purchase a laptop and opted to avail installment for 3 months instead of paying the full amount. The amount is to be recorded as your accounts payable which is a Liability.

When you are starting out your business and you avail loan as added capital of your business then it is recorded as Loans Payable which is under the categories of Liabilities.

Liabilities can be found in Financial Statement Report.

Did you know how much you owe?

Do you need help updating you accounts payable?

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Macabling
Santa Rosa
4026

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