Merit Account Services LLC

12/21/2024

I have the most thoughtful clients and this really made my day! ❤️

06/27/2024

If you own a business, side hustle or full time, that could be viewed as a hobby, then air tight bookkeeping is a must to prove your intent. Feel free to contact me for help with set up or clean up to help you stay on track.

Tax Tip 2024-55, June 5, 2024 — Hobbies and businesses are treated differently when it comes to filing taxes. The biggest difference between the two is that businesses operate to make a profit while hobbies are for pleasure or recreation.

06/25/2024

I obtained my recertification last week as an Advanced QuickBooks Online ProAdvisor, but what exactly does that mean?

This certification provides assurance that I have
• Over 35 hours of training on the Core and Advanced aspects of QuickBooks Online
• Skills and expertise to provide my clients with the best solution, set up and support for their business
• Access to monthly product updates and specialized training, benefits, resources and support
• Yearly recertification to stay current with the latest QuickBooks product features and functionality

Being a QuickBooks Online Advanced ProAdvisor means I can offer my clients the best possible bookkeeping services with advanced knowledge and expertise, efficient support, and enhanced credibility. This certification reflects my commitment to maintaining high standards and continuously improving my skills and knowledge. It also allows me to provide my clients with special benefits and promotions on QuickBooks products, access to a host of accountant-approved third-party apps, and the training, resources and support to help their businesses succeed.

06/18/2024

📣 Communicating the details of daily transactions with your bookkeeper isn’t just good practice, it is a necessity. Even the simplest of tasks can have a profound impact on the efficiency and accuracy of your financial records.

✴ Your bookkeeper relies on the information you provide to keep your financial records accurate. Without detailed transaction data, errors can lead to incorrect financial statements. Just adding a memo line to checks can go a long way in providing needed information. If you enter the transactions in a general ledger, like QuickBooks, use the description and memo fields. This will show up in your register which then can be easily reviewed by your bookkeeper in between month-end reviews.

✴ Regular updates on your financial transactions enable your bookkeeper to produce timely financial reports, allowing you to review up-to-date data and manage cash flow effectively. A simple way to do this is with a receipt management application where transactions can be reviewed on a daily or weekly basis, not just at the end of the month – just remember to provide details in the description.

✴ Effective communication with your bookkeeper hinges on the information you provide. When you consistently share transaction details, you foster a collaborative relationship that benefits your business. For most businesses, transaction activity repeats monthly so don’t wait for your bookkeeper to ask for information, upload it to their portal or document sharing application as soon as possible. Your bookkeeper can offer better advice and faster services when they have all the information and a clear picture of your financial activities.

✴ Finally, tax season can be stressful, but it’s much smoother when your financial records are in order. By documenting and sharing the details of your daily transactions, you will be enabling monthly reviews, corrections and adjustments thereby reducing the amount of time needed at year end. When you send your financials to your accountant, they will appreciate the ease of preparing your taxes from accurate financial reports with documented details.

Your bookkeeper plays a crucial role in maintaining your business’s financial health, but they can only work with the information you provide. By fully documenting and promptly sharing information about daily transactions, you ensure accuracy, facilitate timely reporting, simplify tax preparation, and improve overall financial management. Remember, your bookkeeper isn’t a mind reader, or a magician, so timely communication will provide the foundation for effective bookkeeping.

Send a message to learn more

06/14/2024

New eligibility thresholds take effect July 1 but will update again on January 1, 2025.
Be sure you are classifying your workers correctly to allow them to receive the overtime pay they have earned.

The Department of Labor’s new overtime regulation is restoring and extending this promise for millions more lower-paid salaried workers in the U.S.

05/16/2024

Tax Tip 2024-42, May 1, 2024 — Taxpayers and tax professionals should remain alert and aware of these common scams, schemes and cons to avoid losing money, personal information or client data.

05/14/2024

📣When it comes to bookkeeping services, remote doesn't always mean confined to a home office. Remote, cloud-based bookkeeping solutions offer many benefits, revolutionizing the way financial tasks are managed.

👉Flexibility Beyond the Home Office
By operating remotely, I have the flexibility to meet clients wherever their needs may arise. Whether it's at a client's office, an event, or even a virtual meeting space, remote bookkeeping enables seamless collaboration and accessibility.

👉Personalized Service Tailored to Your Needs
Rather than being limited to a specific location, I can adapt to the preferences and schedules of my clients. This flexibility fosters a more collaborative and responsive relationship, ensuring they receive the attention and support they deserve.

👉Efficient Communication and Collaboration
With digital platforms and cloud-based solutions, my clients can easily connect with me, share documents securely, and stay updated on their financials in real-time. This streamlined approach enhances transparency, accuracy, and efficiency in financial processes.

👉Cost-Effective Solutions
Remote bookkeeping services offer cost-effective solutions that can eliminate the need for dedicated office space, equipment, and additional overhead costs associated with traditional in-house bookkeeping.

👉Enhanced Security Measures
Remote bookkeeping prioritizes security and data integrity by implementing encryption protocols, multi-factor authentication, and stringent access controls to safeguard sensitive financial information. By adhering to industry best practices and compliance standards, as well as regular data backups, my clients have peace of mind knowing that their information is safe and protected.

👉Remote bookkeeping services represent the future of efficient and adaptable financial management. Businesses can benefit from flexibility, personalized service, efficient communication, cost-effective solutions, and enhanced security to elevate their operations. As a remote, cloud-based bookkeeper, I am committed to providing exceptional service that goes beyond the confines of a traditional office, meeting clients wherever their needs may lead.

💪Embrace the future of bookkeeping—where remote doesn't always mean work from home, but rather signifies innovation and empowerment in financial management. Reach out today to discover the transformative power of remote bookkeeping for your business.

04/23/2024

Build a Strong Financial Foundation with Improved Organization

Organization is key to a strong financial foundation for your business. Without proper organization, the stability of this financial foundation can be compromised. This can potentially lead to inefficiencies, errors, security issues, and missed opportunities.

There are four essential components to consider when evaluating your business's financial foundation.

🔹 Effective and Secure Communication

Communication is paramount to the organization of your business. It should be secure and able to work within all areas of your business, including employees, customers, and projects. While email serves as a convenient tool for initial conversations, document sharing should only occur within a secure environment to safeguard confidentiality. In other words, sending sensitive information like your contractor’s W9 through email not only puts them at risk but could be a liability for your business. As a business owner, secure communication should be one of your top priorities.

🔹 Integrated Accounting Systems

Investing in an accessible accounting application that integrates seamlessly with other business applications can streamline processes and enhance efficiency. Transitioning from stand-alone desktop systems to cloud-based solutions not only improves bookkeeping capabilities but also facilitates collaboration among key employees and saves time for your accountant. Above all, be sure to add a third-party backup system and 2 factor authentication to protect your data.

🔹 Efficient Document Management

Implementing a robust document management system ensures smooth workflows both internally and externally. Everything from receipts and invoices to bank statements can be securely gathered, shared, and integrated with your accounting system and document storage. This allows all information to be readily accessible to employees, bookkeepers, and accountants as well as streamline the processes.

🔹 Cloud-Based Document Storage

Finally, bid farewell to cluttered file cabinets, overstuffed drawers and endless file boxes in storage. Transitioning to cloud-based storage solutions frees valuable office space and eliminates the hassle of physical document management. In addition to having your documents securely stored in the cloud, their accessibility, organization, and data security are significantly enhanced. This will enable seamless retrieval and sharing of information throughout your business.

So, if you're ready to evaluate and elevate your company's financial organization to new heights, don’t wait any longer. Contact me to explore tailored solutions that align with your business needs and set you on the path to financial success.

04/16/2024

Sometimes getting to April 15th seems like a journey.

If you have filed your taxes and made your estimated tax deposits, good job! Your business is on a successful path, but think about how you got to this place. Or maybe your taxes didn’t get filed because you couldn’t get the work done on time. Either way, now is the time to evaluate your processes and make changes to reach this place next year via a much better route.

➡ Recognize the problem – Why was it a struggle or didn’t get done at all?

Did you spend hours during the day that you could have been working on your business. Worse still, did you spend hours after work that you could have been spending with your family, friends or on your self-care.

How do your transactions make it from cash register to bank register?

Are you constantly chasing receipts to manually enter them in your general ledger?

Are invoices, payments and deposits properly entered and recorded for accurate financial reports?

Is there now a pile of receipts and invoices from last year that need to be filed?

Are your financial records in real time or are they months behind rendering them virtually useless for your day-to-day business decisions.

➡ Evaluate the need – Is this something you should be doing and/or are there better workflows?

First, you need a system that creates organizations through improved workflows and best practices. This will enable you to properly record, categorize, and store your financial information in a timely manner. Next, you need the knowledge and expertise to avoid oversights and mistakes. In addition, you need someone to help you put these in place and provide periodic reviews to verify accuracy. So why not have someone take care of this work so you can go back to working on your business instead of in your business.

➡ Implement a solution – Use integrated applications and hire a bookkeeper!

Use applications to streamline your business practices in areas from receipt management, general ledger workflows, and data importing to secure document storage. These applications improve workflow, increase productivity, and reduce errors.

A better solution, however, would be to hire a bookkeeper. They have the knowledge to put these systems in place, oversee their uses, and verify the integrity of your financial records. Next year at this time you will be happy you took this new path to timely taxes and financial success.

04/10/2024

Self-employed people, including persons in the gig economy, often need to pay in quarterly installments.
Don’t miss the April 15 estimated tax deadline.

See: https://ow.ly/QBnZ50R9CGa

04/09/2024

The task of monthly reconciliations is more than just balancing the checking account. While reconciling the checking account is important, it is crucial to recognize that the financial health of a business relies on more than just the accuracy of its checking account. Reconciling multiple accounts plays a vital role in ensuring complete financial management.

Checking Account
Reconciling the checking account verifies cash balances, detects discrepancies, and ensures that recorded transactions align with bank statements. In addition, this process guards against overdrafts, unauthorized charges, or fraudulent activities.

Savings Account
Reconciling savings accounts is equally important. It aids in tracking interest earned, monitoring deposits, and safeguarding against errors or unauthorized withdrawals.

Petty Cash
Reconciling petty cash accounts involves verifying cash disbursements, receipts, and replenishments to maintain transparency and accountability for small expenses. Regular reconciliation ensures that petty cash funds are used appropriately and accurately recorded, preventing misuse or discrepancies.

Credit Card Accounts
Reconciling credit card accounts is crucial for tracking expenses, identifying discrepancies, and ensuring timely payments to avoid interest charges or penalties. In addition, it also aids in budgeting and managing cash flow effectively.

Loan Accounts
Reconciling loan accounts, such as mortgages or business loans, is vital for verifying loan balances, interest charges, and ensuring compliance with repayment schedules. It provides clarity on the business's debt obligations and helps in strategic financial planning.

Payroll Accounts
Reconciling payroll liabilities entails verifying payroll taxes, employee deductions, and benefits contributions. Compliance with tax regulations, accurate reporting, and timely payments are achieved through this process, preventing costly penalties and legal issues.

Accounts Receivable
Reconciling accounts receivable involves matching outstanding invoices with customer payments. It assists in identifying overdue payments, managing cash flow, and assessing the business's financial standing. Timely reconciliation minimizes the risk of bad debts and enhances collections.

Accounts Payable
Reconciling accounts payable ensures accurate recording of outstanding bills and invoices, facilitating timely payments and maintaining positive vendor relationships. It prevents late fees or penalties, avoids duplicate payments, and ensures proper expense allocation.

Fixed Asset Accounts
Reconciling fixed asset accounts ensures that all tangible assets are accurately recorded, depreciated, and accounted for. This practice helps in assessing asset value, tracking depreciation expenses, and complying with accounting standards.

If your business relies on inventory or maintains financial investments, those accounts will also need to be reconciled monthly.

Reconciling all business accounts ensures financial accuracy, integrity, and transparency, and verifies compliance with regulatory standards, ultimately contributing to the long-term success and sustainability of a business. Through regular reconciliation of these accounts, businesses can optimize efficiency, mitigate risks, and achieve sustained financial success.

04/02/2024

Making financial decisions for your business can sometimes be difficult. You can find yourself caught in a cycle of seeing the problem, recognizing the need, and then trying to decide if you can afford the solution. Hiring a bookkeeper, however, should not be a difficult decision.

Here is the problem.
You are spending too much time dealing with invoices, receipts, and spreadsheets, trying to track your finances, all while running your business. You see the need for a bookkeeper, but then the million-dollar question arises: "Can I afford it?" How will you know if you have the funds if you do not have reliable financials? So how do you get reliable financials?

Here is the solution: You hire a bookkeeper!
Hiring a bookkeeper is not just about crunching numbers. It is an investment in your business's financial health and your peace of mind. Think of them as your financial guide, empowering you with the resources to make good business decisions.

Sure, there is a cost associated with hiring a bookkeeper, but consider the invaluable benefits they bring to the table. From tracking expenses and managing receivables to optimizing cash flow and spotting potential financial pitfalls, their expertise can save you time, money, and headaches in the long run.

Still on the fence?
Ask yourself how much time are you currently spending on bookkeeping tasks that could be better utilized elsewhere—like growing your business or nurturing client relationships? By outsourcing these responsibilities to a skilled professional, you are reclaiming precious hours to focus on what you do best.

Remember, investing in a bookkeeper is not just a financial decision; it's a strategic one. Whether you are an up-and-coming startup or a seasoned entrepreneur, having a financial partner in your corner can set the stage for sustainable growth and success. So, if you are teetering on the edge of uncertainty, take the leap! Empower your business with the expertise it deserves.