14 05, 2018

5 Self Employed Money Mistakes To Avoid

2019-11-21T18:09:48+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?!

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5 Self Employed Money Mistakes To Avoid2019-11-21T18:09:48+00:00
29 12, 2017

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

2019-11-21T18:13:30+00:00

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

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Disaster Prep Your Business

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How the new tax law impacts your Small Business: The 20% discount2019-11-21T18:13:30+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
18 08, 2016

Singletrack Bookkeeing Receives International Recognition | Intuit’s Global Firm of the Future

2017-09-06T17:17:08+00:00

Company Receives International Recognition
Singletrack Bookkeeping

Intuit’s Firm of the Future

Steamboat Springs, CO, August 17, 2016 – Local Steamboat Springs company is selected as one of 19 firms in the world for Intuit® QuickBooks® Global Firms of the Future contest.

Singletrack Bookkeeping, founded in 2006 was recognized as one of the top firms in the worldwide search. Kim Hornsby, founder says “We are honored, ecstatic and humbled to be featured among some of the global leaders in the industry. I have always loved working with the Intuit® products and it is gratifying to have created a Firm of the Future in our little slice of paradise. We serve over 100 small business clients; from the solopreneur to growing million dollar enterprises. We work with clients from the high country of Colorado to sea level in Virginia. From Vegas to Denver to Washington DC, even a few operating internationally. We focus on active entrepreneurs who want to maintain their personal travel and adventure lifestyle by creating strong and efficient online business systems accessible in real time from anywhere in the world!”

As reported by Intuit Accountants in their press release dated August, 16, 2016 “The contest, an extension of last year’s successful Firm of the Future search in the United States, looked across the globe for the most future-ready and forward-thinking firms worldwide. Since June 2016, firms from Australia, Canada, the United Kingdom and the United States entered to vie for the $10,000 USD grand prize and for a shot at the title of 2016 Global Firm of the Future. In addition to the four finalists announced today, 15 Firm of the Future runners-up from across the globe were revealed. The 15 runner-ups will each receive a cash prize of $2,500 USD.”

According to Hornsby, “The Singletrack Bookkeeping approach is to keep it fun and positive and casual reflecting who we are as team members and as a business. We are looking for the “right fit” customers, therefore we want our customers and prospects to know who we are. We focus on creating relationships for the long term and a reputation for hard work and commitment. “

The grand prize winner will be announced at the QuickBooks Connect in San Jose, California on October 24-26, 2016.

# # #

About Singletrack Bookkeeping, Inc.
Singletrack Bookkeeping was founded in 2006 by Kim Hornsby after a 21-year career in the airline industry. The company now has two full-time employees, two contractors and offers full service accounting, bookkeeping, and virtual business advisory. The company strives to stay on top of the latest technology in effort to reduce the costs to the customer and provide the most effective and transparent methods of accounting. The end goal is to provide a system that works anywhere in the world. All employees are QuickBooks Certified ProAdvisors, Tsheets Certified PRO’s and are adept at a host of other Quickbooks Apps that round up the suite of products to compliment the accounting process. The company motto is “Automated Business for Entrepreneurs Everywhere”. More information can be found at singletrackaccounting.com

About Intuit Inc.
Intuit Inc. creates business and financial management solutions that simplify the business of life for small businesses, consumers and accounting professionals.
Founded in 1983, Intuit had revenue of $4.2 billion in its fiscal year 2015. The company has approximately 7,700 employees with major offices in the United States, Canada, the United Kingdom, India and other locations. More information can be found at www.intuit.com.

Singletrack Bookkeeing Receives International Recognition | Intuit’s Global Firm of the Future2017-09-06T17:17:08+00:00
26 05, 2016

Featured Partner HubDoc

2019-09-12T17:03:38+00:00

Our entire team is certified in HubDoc, one of our core products. If you use one app with your QuickBooks Online account, this should be the one. This is a powerful tool in transitioning your business away from time consuming paperwork to a digital, automated operation.

Hubdoc gets your key financial docs in one place – automatically. Say goodbye to chasing documents and data entry and say hello to increased productivity and automation.Every time a document is uploaded or fetched, Hubdoc seamlessly creates transactions in your accounting with key data inputted and source documents attached.

Route all of your statements, receipts, invoices and other documents to HubDoc. Snap photos using the mobile smartphone app, have vendors email invoices directly to a special email address, and connect banks and other accounts to import automatically. This is why we say “if you are still pushing paper in today’s environment, you may just be choosing to work harder”.

 

Featured Partner HubDoc2019-09-12T17:03:38+00:00
25 05, 2016

Entering Transactions in QuickBooks Online from the Bank Feed

2019-09-12T17:01:08+00:00

Once your banks and credit cards are connected to QuickBooks Online, learn how to categorize and match transactions from the Bank Feed. Discover why this online accounting software has exploded in popularity with both business owners and accounting “Firms of the Future”; watch more instruction videos at QuickBooks University

Entering Transactions in QuickBooks Online from the Bank Feed2019-09-12T17:01:08+00:00
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