Bookkeeping Red Flags | John Briggs – Incite Tax What are some bookkeeping red flags to watch out for? The first red flag is you want to run a profit and loss statement by month. When you’re looking at the statement, it’ll show January, February, March, April, however many months you’re looking at in separate columns. You wanna notice trends, mainly inconsistent trends. If…
What matters most to the success of your business, employees or profit? To think through this issue, we’ll look at return on team cost metrics and discuss a concept from a new book I’m writing. 80% Capacity So, I am writing a book. The current working title is The 80% Capacity Method. The book is for business owners who are burnt out, or they…
The dreaded tax season is over. Tax Day has come and gone and the deadline to file and pay is now passed. But what the heck happens now if you missed the tax deadline? We’re talking specifically about federal income tax penalties here. You’ll need to look up your own state penalties as each state will be different. Minor Tangent We’re not getting into…
The other day I heard someone say, “I know I can’t do it alone, but I fear I’ll be giving up control of my finances when I hire an accountant. What do I do?” We Fear the Unknown That’s why kids are afraid of the dark. They can’t see who might be lurking in the corner or hiding under their bed. You don’t know…
Webster defines Red Flag as “a warning signal or sign; a problem to be dealt with.” Negative accounts are a big red flag in your bookkeeping. Despite popular belief, bookkeeping isn’t necessarily only for doing your tax return, although that’s an added benefit. Bookkeeping is for recording and organizing all of your financial transactions made for your business operations. With good records you are…
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