The Velocity of Money
This lesson is really adapted from Robert Kiyosaki’s book, “Who Took My Money?” I strongly encourage people to read this book. He writes that the Velocity of Money is the one reason why rich get richer and the average investor risks losing it all. I agree.
How are you funding your retirement?
Most people are making contributions to their company 401(k) plan or some kind of IRA account. These contributions are paid, in most cases, directly out of your pocket.If your company contributes automatically to your retirement plan from your pay check, this is still directly out of your pocket. I truly believe this is a massive wealth destroyer.
How $4,000 Can Turn Into a Million Dollars
In February of 1996, I purchased a small two-bedroom home in Euclid, Ohio, for $56,500. This home was a bungalow on a slab (no basement). The second floor was unfinished. The home had a detached one-car garage. This same home today would probably sell for $100,000.When your income goes up…
…your taxes don’t necessarily need to follow suite.Wise Stewardship Of Your Life Energy
It seems that fatigue is ever-increasing, a more frequent experience and challenge. You start the week on Monday morning enthused, invigorated, optimistic, motivated to follow-through on goals, plans, to-do lists. But as the days progress, all that positive energy dissipates. Where does the energy go?Tips For The Accounting-Impaired Small Business
Perhaps if you lived on "Mysteria Lane", you could take your small business accounting system and toss it into a trunk and bury it in your backyard. Perhaps, you could also fire your accounting firm and record a message on your phone saying you'll call back once you strike gold.Does My Small Business Need A Budget?
"I only have a small business, I don't need a budget." "I don't have enough money to budget."For many small business owners, the word "budget" is something for the bigger company - maybe they'll have one when their business "grows up."IRS Increases Mileage Rate Until Dec. 31, 2005
The Internal Revenue Service and Treasury Department announced today an increase to the optional standard mileage rates for the final four months of 2005.New IRS Study Provides Preliminary Tax Gap Estimate
The Internal Revenue Service released preliminary results today from a major research project assessing compliance with the tax laws. The study reveals the vast majority of American taxpayers pay their taxes timely and accurately, but the nation still has a significant tax gap.A Quick Guide To Payroll Tax
The term Payroll tax actually includes the Social Security tax, Medicare tax and Federal income tax. The Social Security tax provides benefits for retired workers, the disabled their dependents and it has a payroll tax rate of 6.2%.Microsoft Moves to Small Business Accounting/Retail Market – Stakes And Thoughts
In this small article we will be looking at the new opportunities for Microsoft Small Business Server specialists, but rather look at the global business strategy and possible ways of future ERP modules standardizing and interoperability. This is important to get into consideration for midsize and large corporate business IT decision makers. Let’s look at the chronology and possible future development.Integrating Microsoft Great Plains Accounting/ERP: RMS, CRM, eCommerce, Lotus Domino – Overview For Developer
The tendency is that if company uses Microsoft-driven computer park (Windows domain, SQL Servers, MS Exchange) the rest of the ERP/CRM applications are Windows-oriented. However you can have successful bridge between non-Microsoft ERP and Great Plains: Oracle, IBM Lotus Notes/Domino, DB2 or others), usually it involves Java/CORBA/EJB/JSP type of expertise.Salaries For SOX Accountants On The Rise
If you're in the market for a good accountant, then don't expect any bargains. Demand for experienced -- and even rookie accountants -- remains high in year two of the Sarbanes-Oxley corporate reform act, and so does the pay, according to industry experts.Forensic Accounting- CSI of Accounting Jobs
Forensic accounting is one of the fastest growing areas of accounting jobs in the market today. This specialized area is interesting and dynamic, and provides unlimited opportunities for the next few decades.ISO 9001 Registration – 8 Steps for Success
You’ve made the plans, built the quality system and conducted the audit. So how do you register your company as ISO 9001 conformant? And how can you be sure you’re getting the most value for your investment? Here’s how the process works.Are You ISO Auditor-Phobic?
Which is more painful: an audit or spending the holidays with Aunt Sally and her green Jell-O mold? Either way, your company audit still looms in your mind, but it shouldn’t be that scary - quite the opposite. Besides, even Sally “audits” herself when she makes her mold, as she tests for thickness and taste. She just wants to improve.7 Secrets to Writing Inventory Procedures
What do you and your business need that you have been putting off because you don’t have the money today? 1 Million certainly would fill those needs. But where do you find 1 Million just lying around your business right now? Well, you probably have $250,000 in each of four areas in your everyday business, and you don’t even realize it.Top 7 Strategies for Writing Accounting Procedures
Tackling Accounting Procedures - Let’s continue that crucial theme of time with another major source on your balance sheet - specifically, accounts receivable (A/R).
Understanding the Tax Gap
The Internal Revenue Service developed the concept of the tax gap as a way to gauge taxpayers’ compliance with their federal tax obligations. The tax gap measures the extent to which taxpayers do not file their tax returns and pay the correct tax on time.Understanding Debits and Credits
When you deposit money in the bank, the cashier will tell you "I'll credit your account." From that experience, most people assume that cash is a credit, and so credits are good. That is further reinforced when reductions in the accounts are referred to as debits. Besides, if you remove the "i" from debit, you get "debt." So, debits are bad.Tax Authorities
A complete listing of United States and Canada Tax Authority web links.Service Department Pricing Tips
As a contractor, you need to know that NOTHING will kill you faster than labor - especially service department labor. You need to make absolutely certain that your service department’s labor rate is appropriate for your company.Selecting a Business Year
For those that aren't familiar with the world of tax years, here's a quick lesson.Selecting a Business Type
There are 5 basic business types Sole Proprietorship, General Partnership, Limited Partnership, Corporation and Limited Liability Company. Each business type is controlled at different levels, has different degrees of liability, different methods of taxation, and differing administration requirements. The first business type for discussion is the Sole Proprietorship.Reference For Filing Taxes
This is a general reference indicating who, what, when, and where to send it.Pricing For Profit—101
This article was designed for the HVAC, refrigeration, plumbing, electrical, and appliance repair contractor. The subject matter is also appropriate for many other service and repair industries.
Markup Versus Gross Profit Margin Table
There is a big difference between markup and gross profit. In fact, this is one of the most common errors contractors make and it can cost you big.Double Entry Bookkeeping Explained
Double enter bookkeeping can be very misunderstood. Here we have tried to offer a fairly simple explanation of what the concept of double entry accounting means.Depreciation Methods Explanation
This topic helps explain the various depreciation methods used by TOM. If you have questions about depreciation, please contact your company’s own accountant or CPA.Consulting Recommendations for Small Service Companies
All new or small companies have a lot to do before they can grow. The important thing is to prioritize and not get overwhelmed. If you don’t take care of the small things, the large things will put you out of business. Here are many tips that should get you, at least, on the road to being great.Chart Of Accounts
A well organized chart of accounts for you to examine.Breakeven Analysis
Breakeven analysis involves estimating the level of sales necessary to operate a business on a breakeven basis.This process will highlight the most significant factors and assumptions (particularly assumptions about the ability to set prices) in the buyer's business plan.