Admin Books Newsletter

Running a small business is fraught with challenges. Admin Books partners with business owners to provide financial and bookkeeping services through our team approach. Our goal is to free you to focus on growing and managing your company. The purpose of this e-zine is to provide our clients, associates and friends with valuable tools to manage their business. Enjoy! Renee

End of the Year Checklist

What do you need to do at the end of the year to "gear up" for the new year? Below is a list of 27 things you need to do. I know this will be of value to you. Here's to a GREAT 2010!

1. Verify cash entries so you do not miss deductions

2. Verify that all bank and credit card transactions have been entered through December 31^st.

3. Reconcile all bank and credit card accounts. Check for any un-cleared items in the year Review details of all new assets purchased for the year (what was purchased, date and amount)

4. Print out a Profit & Loss detail report and review the categories. Make necessary corrections

5. Review any loans and verify balance amounts on the Balance Sheet

6. Send out any W-2's, if applicable, by January 31

7. Collect any W-9's from vendors. Verify if you paid anyone over $600 that will require a 1099. You will also need to send out a 1096. Call the IRS to get FREE forms: 1800-829-3676 (will take 2 weeks)

8. Set a budget for overhead costs for the new year (Advertising, Auto, Bank Fees, Continuing Education, Meals, Travel, etc)

9. Print out financial statements for CPA/EA. Profit and Loss Standard, Balance Sheet (with last year comparison) , Detail of assets, P & L by Class, if you use classes.

10. Back up data from the computer. Double check the back ups are copying correctly

11. Box up old year receipts and make new file folders - scan documents for electronic storage

12. Jot down mileage for all vehicles used in business. You will need total miles driven and total business miles driven

13. Verify when corporate minutes will be due for the coming year - mark the calendar

14. Review past year expenses to see where you can trim or make changes. Look in meals and entertainment first. Then see if you can get the same service for a better price (insurance, telephone, etc.)

15. Determine if your computer needs upgrading, equipment needs repairs or supplies to be ordered. What technology would help your business run more efficiently?

16. If you have payroll, verify if your EDD employment rate has changed for the upcoming year

17. Make a list of questions you have for tax preparer. Make a list of areas that have changed in the last year.

18. Provide all final HUD statements for purchases, refinance and sale of property

19. Sole proprietors and LLC's must file by April 15^th. Corporation's (S & C) deadline is March 15^th

20. Pay $800 tax payment for LLC's, C-Corps, S-Corps by April 15^th of current year

21. Review your business plan and make any necessary changes

22. Set closing date and password on QuickBooks file

23. Review Vacation/sick time policy for employees. Update employee handbook. Have employees sign.

24. If you carry inventory, do a physical count on December 31^st

25. Set goals for upcoming year: purchases, improvements in business, selling property, loan repayment, etc

26. Set aside W-2's, 1098 Mortgage Interest Statements, 1099-MISC, 1099-R, 1099-B, 1099-DIV, 1099-INT in a file ready to give to your tax preparer.

27. Copy thermal receipts

For more information, contact our office at 408-782-9640.

Spread the Word...

We rely on referrals to grow our business. Who do you know that needs peace of mind in the following areas:

Financial management
Payroll
Tax Returns
Bookkeeping
QuickBooks Consulting

For those that are searching for help, we offer a complimentary 30 minute phone consultation so that they can tell us what is driving them crazy and then we can explain our service options and fees. Are you ready to experience peace of mind?

Management Skills Workshop

Admin Books will be hosting a management workshop for those business owners and managers hungry to what it takes to have a successful business. Mark your calendar for Thursday, February 11th from 10am - Noon. Some of the things you will learn is:

The Bullet Proof Manager
Core Competencies
Customer/Client Loyalty
"Coffee Stains"
Negotiation to Win Strategies
Employee Motivators
And walk away with an action plan!

Seats are limited, so if you are interested, you need to RSVP. Admin Books is sponsoring this 2 hour workshop and it is complimentary to those that are eager to learn. Email us to get more information!

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Deadline Reminders:

1099's due February 1, 2010.

Sales Tax Quarterly Report due Feb. 1, 2010.

Payroll Quarterly Reports due February 1, 2010.

1096's due March 1, 2010.

Corporate Tax deadline is March 15, 2010.

QuickBooks Webinars:

Admin Books is offering 12 webinars that will provide you confidence and clarifications on how to run your business successfully. Choose the topic that you most struggle with or select a group of them. The cost is only $39 each. If you bundle 5 webinars, you get the 6th one FREE! When you order the webinar, you will receive a recorded wave file and handouts to learn the topic and apply to your specific situation. Call our office at 408-782-9640 ext 2 or email us to order your webinars.  See a sample of the webinar "Tracking Income" by clicking here!

   1. Tracking Income
   2. Managing Expenses
   3. Reconciling
   4. QB File Set up and Maintenance
   5. Customizing QB
   6. Creating Reports & Financial Statements
   7. Chart of Accounts
   8. How to Read Financial Statements
   9. Sales Tax
10.   Entering HUD Statements
11.   Processing 1099's
12.   End of the Year Checklist

W-e

E-ncourage

B-usiness Owners

I-n

N-eed Of

A-ccurate

R-ecords!

Quotable Quote:

“Find something you're passionate about and keep tremendously interested in it."

~Julia Child, chef

Free Stuff: I want to make sure you are aware of several items of value that you can take advantage of compliments of Admin Books. Go to my website to get:

    * FREE business quiz
    * Audio on personal finances
    * Business blog
    * Mileage Log
    * Records Retention Guide
    * 30 minute consultation for perspective clients

As a business owner, you're the pilot who ensures the business takes off and lands successfully. Are you flying by the seat of your pants or do you have a flight plan?

Read my book, "Your Financial Flight Plan: Pilot Your Business To Profitability. Check out your copy at: YourFinancialFlightPlan.com

Read a chapter of the book, read endorsements and review the table of contents on our website: http://www.adminbooks.com/

The book is also available at Amazon.com and BookSmart in Morgan Hill!

3 Options on how Admin Books can help you:

You can do it YOURSELF:

    * QuickBooks Classes
    * Webinars
    * Read "Your Financial Flight Plan"
    * Manual "Managing Your Properties"

We can do it WITH YOU:

    * QuickBooks Training
    * Tax Planning
    * Private Consultations with QuickBooks Specialists or Renee Daggett

We can do it FOR YOU:

    * Payroll
    * Sales Tax Reporting
    * 571-L Property Tax Returns
    * Setting up Corporations
    * Corporate Minutes
    * Bookkeeping
    * Tax returns: individual, S-Corp, C-Corp, LLC, Trust, Non-Profit
    * Setting up QuickBooks File

If any of these are of interest to you, call our office to set up your complimentary consultation to discuss your specific situation and pricing!

(Beach Photo above was exclusively created for Admin Books by Supie with Sand Scribbles!)

Best Regards,

408-782-9640

http://www.adminbooks.com