Silver Lake Accounting

02/16/2022

Is your QuickBooks Online optimized for apps that suit your business? ​​​​​​​​
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One of my favorite things about QBO is the way it seamlessly integrates with other software. ​​​​​​​​
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There are hundreds of apps in the QBO App Marketplace.​​​​​​​​
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Some of my favorites:​​​​​​​​
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📌Melio - super easy to use B2B payments and receivables software with 2-way Sync to QBO. The simplest way to pay your vendors and receive payments FREE!​​​​​​​​
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📌RUN by ADP - super time-saving and error-reducing payroll software that integrates with QBO. Pay your people, track time and file taxes effortlessly. Plus get answers to your questions with 24/7 support from payroll professionals.​​​​​​​​
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📌Square - linking your Square account to QBO, separates out the fees of each transaction. More accurate sales and fees data results.​​​​​​​​
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What QBO compatible apps do you find useful? I'd love to know!​​​​​​​​
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02/14/2022

02/08/2022

Imagine a library with thousands of books 😵‍💫​​​​​​​​
You would think that someone with that amount of books would have some sort of method of classification, right? A classification system would help you easily find that one book you need.​​​​​​​​
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In the same way, when your business has hundreds or even thousands of transactions per year, a classification system would be very handy for keeping track of all these transactions. ​​​​​​​​
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That is what a Chart of Accounts (COA) is for!​​​​​​​​
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✅ For a business to have a clear understanding and view of their overall financial health, it has to have a thought-out chart of accounts. ​​​​​​​​
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By setting up the chart of accounts correctly, you are setting up the structure of your financial statements. And it's quality. 👌​​​​​​​​
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Here is what you need:​​​​​​​​
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1️⃣ List of all revenues streams ​​​​​​​​
2️⃣ Classifying costs of goods sold according to their revenue streams​​​​​​​​
3️⃣ Determine where transactions need to be classified​​​​​​​​
4️⃣ Have a financial process in place​​​​​​​​
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It's not hard to see why setting up COA is such an integral piece of your bookkeeping setup. Not only does it serve as an organization system for your transactions, but it also becomes the basis for your financial statements. ​​​​​​​​
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Taking the time to properly create your COA will definitely benefit you in the long run! 👏🏻​​​​​​​​
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Need help structuring your chart of accounts? ​​​​​​​​
Schedule a consultation today and I'd love to help you! 📲📧​​​​​​​​
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01/19/2022

Real Estate Investments 🏘⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Have you been thinking about making 💰 with real estate? If so, you have probably wondered this question:⠀⠀⠀⠀⠀⠀⠀⠀⠀
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“If I have multiple rental properties, do I need to have them in separate entities?”⠀⠀⠀⠀⠀⠀⠀⠀⠀
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You would need to evaluate 3 items:⠀⠀⠀⠀⠀⠀⠀⠀⠀
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1️⃣ Recordkeeping ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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1 QBO file will do, just make sure to select a version that ⠀⠀⠀⠀⠀⠀⠀⠀⠀
offers classes or location tracking (QBO Plus)⠀⠀⠀⠀⠀⠀⠀⠀⠀
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2️⃣ Taxes⠀⠀⠀⠀⠀⠀⠀⠀⠀
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From a tax stand point, you would not gain any tax benefit from separating rental properties; quite the opposite - you would incur additional cost in government fees, tax prep, etc.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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3️⃣ Liability⠀⠀⠀⠀⠀⠀⠀⠀⠀
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It does make a difference in the liability/risk component management, and that's where you might want to talk to a knowledgeable real estate attorney. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Hit SAVE button for next time you buy ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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01/06/2022

Have you ever wondered why some businesses have a bookkeeper and why some do it themselves? 🤔
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Or maybe you've wondered when is the right time to hire an accountant.
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3 main reasons:
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1️⃣Business owners have
- no time to do the books due to other commitments
- sleepless nights because books have got out of hand and they feel they will never get back on top of things
- growing business and self-bookkeeping isn't a good use of time anymore
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2️⃣Business owners have
- no finance background
- a fear of doing something wrong and the consequences of that
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3️⃣Business owners have
- no interest in learning accounting
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These are the reasons people reach out to us.
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If any of these reasons resonate to you, this might be the year to get some help.
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I'm feeling these things about some areas of MY business, and I'm reaching out for help in areas that aren't my zone of genius. We can't do it all ourselves. 🤷🏻‍♀️
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01/04/2022

Hellooooo 2022! 😃⠀⠀⠀⠀⠀⠀⠀⠀⠀
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We're back in business, ready to take on the new year and lots of accounting.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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We hope you had a wonderful Christmas 🎄 and New Year 🎉.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Did anyone else take a social media break over the Holidays? I was pretty much off grid just spending time with my family. It was very refreshing, but I can't wait to catch up.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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12/25/2021

Merry Christmas! 🎄🎁

12/17/2021

Small Business Owner? 📢
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Are you paying your kid to work for your business?
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You are not? 🧐
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You should!
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5 reasons why you should hire your child:
🤝 Your kid can develop a work ethic
💰 Your child can earn up to $12,550 per year without paying any taxes
🤑You may not have to pay F**A taxes
😁You may not have to pay FUTA taxes
🤗You get to spend more time with your kid
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Kids want to work. They want to earn. And you can give them this opportunity - and use it to save a few bucks for yourself too! 👌
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12/14/2021

SILVER LAKE ACCOUNTING WEBSITE IS OPEN FOR BUSINESS 🥳⠀⠀⠀⠀⠀⠀⠀⠀⠀
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How did I get here?⠀⠀⠀⠀⠀⠀⠀⠀⠀
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I cut my accountant teeth in private land development company back in the day and later moved on to become a CPA for 10 years.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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My career has been rewarding but in recent years having two young children and a busy husband, has led me towards needing a flexible job that can fit around my family life.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Not the 4 day work week that actually means doing 5 days and getting paid 4. True flexibility!⠀⠀⠀⠀⠀⠀⠀⠀⠀
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So… here I am working more than I ever did trying to get this business off the ground and not sure it's as flexible as I'd hoped.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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But it's my own gig, I love what I do and my gut is telling me it's good 😊 ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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And an added bonus - my oldest child is learning the ropes of entrepreneurship by watching me juggle all things small business and helping me with creative side of it. My new website is mainly product of her work! 👏🏻⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Door is officially open and I'm thrilled to walk through it. ⬇️⠀⠀⠀⠀⠀⠀⠀⠀⠀
www.silverlakeaccounting.cpa ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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12/09/2021

Who’s in gifting mood? 🎁

12/08/2021

PLAN AHEAD 📝

12/07/2021

DONATIONS SEASON 🎁⠀⠀⠀⠀⠀⠀⠀⠀⠀
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It's the season of donating - we just passed Giving Tuesday, people are participating in community events, and it feels good to do good.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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But does the IRS give us a couple💲for it?⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Yes...but also no.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Unless you are structured as a C Corporation, any charitable contributions your business makes flow through to you and are considered PERSONAL donations.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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And the only way you get any federal tax benefit from personal donations is if your itemized deductions exceed your standard deduction, which is pretty high ($12,550 for individuals and $25,100 for married filing jointly in 2021).⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Now, just because you might not get a tax deduction, that should not stop you from donating. Some states DID NOT conform with federal changes for 2018, and you can still itemize for state purposes even if you can't for federal. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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But I wanted you to be aware of this in case you make large donations through your business and are considering them an expense when you estimate how much you are going to have to pay in taxes.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Questions? Let’s talk! 📲 📧 ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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