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QuickBooks Tip
Reconcile your Accounts
QuickBooks has a built-in reconcile function, which is very easy to use, but many people still don't use it... You should balance your bank accounts and credit cards every month when you get your statements. Timely reconciliations are crucial in case you find an error made by the bank or even fraud. In many cases there's a time limit in which to demand that bank errors be corrected or fraud be refunded. So get to reconciling! |
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Quotable Quotes
"Dictionary is the only place that success comes before work. Hard work is the price we must pay for success."
-Vince Lombardi
"A person who never made a mistake never tried anything new."
-Albert Einstein
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MENDELSON CONSULTING
Atria Professional Center
18501 Pines Blvd Ste 208
Pembroke Pines, FL 33029
954.447.0250
The Centers of Westshore
550 N Reo Street Ste 300
Tampa, FL 33609
813.421.0801
www.mendelsonconsulting.com |
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About MENDELSON CONSULTING...
Founded in 1992, Mendelson Consulting specializes in QuickBooks Solutions and Information Technology consulting services. Mendelson Consulting was recognized with prestigious distinctions awarded by Accounting Technology magazine: 'Killer VAR', acknowledging our commitment and character as a value-added-reselling (VAR) organization, and 'Technology Pacesetter', recognizing our reputation among peers and participation on advisory boards and speaker panels at industry events. We were also recognized as part of Bob Scott's Insights 'VAR Stars' for our accomplishments in mid-market financial software.
We were the first charter member of the Intuit Solutions Provider Program. Mario Nowogrodzki served on the Intuit Solutions Provider Program Advisory Council--the only consultant in the nation to serve since program inception, for three consecutive terms.
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From the Desk of...
MARIO NOWOGRODZKI, CPA/CITP
Founder and Principal
Working Part-Time for Tax Time
As the deadline for reporting earnings to Uncle Sam just passed, I thought it be appropriate to review the technology side of this taxing requirement (pardon the pun).
Whether you prepare your own income tax return or you choose to have an accounting professional do the job, the easiest way to be ready for tax time is to have a handle on your financial records throughout the year, so that you are ready come the filing deadlines and the completion of the tax reporting becomes merely a formality. What's the smartest and best way to do this? Use the proper financial management software-for instance, QuickBooks for businesses and Quicken for individuals.
QuickBooks is the most widely used financial software today; roughly 9 out of 10 small businesses use it. And, if they are smart, they don't use it for just tracking income and expenses, but also for managing the business better. Yes, QuickBooks can be used as a management tool, not just an accounting tool. However, to properly use QuickBooks, you must have a clear understanding of its features and functionality. As QuickBooks consultants, we understand the need for proper setup and use of QuickBooks to guarantee the integrity of a business' financial reports and management decisions. Using a financial management tool properly helps you know where you stand all the time.
Last year, collectively as a nation, we paid 29.2 percent of our income in taxes, which amounts to working from January 1 until April 17 for government (Source: The Tax Foundation). Since we are all already working part-time for Uncle Sam, let's make it easy on ourselves and use the right financial management tools. And take advantage of these tools, not for just tax purposes, but to know your financial life with accuracy.
...MARIO |
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Mike's Tech Corner
"Where did all the money go?"
How about this for a business nightmare: You go into work and your business account shows a zero-dollar balance. You nervously call the bank and they say your money was transferred to an offshore bank account in some far off country. The bank has proof that the transfer was initiated from your office computer at 1:00am. Since it was done from your office computer they have no liability to give your money back. You are out of luck and your business is out of money. This is the worst kind of Trojan infection that a business can have.
You did not realize that a few months ago you downloaded new animated wallpaper onto your computer that showed waterfalls from all over the world. It was a nice little utility. The best part, it was a free program you got off of some random website. Although the waterfall program did what it was supposed to do, it came with an extra program that attached a new Trojan with it. This new Trojan was installed by you, when you installed the waterfall screensaver. It quickly buried itself deep into your Windows operating system. It even knew how to sneak past your antivirus program. Trojans are getting smarter every day.
It quietly sat running for two months recording your online banking. It gathered your username and passwords. One day it even recorded a small wire transfer you did. At some predetermined time it transmitted all this gathered information back to the Trojan's owner's computer. This hacker then gave it the command to make a wire transfer to a bank account that he has control over. To find out how to protect yourself from this type of attack read my next tech tip or give us a call.
...MIKE |
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NFL in Spring?
It's that time of year again... When football fans are all watching, but there's no games for months. The part of the NFL off-season where fans from every team have hope: the NFL Draft. There's hope for that great draft class that brings your team back to prominence, hope for that diamond in the rough in the late rounds that turns into a superstar, hope for a brighter future. And while your team's first round pick is supposed to be the face of your draft class, it is actually more likely for your team to choose a bust instead of a star.
Of the 319 first-round picks over the last 10 years, only 98 of them (31%) made a Pro Bowl. And one Pro Bowl hardly makes you a star. How about first-rounders with multiple Pro Bowls? The number of first-round picks to make multiple Pro Bowls drops even lower to only 55. Which equates to a mere 17% of "Can't Miss" prospects who actually make it and do not miss. Enjoy the now 3-day event (!!) that is the NFL Draft. Hopefully your team has done their homework and makes the right (draft) choices.
...XAVIER |
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