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Tuesday Tips and Tricks
                             September 10, 2013

Is Your Bank Meeting All Your Business Needs?

 

Many of us have been with the same bank for years...just because. When was the last time you evaluated your banking needs? Banking with the right bank to manage your business finances for your business is just as important as any other business decision you make.

 

Here are some tips to decide whether your bank is right for you.

  • Are the banking hours convenient for your business?
  • Are you satisfied with the online banking?
  • Does the online banking allow transactions to be downloaded into your software program?
  • Does your bank offer mobile banking?
  • What is the minimum balance to avoid monthly fees?
  • Do you have a relationship with a manager?
  • Does your bank offer a business credit card?
  • Does your bank offer a business line of credit?
  • Is there treasury management available?
  • What is the fraud policy of the bank?

A bank should also learn more about you than your current finances. Two important questions a bank should ask you is- How does your business benefit the communities you serve? and- What can they do to help you grow in the community?

 

"Building a relationship with your banker is very important to the growth of your business," says Lisa Kline, Vice President Market Manager at Suburban Bank & Trust in New Lenox, IL. "They will get a better understanding about how your business works and will suggest the right products to help you grow." Kline also says that banks that market with their customers and help promote their business are a plus. "A bank that is committed to helping a business grow in their community should help promote their customers in various ways within the community."


With a bank practically on every block, take the time to walk-in and talk to the business banker. It's your money! 

 

 

 
Accounting Terms You Should Know

 

QuickBooks is easy to use, intuitive and flexible. It was designed to give business owners, with little or no accounting experience, a way to have financial structure and compliance for their business But it is not an accounting manual or class or tutorial. 

 

At Off-Site Business Services, two Certified QuickBooks ProAdvisors are on staff. Still, it helps to understand the basics. Here's a look at some terms and phrases you should understand.

  

Account. This refers to the accounts in your Chart of Accounts: asset, liability, owners' equity, income and expense.

 

Accrual Basis. This is one of two basic accounting methods. Using it, you record income as it is invoiced, not when it's actually received, and you records expenses like bills when you receive them. Using the other method, Cash Basis, you would report income when you receive it and expenses when you pay the bills.

 

Cash Flow. This refers to the relationship between incoming and outgoing funds during a specific time period.

 

Equity. This refers to your company's net worth. It's the difference between your assets and liabilities.

 

Payroll Liabilities Account. QuickBooks tracks federal, state and local withholding taxes, as well as Social Security and Medicare obligations, that you've deducted from employees' paychecks and will remit to the appropriate agencies.

 

Sales Receipt. This is how you record a sale when payment is made in full during the transaction.

 

Statement. You'll generally use invoices to bill customers, but you can also send statements, which contain transaction information for a given date range. 

 

Trial Balance. This standard financial report tells you whether your debits and credits are in balance. Should you run this report and find a problem, let us know right away.

 

Vendor. With the exception of employees, this term refers to anyone who you pay as a part of your business operations.  

 

These are just a few of the terms you should recognize and understand. We hope you'll contact Off-Site Business Services when you need help understanding how the accounting process fits into your workflow.

   

"App"roved for Use

 

Every month, we will feature an application that we believe works well with QuickBooks and can do likewise for your business.

 

Home

 

Keeping track of paper business receipts, travel itineraries and expense reimbursements is becoming increasingly difficult these days. Plus, manually entering information in spreadsheets takes additional time and effort.

 

Concur.com offers an easier solution that takes expense reports to the next level by simplifying, automating and streamlining the entire process. No more manual spreadsheets and worrying about losing paper receipts.

 

Employees can enter business expenses by scanning, e-mailing or capturing supporting documentation right from a PC or mobile device directly into an expense report to be submitted immediately or later. Pre-defined audit rules let employees know if more information may be required for approval. Owners or managers can view or approve from a PC or mobile device as well.

 

They also offer businesses a free step-by-step expense policy guide and a downloadable tips for best practices guide with resources to help improve your processes.

 

Concur.com apps are available for all platforms: Apple, Droid and Windows. Information can be downloaded to QuickBooks or a spreadsheet.

 

The Small Business edition offers a 30-day free trial. For more information, visit http://www.concur.com. 

 

Off-Site Business Services, Inc.
Grow A Successful Business!
 
 Kimberly Shannon
 President
 877-966-4441
  
  

  

Refer a new client and receive a $25 VISA gift card

                                                        (after $100 of paid services).   

   Call for a free one-hour consultation.


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