We spoke about billable hours and quoting by the project yesterday.
Continue reading More about billable hours
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Tag Archives: PCLaw
Billable Hours?
Many of you know we’ve been providing R&D and technology development services for nearly 45 years now. (By the time this post exits the queue, it will be less than 10 days shy of that mark!)
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1+1
So, the 2015 business tax season is over. And, this was but another year that I found many clients lacked the necessary business records. Oh, sure, the IRS requires every business (incorporated or not) to maintain accurate financial records. But, regardless of what the IRS wants, every business owner should know that accurate financial records are critical for a successful business.
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We’re going to go paperless…REALLY!
Why should you go paperless? There are so many reasons. The first and primary reason is that everyone has access to the documents they need- even if they are not in the office. The second is that documents can be easily password protected and backed up- where they can be found. (How would you protect a paper document in a file? Lock the file?)
Continue reading We’re going to go paperless…REALLY!
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Time, time, time…
I’ve been remiss. I’ve not offered any advice to my clients who bill for their time in a very long time. Lawyers, Accountants, Management Specialists, Technical Services. So, this post is overdue. And, it applies to a lot of other specialties, as well.
Continue reading Time, time, time…
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Do I really have to? (Yes, Business Manager, you must!)
It’s time- you finally realize that what we’ve been telling you is really NOT optional. Maybe even the IRS has just audited you- and that’s a lousy way to find out we’re right. Little scraps of paper don’t impress the IRS. If you are running a business, whether it’s incorporated or not, you need to have an accounting system. Yes, if your business is small enough, you can use a spreadsheet. But, really that takes more time than you think. Instead of using a spreadsheet, you should at least use Quicken Home and Business. It only costs $ 75 or so- and you can invoice and track payments with it, too. If you have inventory, then you probably need QuickBooks or Microsoft Accounting programs. If you are a lawyer, then PCLaw or Clio make more sense. And, since today is already well into the year, you are going to have to enter AT LEAST all the transactions for this fiscal year (whether it’s calendar or not, it needs to match how you report your data to the IRS). No, you won’t get them all entered today, but you should do so as soon as possible- as well as keeping all current entries in the system you chose. (You may elect to not enter previous years, and there are some good reasons for doing so, into this system, as we have reported earlier this month. It probably makes sense to use a spreadsheet that matches the format your chosen system employs, so you can compare data from year to year.) Entering this data will let you maintain accurate profit and loss statements, sales tax reports (if necessary), bank reconciliations, and accounts payable/receivable records.
Continue reading Do I really have to? (Yes, Business Manager, you must!)
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