[11/14/24] Confidence in Your Numbers w/ Gina: End-of-Year Bookkeeping and Financial Preparations

[11/14/24] Confidence in Your Numbers w/ Gina: End-of-Year Bookkeeping and Financial Preparations

Gina Malvestuto from Green Tree Bookkeeping covers this month's 'Confidence in Your Numbers' call. Gina discusses the differences between employees and subcontractors, the rules around gifts and bonuses, the importance of proper chart of accounts setup, and the requirements for 1099 reporting.

Webinar Summary: This webinar covers important end-of-year bookkeeping and financial considerations for small business owners. She also provides guidance on budgeting and applying financial best practices to both business and personal finances.

Key Takeaways:

  • Understand the distinction between employees and subcontractors, and ensure proper payroll and tax withholding practices
  • Be aware of the IRS guidelines for gifts, bonuses, and team-building/employee appreciation events
  • Review and optimize your chart of accounts to ensure accurate job costing, budgeting, and financial reporting
  • Gather all necessary W-9s and certificates of insurance for subcontractors before year-end
  • Consider applying personal budgeting techniques to better manage business and household finances

[9/12/24] Confidence in Your Numbers w/ Gina: Organizing Your Business Finances and Tax Considerations

[9/12/24] Confidence in Your Numbers w/ Gina: Organizing Your Business Finances and Tax Considerations

Gina Malvestuto from Green Tree Bookkeeping covers this month's 'Confidence in Your Numbers' call. This webinar provides a comprehensive overview of the key financial and organizational tasks business owners should be performing on a weekly, monthly, quarterly, and annual basis.

Webinar Summary:

This webinar emphasizes the importance of separating personal and business expenses, properly documenting all business activities, and consulting with professionals like CPAs and bookkeepers to ensure compliance and maximize tax deductions.

Key Takeaways:

  • Establish weekly routines for time management, sales tracking, and accounts receivable/payable review
  • Conduct monthly tasks like job costing, financial statement reconciliation, and employee appreciation events
  • Perform quarterly and annual reviews of budgets, goals, and tax preparation
  • Carefully document all business-related expenses, including meals and travel, to justify deductions
  • Maintain clear separation between personal and business finances to avoid auditing issues