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Kewho Min

Kewho Min, Certified Public Accountant

Blackline: What Is It?

BlackLine provides a host of services that help businesses maintain better control over financial actions. Additionally, the BlackLine applications streamline activities through enhanced automation. While services like accounts payable, fixed assets, and general ledger are left to other applications, BlackLine is more concerned with maintaining established controls, particularly where it’s vital to ensure closings are accurate and complete.

Additionally, the BlackLine applications are capable of incorporating balances from different subsystems and reconciling the discrepancies. The program can also be used to enhance the sharing of data between legal agencies and other entities, such as ERP systems. This makes financial reporting more efficient than in many other applications from other developers.

To read the full article, written by Kewho Min, click here.

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How To Utilize Excel For Accounting

The power of the spreadsheet sometimes escapes small business owners. It is understandable. Modern accounting can be perplexing even for people with unusually high intelligence and drive to succeed. The principles of basic accounting, however, are not all that difficult to understand provided enough time is taken to practice the art of getting all the right numbers into all the right accounts. Understanding which accounts do what also helps quite a bit.

While Excel and other spreadsheet software can’t help with this kind of knowledge directly, it can perform many of the tasks required for double-entry accounting, for example, if it is set up properly and every transaction is recorded in the right place. If you plan to use spreadsheet software for your accounts, here are some things to consider.

To read the full article, written by Kewho Min, click here!

Most Common Mistakes In Invoices

If you are in charge of invoicing for your company, you are probably overwhelmed. There is a lot going on behind the scenes and even out in the open when it comes to payments and how to deal with them. It might feel overwhelming at first, but it doesn’t have to be. Here are ways to avoid the common mistakes that businesses make with invoices:

Publicizing It

Never reveal what you are charging a current client. It is one thing if they authorize you to do so, but many companies want to keep their expenses private for competitive reasons. So if you feel you are in a position where employees are sharing this vital information, step in to correct the problem before it becomes a bigger one.

Typos

Nothing looks more unprofessional than having typos in your invoices. If you don’t take the time to make your billing systems look nice, you could create a negative effect for your brand. Lifelong customers might not say anything, but new ones may get a bad feeling about doing business with you in the future.

Sending It Late

If you want to be paid on time, it goes without saying that you need to ask for payment on time. Sending late invoices communicates that you don’t really care when you are paid. In turn, your customers might let overdue bills sit for days or months before getting around to them. This could really harm your cashflow in the short term.

Not Being Clear on Deadlines

Always get it in writing up front when you have specific milestones and payment release cycles. This helps prevent confusion. It also avoids uncomfortable phone conversations with clients who are late to pay. So have a contract that is signed by both parties, even if it is in a digital form or via email.

When it comes to invoicing for businesses, it is tempting to take shortcuts. It can be a tedious process. However, a small investment in time up front can clarify key outcomes and allow you to really get the most out of your invoicing process. Make sure to avoid the mishaps above and you will be in a better position to grow your brand bigger and better than ever before.

Top 3 New Year’s Resolutions For Small Businesses

Just like individuals, small businesses also need New Year’s resolutions to help them stay on track to their goals. It’s especially important for small businesses to set resolutions at the beginning of the year to make sure their path to business success is clear. Here are the top three New Year’s resolutions for small businesses.

Miscalculations
When invoicing, taking care of single items rarely raises any red flags. Then there are the invoices that can contain multiple lines of items that need to be paid for. One of the most common situations that can happen is making mistakes on one small miscalculation that can throw the entire invoice off. Another common mistake that happens is taking care of taxes and fees. If you neglect to include those in your invoices, it can cause you to foot that part of the bill when your client makes their payment.

Weekly Business Meetings
In order for your small business to continue to grow, planning has to be one of the top priorities to maintain. This is where you are able to access your highs and lows of the given week and implement change. Schedule time to meet weekly to review, rearrange and plan for the future for a more prosperous and lucrative business plan. These meetings help you avoid mistakes that can end up costing you money and wasted time. Weekly team meetings also give you the opportunity to engage with your employees across departments and seniority. They can socialize among themselves which adds to a positive company culture.

Learning and Networking
Learning new skill sets can be very beneficial to the growth of your business and potential business partners. Whether it is related to your business or not, adding a new level of expertise to you skills list can and will open up new doors for yourself and for your business. Don’t know where to start? Try hiring a business coach or consultant who could introduce you to some pertinent contacts to add to your call list. Meeting these new people can become mutually beneficial and lead to landing new business deals or gaining access to new networking organizations. Talking with like-minded people can help you cultivate new ideas, rid or rearrange old ones, and learn from their trial and errors as well.

How to Get Ready for the New Tax Season

For many people, taxes are a touchy, and sometimes difficult, subject. There are several people who struggle to minimize their taxes for a variety of reasons. Before the new year is a perfect time to get organized with your taxes. With the recent passing of tax reform, it couldn’t hurt to learn about all of the new ways that you can save money on your taxes.

Small Business Changes

If you operate a small business, you know how difficult it can be to manage your taxes. Several people struggle to minimize their tax burden due to time constraints. The good news is that the new tax legislation is favorable to business owners. If you are tired of paying a high tax rate, this is a great time for you to learn about ways to save money.

In your business, you need to have a financial plan for the future. Part of this plan should be how you are going to minimize tax expenses in the years ahead.

Investment Changes

Another major change in the new tax code revolves around investing. The new limits on investment deductions were just announced, and they are much higher than last year. When you invest for the future, you can reduce your taxes based on the current tax code. This is a great opportunity to build wealth and to save money on your taxes.

Online Sources

Some people have trouble planning for changes within the tax code because they do not know where to find information. There are many people who use online sources to find new information on the reformed tax code. The IRS has a great website that will list out all of the important changes for you. If you aren’t fully prepared for tax season, it is going to end up costing you much more money over a long period of time.

Future Changes

With the new tax reform, millions of Americans are still trying to learn about the changes to the tax code. Now is a great item to try and formulate a strategy for the coming year. You need to start by taking a thorough financial assessment of your personal life.

Setting a Budget For 2018

As 2017 nears its end, a new year brings fresh opportunities for you to finally take control of your personal finances. Setting a budget is not out of reach for the average consumer or household. Anyone with the desire to better their financial stature can find this article a worthwhile read. Here’s four tips for setting your budget in 2018.

Reevaluate Your Finances

Your budget should be reevaluated at least every year to account for any new changes in expenses or income. Look at your current monthly paycheck, specifically the net amount you are able to take home after taxes are deducted. Next, look at recurring expenses. This includes monthly rent, utilities, phone service, etc. The more accurate your numbers are, the easier it will be to lay the foundation for investing and saving money.

Erase Your Outstanding Debt

Getting out of debt should supersede your goal of saving money. Left unchecked and unresolved, the interest accrued from your credit card and mortgage debt can leak valuable dollars from your accounts. Sure, it’s just a few percentage points of interest, but it can add up over time. Take baby steps to avoid getting overwhelmed by debt. Consider debt consolidation to simplify the process of paying off multiple sources of debt.

Leverage Financial Technology

Financial technology is helping create a financially smarter and better equipped generation of people. One example is Mint. For the past few years, the software has been helping thousands of users design and achieve their individual financial goals. Mint is an intuitive platform that helps you monitor credit card accounts, save for specific milestones, set up a retirement nest, and any other objective you have in mind.

Consider Following the 50-20-30 Rule

The 50-20-30 rule is a budgetary technique wherein you divide your expenses into three main categories instead of having to keep track of multiple smaller ones. 50 percent of your income should be allocated to basic necessities, such as housing, food, water, and utilities. 20 percent should be dedicated to savings. Lastly, use 30 percent of your budget on expenses that aren’t necessarily important but do improve the quality of life. This includes your phone service bill, monthly media streaming subscriptions, and your various trips to the cafe.

Own the new year with these four simple but powerful budgeting techniques.
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In this conclusion to my previous post,

In this conclusion to my previous post, here are the remaining top 6 DIY #accounting software

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If you are visiting New York City this #

If you are visiting New York City this #holiday, here are a few #fun things to do during your stay. http://ow.ly/e02K307nvhb

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