The term ‘break-even’ refers to the point at which the income covers the expenses. For example, you may have overhead expenses before you can even make a dime of profit. That might include rent, utilities, Internet, salaries and the like. Those expenses are considered General & Administrative or indirect costs. Let’s say you are in [...]
In the CPA world, we call this method “shoebox accounting.” You know what I’m talking about. You throw all your receipts in a box and a few times during the year, you pull it out and vow to spend the weekend getting it caught up. But the weekend comes and goes and it never does [...]
There are two big reasons why you need to have good bookkeeping. #1 You’ll make more money. #2: You’ll pay less tax. And then there are plenty of other reasons, such as: #3 You’ll have a whole lot less stress, knowing exactly what is going on with your business. #4 You’ll be able to spot [...]
When you think of your ideal bookkeeper, what are the characteristics you think of? Maybe: Knowledgeable Thorough Trustworthy Efficient Local Does that list seem familiar? If you used “local” as one of your criteria, you may want to add one more to your list “national perspective.” Well, for that matter, even if you didn’t add [...]
The victim: Koss Corporation, Milwaukee, Wisconsin. The Perpetrator: Sujata “Sue” Sachdeva On January 20, 2010, a grand jury in Milwaukee indicted Sujata “Sue” Sachdeva on six counts of wire fraud for allegedly embezzling $31.5 million from Koss Corporation, a phone manufacturer where she had been employed as Vice President of Finance, Principal Accounting Officer and [...]
