Bookkeeping Challenge Questions
Ever been faced with a bookkeeping challenge and didn’t know where to turn to have your questions answered? Well here’s your chance. Ask your questions about bookkeeping and managing your company’s books and we’ll respond to you within 36 hours. Just leave your questions in the comments below.
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Stop panicking and get your finances under control
Lately all we hear about in the news is how dire the state of the economy is. Unemployment is soaring, job losses are reaching new heights daily, and large corporations are going belly up. Even with the assistance of the “Economic stimulus package”, it will take an extreme amount of time before we are able to reap the benefits of this program. Let’s face it, it’s up to us as individuals to take a stand and become in charge of our own financial destinies. We can no longer sit back and place blame all around us. Sure, some things are out of our control, such as the goings on behind the corporate board room doors, or even the high level decisions that impact the financial status of any company. What I mean is that within our own households, we can control our actions. So much so that any outside interferences are minimized.
For instance, one of the number one rules of personal financial management is to save at least 6 to 8 months of living expenses in an emergency fund. With the current level of job losses reported each month, now is the time to be able to tap into that emergency fund. The truth is that the majority of us are about 2 paychecks away from poverty. So what happened to that emergency fund? I’ll tell you, nothing. Nothing was saved or even considered, because the typical mentality is to spend now and worry about emergencies later. Well I’m here to tell you that emergencies do come, and when they do, they come harder than expected. I guess you could call this the ultimate procrastination. We wait until the last minute or until the problem spirals out of control. What’s happening in the economy is a revelation to us all. The economy has been managed like our own households; spending lavishly on goods and services that have no permanent value in our lives. We enjoy the momentum of wealth as long as we don’t have to be held accountable for its origins. Our habits must change in order to make a difference. Don’t get me wrong, I am just as sympathetic with the next person about the financial challenges many households are facing. However, I do realize that even with our limited resources, we can still make a difference by changing our spending habits. Create that emergency fund now. Every little bit counts. Even If you’re receiving unemployment, take some of the funds and put aside in a separate account for future use. Most importantly, don’t touch those funds. Treat it the same as when you borrow from a retirement fund. Pay yourself back an additional 10% for borrowing funds from the account.
What I’ve decided to do is summarize five of the most popular financial suggestions that many of us are familiar with. It helps to see these suggestions repeated, because repetition brings about a change in habit.
1. Pull all your financial skeletons out of the closet. All those past due accounts, turn off notices, judgments, etc. Next, create a spreadsheet of all your expenses separating them into categories such as household, vacation, education, etc. Compare this to your income to determine your status. From this create your budget and stick to it.
2. As I mentioned earlier, put away 6-8 months of your earnings into a savings account to build your emergency fund. Do not invest this money into risky ventures like the stock market. This money should be immediately available to you at no cost.
3. Live below your means. If you’re a two earner income family, get into the habit of living entirely on one contributors income. I know, it sounds a bit outrageous to pull this off, but you’ll be surprised when you realize that the majority of your purchases are “wants” and not “needs”.
4. Find unique ways to save money. For instance if you have cable TV consider canceling the service and signing up for Netflix. You can save about $50-$100 per month.
5. Get started today. Procrastination doesn’t serve any of us at this point.
Taking care of your financial profile is your responsibility. Not the government, not your employer, not your financial adviser, it’s yours. Take back your life and create a new financial future!
Partnering for your financial future
Jacqueline E. Williams
Financial Strategist
AN UPDATE FROM JACQUELINE WILLIAMS
I just wanted to make you aware of a few important events that are about to expire.
FEBRUARY SAVINGS ON BOOKKEEPING SERVICES
Recently, I’ve gotten many requests from business owners wanting to know if I had any available spaces for bookkeeping clients. Well, now I do. I have 2 openings for bookkeeping clients and because of the current economic times I’m even providing a discount of 20% to all new clients this month. But hurry, I only have 2 spots available and the discount is only good for this month.
Our services include:
1. Set up company file in QuickBooks
2. Mange and record customer payments
3. Mange and pay vendor invoices
4. Bank Account Reconciliation
5. Employee payroll processing
Reserve your space by contacting us today.
SAVE ON TAXES SERVICES
Don’t wait until it’s too late. Avoid costly penalties and interest. Now is the time to get your taxes filed. Do it quickly, all over the internet. No need to wait in line for hours. All filers signing up before Feb 28 will receive a 15% off discount. Schedule your appointment today.
Partnering for your success!
Jacqueline E. Williams
Financial Strategist
LOVE AND MONEY: TIL DEBT DO US PART?
The beginning stages of love feel wonderful. The first attraction that leads to those many romantic dates and eventually marriage, you wish could last forever. And then comes reality; living arrangements, family, careers, children, and the dreaded MONEY PIT. With song titles like “Gold Digger”,” Ain’t nothin’ going on but the rent”, or “Pay My Bills”, it’s amazing how we even manage to build healthy financial relationships with our partners.
The same energy and effort used to court our partner is needed tenfold when it comes to merging our ideas about money. Many of us float into our predicaments, romanticizing our way into an idealistic view about having it all, not being fully aware of what’s expected, or even wanting to face the harsh realities of having to deal with combining our finances. Unattended, love and money can mix like oil and water, leaving a difficult mess to clean up afterwards. On the contrary, choosing the responsible approach, love and money, handled properly, can reap great rewards and benefits for years to come.
I’ve heard many conversations about this topic from committed couples, married couples, and even dating couples. It’s amazing how brave everyone appears to be when divulging financial information to others about their situation. People tend to give the glossed over version of what they believe is control, when in fact, it’s typically done when the other partner is not even present. Ever had a conversation about someone who wasn’t present and that someone enters the room and everyone gets quiet? This is how it’s generally played out. If the situation was really under control, there would not be a need to cover it up.
It’s time to pull back those covers and expose some of these harsh realities. How do we expect to have a healthy relationship, when we can’t come to terms with one of the more important aspects of partnerships, which is combining resources. Love and money don’t have to exist at the opposite ends of the spectrum. They can co-exist successfully and even build a stronger union if handled properly. Just like a business, when combining resources, the ultimate goal is to benefit all parties involved by way of profit. Using the same concept, we should want to profit financially in our relationships. I’m not talking about living off the means of another. I’m talking about a genuine contribution for the benefit of the union. How do we achieve this?
Stop being selfish.
Unconsciously many of us operate in our relationships based on how it makes us feel. Ultimately this will cause separation and discord. The reason being is the focus is on Me, Myself and I, instead of We. When we don’t get what we want, the easiest solution is to leave. Audrey Chapman, a relationship expert and author, has cited the definition of love being: the act of being selflessly motivated for the complete emotional, financial, spiritual, and physical well being of another. Need I say anymore?
Treat your financial relationship like a business.
Operating a business can be very mechanical in nature but also proves to be very practical. Businesses are in operations for the sole purpose of profit. Management will organize, prepare, and plan to make it as successful as possible in order to reap the benefits. Your financial relationship with your partner should have the same goals. Organize, plan, and prepare yourselves for a profitable co-existence. Be sure to educate yourself on topics such as
• Life Insurance
• Health Insurance
• Retirement Plans
• Alimony
• Child support
Don’t let surprises throw you off balance. Do your homework up front. Schedule time on a monthly basis to have a discussion on finances. Create an agenda of topics to discuss and follow through with research. That’s right; this is your family financial board meeting.
Reveal your financial skeletons to your partner
There is nothing worse than finding out that your partner is financially defunct after you got married. This is where many of us make a mistake. Once you and your partner have made a decision to join in marriage, sit down and have a no holds barred discussion on your financial history. What you find out today can determine if you get married tomorrow. Don’t be ashamed, because this will demonstrate if your intended partner truly loves you in spite of your predicament. But be realistic about how to handle your problems. Create an action plan with milestones to achieve, to get you where you desire to be together.
Decide on ownership
Make the decision on who will be represented as owner on assets such as bank accounts, property, policies, & investments. This is very important. Depending upon your financial profile it may be beneficial to have only one person listed as owner. For example if your spouse has bad credit, it may be necessary to only list yourself on the deed for the property. Or, if your spouse has outstanding IRS liens or levies, all property owned by that individual would be subjected to the lien. Be very careful when making such a decision. Your best approach is to consult an attorney about the ownership statues of your particular state.
Decide if you need a pre-nuptial agreement
Do they create the air of defeat before the marriage starts? Are we preparing for the worst? Not exactly. Very wealthy individuals find it necessary to protect themselves and their legacies from potential unscrupulous activity. I have to admit that I am biased when it comes to this subject. My feeling is why would this be necessary if your partner is truly trustworthy? Although a controversial subject, it still needs addressing. Consult with an attorney before making any decisions, and good luck!
When it’s all said and done, remember the ultimate goal is to work together to resolve all financial issues whether they were created individually or together. Love and Money does co-exist with a lot of hard work, focus and most of all commitment!
Partnering for your success
Jacqueline Williams
Financial Strategist
NEW YEAR’S FINANCIAL RESOLUTIONS
The holiday season is finally over and it’s time for us to get back to what we call the “grindstone of life.” The beginning of the year brings new hopes, new possibilities, new ideas, new dreams, and new ambitions. We generally take this as a time to reflect on what has happened, and look for ways to make our experiences better than ever before. One of the most common practices is to make a new year’s resolution. From health goals, to relationship goals, to financial goals, we challenge ourselves every January 1st to come up with bigger and better ideas on how to live our lives more prosperous. Goal setting is a necessity if you expect to achieve anything. I’ve asked a few colleagues about their feelings on their financial goals for the New Year.
My News Years Resolution is the affirmation I repeat to myself everyday….
“I am the Center of Abundance, all of my needs, wants and desires are fulfilled”
and
“The Universe supplies all of my needs with unlimited possibilities”
Linda Slack, Creative Director
African American Family Connections
http://www.africanamericanfamilyconnection.com
I don’t really do resolutions I set goals instead. My financial goal for 2009 is doesn’t have $ value because I find I achieve more when I’m not focused on the money but instead focus on my passion which is helping women who want to operate a business online from home. So my financial goal for 2009 is help 5000 women enjoy their life by developing and improving their skills and resources to generate revenue continuously by operating a business online from home.
Beryl Powell
Business Advisor
OperateItRight (www.OperateItRight.com)
My goal is very simple; to save more money by making sure that I pay myself first.
Richard Williams, III, PhD
Assistant Professor, Morgan State University
My position on New Year’s resolutions is that every day is a new opportunity to make a better choice. New Year’s can occur daily, giving new hope, new faith, and a new found purpose of having the best experience possible. What’s your position on this most famous method of goal setting? Share your belief by leaving us a comment.
Jacqueline (Ford) Williams
Financial Strategist