Fiscal Foundations Blog

Hear us on the radio!

Fiscal Foundations, LLC - Accounting & Bookkeeping — Thu, 03 Jun 2010 20:39:34 +0000

Linda Logan and Jennifer Heifort are going to be on the radio! Linda and I were guests of Peter McClellan Show today. It will be broadcast on AM 1570 from 4:00 to 5:00 PM today June, 3rd, and again tomorrow June 4th from 9:00 to 10:00 AM. You can also hear it at: http://www.business1570.com/. It was a lot of fun to do. Thanks Peter!

Why Small Businesses Fail…

Fiscal Foundations, LLC - Accounting & Bookkeeping — Thu, 23 Oct 2008 21:01:22 +0000

A staggering 95% of small businesses fail within the first five years.

Here are the most common reasons why…

Poor Financial Management 32%
Management Competence or Experience 15%
Economic Conditions 12%
Poor Books and Records 12%
Sales and Marketing Problems 11%
Staffing Problems 9%
Union Problems 6%
Failure to Use External Advice 3%

Perhaps knowing about the most common pitfalls can help new small business owners avoid them and increase their chances of success.

Tips to Simplify Your Bookkeeping

Fiscal Foundations, LLC - Accounting & Bookkeeping — Fri, 17 Oct 2008 20:15:14 +0000

ALWAYS back up your accounting data file, daily or weekly.
Print your checks.
Direct Deposit and email paystubs.
Print deposit summaries to attach to bank receipts.
Get online access to bank accounts and credit card statements.
Pay all payroll taxes online.
Use bill pay through bank account.
Email invoices/statements to customers.
Routinely send out W-9′s to subcontractors before year end.
Make up and post a schedule of tax deadlines for all taxes and forms.
Organize pending files for payables and receivables by name.
Organize paid invoices/check stubs and file by customer name.
Organize paid bills/check stubs and file by vendor name.
Organize personnel files by employee name.
Create payroll tax files for each type of tax: 941, State withholding, 940, SUI.
Use Smead Viewable tabs for your files (You can see them from any direction – top, side, back).
File with your newest transaction in front.
Box up, label and store each year’s files after tax returns have been filed.
If you find that doing your own bookkeeping is frustrating, confusing, or too time consuming – outsource it.

About Fiscal Foundations

Fiscal Foundations, LLC - Accounting & Bookkeeping — Fri, 17 Oct 2008 20:03:01 +0000

I am one of the owners of Fiscal Foundations Accounting and Bookkeeping Services. We provide on or off-site bookkeeping, as well as accounting consulting and training services to Minnesota, Western Wisconsin and Colorado. The company has been around since 1994. We currently have a staff of 10 experienced people, and I am hoping to expand the business to several different markets in the next few years. I started this blog to communicate with other small business owners who may be struggling with their accounting. Accounting is such an important part of running a business, both from a legal standpoint, and from a management standpoint. In this blog, I am hoping to provide useful articles and information regarding what business owners need to know about bookkeeping and other related topics.

To learn more about Fiscal Foundations, the website is www.fiscalfoundations.com.