Archive for the ‘Updates’ Category

Paula’s Posts

Tuesday, June 9th, 2015

Basic Bookkeeping Tips Get a Bank Statement With a Month-End Cutoff Date – This is another basic tip

that can reap big rewards. Synchronizing your bank statement with other monthly records will make it

easier to reconcile your statements and track expenses. Many statements have a mid-month date. Talk

to your bank and request a change in your statements to a month-end date. You can usually download

your statements from your banks website, but be sure to save them on your computer. When you close

that account or sometimes if your bank is sold, you lose access to that information.

Summer is in full swing; schools are closed; networking meetings are smaller. People are taking time to

enjoy the weather and their personal lives. While I am working as hard as ever, I am taking time to

enjoy some personal time. I took my mom and brother to visit my paternal grandparents’ gravesite in

Daytona Beach and then had a nice afternoon on the beach. I have two vacations planned: a week in

Chicago in July visiting friends and two weeks in Colorado in August visiting family and celebrating my

grandson’s 1st birthday. I hope you are enjoying your summer as well!!!

Paula’s Posts

Wednesday, May 27th, 2015

Basic Bookkeeping Tips Handle and Review Checks Carefully – It is easy to be on autopilot when you’re

writing checks and tossing canceled ones into a filing cabinet without reviewing them. Remember:

Those checks are as good as cash. And if something goes wrong, you – not the bank – will be on the

hook. Take the same care with checks as you would with cash. Sign checks using a clear, distinctive

signature that won’t invite forgery. Review canceled checks before anyone else, including your

bookkeeper or employees, sees, them; that way you can catch unauthorized check. And if your business

is a partnership, it’s a good idea to have at least one of the partners co-sign the checks.


Useful Links: I frequently need to translate items from or into another language which I do not know. I

have been using a free application called Google Translate. It allows me to write the word or phrase,

speak it into the phone or submit an image. It easily translates over 90 languages in both their native

alphabet as well as an English alphabet translation.


Deadlines: There are no more filing deadlines for May.

Paula’s Posts

Monday, May 18th, 2015

Basic Bookkeeping Tips: This is one of the most basic bookkeeping rules: If you don’t keep accurate daily

records, you don’t have an accurate way to track the financial condition of your business. Different

people use different record-keeping systems: what matter is that you have one and use it every day.

Once you have a good system set up, accurate record keeping will take just a few minutes a day.


Your system may be as basic as an accordion file with your receipts and other paperwork filed by month.

Or it may be an excel spreadsheet. Finally, it might be an accounting system such as QuickBooks or one

of the several free systems available on the internet. I can help you find the system that works best for

you and help you set it up and maintain it. Contact me for a free consultation.


Useful Links: This is just a fun one. Did you know that playing word or number games helps to keep

your mind sharp and can help to prevent or lessen the effects of Alzheimer’s? I love to play Sudoku and

the app I play on my cell phone Boy Howdy Sudoku. You can download it and play for free!!! They have

levels of Simple, Easy, Medium, Hard and Evil. Hope you enjoy!!!


Important Deadlines:

May 19th DR-15 is due to the Florida Department of Revenue for your sales taxes.

Paula’s Posts

Monday, May 4th, 2015

Are You Using the Right Accounting System? Businesses use either a cash-based or accrual-based

system. Under a cash-based system, you record income when you receive and expenses when you pay

them. Under an accrual-based system, you record income when you earn it and expenses when you

incur them. A cash system is used for very small, uncomplicated businesses such as a lawn service. They

provide a service, they collect their income on the spot and they put it directly into their bank account.

When bills come in, they pay them. This is very straight-forward and simple.


Accrual accounting is mandated by the tax code in situations where cost accounting, completed contract

accounting, retail sales or such are used in your business. It is almost never used in a service business.

Accrual accounting is often used to track the actual results of a business enterprise as it gives a truer

picture of the results of operations than any other method. Accounts payable, accounts receivable, and

pre-paid expenses are used in accrual accounting.


If you are unsure which system to use, consult your CPA.


Useful Links: Does your business have a business plan? If not, you need one. Check out these apps:

5Min Business Plan by Mission HQ Pty. Ltd

How to Write a Business Plan by Docstore Inc.


Important Deadlines: There are several important tax deadlines in May.

May 11th – Employers: Your employees who have tips must report them by this date.

May 11th – The First Quarter 2015 Form 941 report for employers is due with your payment.

May 15th – The April employee tax payment is due to the IRS.

Paula’s Posts

Wednesday, April 29th, 2015

The move is over. Phew!!! I am in my new house/office in Winter Springs and other than be sore &

bruised from moving things, I could not be happier. I certainly did accumulate a lot of “stuff” in 21 years

of living at the Altamonte Springs house.


Spring is here and we are all motivated to do some serious cleaning of our house and yard. But don’t

forget to clean out your office. This is a great time to organize your 2014 paperwork and put it into

storage. The IRS requires a business to keep 7 years of financial information. So you can safely shred

the 2007 paperwork now!!!


A typical client for Paula Keyes & Associates is a small business for whom we do a monthly bank/credit

card reconciliation and produce financial statements allowing the owner to see how the business is

doing and what financial decisions they need to make to streamline and grow their business. But we

also work on special projects from helping businesses to clean up their accounts to inputting unusual



Useful Links: Business Card Holders – Do you get a lot of business cards and need a way to organize

them but have them at your fingertips? There are a lot of apps out there for your phone, such as

WorldCard Contacts, Business Card Reader and Business Card Holder. They are as inexpensive as $1.99

and for a little more money (up to $14.99), they come as a bundle with document scanners, translators,

dictionary, phrase book, and more.


Important Deadlines: This is the last time you will be getting this reminder from me.

May 1 – Florida Annual Corporation Reports must be filed with or you will be fined

over $400.