It seems we’re bombarded these days with “too good to be true” sounding deals.  Taxpayers should beware that the claims they see may not be legitimate and can have dire consequences.  Gunnip & Company, LLP’s blog recently posted an article alerting taxpayers to scams related to the American Opportunity Tax Credit.  Know the warning signs so you don’t fall victim to scams.

Every four weeks, Paisley Solutions will feature a blog of a local business in our Great Local Blogs category. If you have a blog you’d like to see featured please send us your suggestions.

Paisley Solutions’ Blog follows a four week cycle of rotating topics, 1. Quixpert: Tips for QuickBooks® users; 2. Great Local Blogs; 3. Bookkeeping Made Easy; 4. Managing Cash Flow. Subscribe to one or more that interest you and be automatically entered to win a $50 prize. Subscribe by filling out the contact form with “Blog #(s)” (the # of the blog(s) you wish to receive) in the subject line at http://paisleysolutions.com/contact-us/. Subscribers not specifying a topic by number will be subscribed to all topics.

• A new computer was purchased with cash.   The computer is an asset so the computer asset increases and the cash asset decreases to keep the equation equal.
• A vendor had a great price on an item you keep in your inventory so you buy inventory, using cash. Inventory is an asset whose value is increased from this transaction so cash must be decreased to keep things in balance.
• Sales have been strong and accounts receivable has increased significantly over last several months.  The sales were on account, meaning that you did not receive cash at the time of sale.  Therefore, the income generated from these sales did not go into the asset called cash but into the asset called accounts receivable.  This is a good example of how income ≠ cash.

Reconciling your  bank statements within QuickBooks® is the most important step in verifying that your data is correct.  Speed up bank reconciliations by completing one side at a time.  Did you ever notice that your bank statement lists the total Deposits (or credits) and the total Withdrawals (or debits)? Use these numbers to compare to the corresponding total amounts cleared on the bottom left side of the bank reconciliation window in QuickBooks®.  For instance, clear the checks and withdrawals, then match to the withdrawals listed on the bank statement.  Once it matches, move on to the Deposits.  If there are errors or missing items, it is helpful to know which side you need to review. Do you struggle with bank reconciliations? Check out our white paper “123 Easy Bank Reconciliation” for tips.

Paisley Solutions Blog follows a four week cycle of rotating topics, 1. Quixpert: Tips for QuickBooks® users; 2. Great Local Blogs; 3. Bookkeeping Made Easy; 4. Managing Cash Flow. Subscribe to one or more that interest you and be automatically entered to win a $50 prize. Subscribe by filling out the contact form with “Blog #(s)” (the # of the blog(s) you wish to receive) in the subject line at http://paisleysolutions.com/contact-us/. Subscribers not specifying a topic by number will be subscribed to all topics.

Have you created a culture of outstanding customer service?  Do you have a fiercely loyal customer base?  If the answer is no, take a minute to review our last 4 blog posts. If the answer is yes, then it is time to invite more customers to the party!

People love to share great finds.  All you need to do is give them reasons to talk about your business.  Social media makes sharing easy, but don’t forget traditional marketing tools.  The keys to getting your customers to “share you” are:

1. Ask them to share.  Develop lines of communication such as collecting mail and email addresses, connecting on social media sites and, the easiest of all, capitalizing on the purchase interaction (such as putting a flyer in their grocery bag).
2. Give them tools to make it easy.  Create really great offers and provide the means and method to help them share (such as a coupon for half-price haircuts if they bring a new customer in with them).
3. Repeat the process to help them form a habit.  Repeat the process but keep the communication and the offers fresh and interesting.

Be creative!  It’s as easy as 1 2 3!

Have this blog delivered directly to your email box. Subscribe and be automatically entered to win a $50 prize by filling out the contact form with “Blog” in the subject line at http://paisleysolutions.com/contact-us/.