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Marvin & Co. Blog
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Customers Paying Late? How to Create Statements
There are many ways to encourage delinquent customers to pay. QuickBooks Online’s statements may be effective for you.
After the year-plus you’ve just experienced, the last thing your small business needs is customers who are behind on their payments to you. You may have been giving them a break because you know that they’re struggling, too, but things have been looking up for many companies in the past few months. It’s time for you to be more proactive about calling in your debts.
There are numerous ways you can accomplish this. One of the best is to send statements in QuickBooks Online, which are detailed reminder forms that contain multiple transactions.
The Latest on the Child Tax Credit
Changes made to the Child Tax Credit under the American Rescue Plan provide for enhanced child tax credits for qualifying families for 2021 only. Additionally, many families have begun receiving advance payments of their estimated 2021 credit. What do you need to know about the additional credit?
How to Incorporate Proper Internal Controls to Boost Your Nonprofit Organization’s Success
Operating process controls are vital to every organization, including nonprofit organizations. These processes can be very challenging for small nonprofits because of limited employee numbers and operating budget constraints. Management in small organizations takes on many duties that would be separated in larger organizations, while nonprofits also have limited financial resources for starting control systems. This can leave them open to risks, including financial. By having proper internal controls, your nonprofit can mitigate the damage that can occur from mistakes and infractions.
Know Where You Stand: Use QuickBooks Reports
It’s impossible to have a clear picture of where your business is headed without regularly running QuickBooks’ built-in reports.
If you’re currently using QuickBooks, you know how it’s transformed your daily bookkeeping practices. You can create sales forms like invoices quickly and actually find them when you need them. Your customer and vendor records are organized and stored neatly for fast retrieval. You can accept online payments, track your inventory, and record billable time.
How to Create Estimates in QuickBooks Online
Whether you sell products or services, you may need to create estimates in QuickBooks Online. Here’s how it’s done.
It would be nice if you could just instantly invoice every sale. But sometimes your customers need to know what a particular purchase will cost before they make the decision to buy. So you need to know how to create an estimate. If the sale goes through, you’ll of course want to send an invoice.
QuickBooks Online automates this entire process. It even helps you track the progress of your estimates by providing a special report. Here’s how it works.
New York State Enacts Pass-Through Entity Tax Election
As part of New York state’s (NYS) budget bill passed on April 19, a pass-through entity (PTE) tax election has been provided for partnerships, limited liability companies treated as partnerships for federal income tax purposes and New York S corporations.
6 Common Mistakes When Completing a Single Audit
With the COVID-19 pandemic resulting in a wide range of related legislation, such as the CARES Act and similar relief acts, a number of organizations will need to do Single Audits for the very first time either this year or in 2022. But what is a Single Audit? Part financial statement and part federal awards audit, this document is focused on ensuring that any federal funding that was received by the organization was used as it was intended and demonstrates that the organization is complying with the Uniform Guidance. If your organization expended $750,000 or higher in federal funds during your fiscal year it needs to have a Single Audit performed.
Form 990: Common Preparation Errors – Schedule A
As various Form 990 filing deadlines approach, consider some common errors that can be prevented with careful preparation and review of the return.
Pension Relief Offered by the American Rescue Plan Act
In an effort to help the nation recover from the COVID-19 pandemic and related economic crisis, President Biden signed the $1.9 trillion American Rescue Plan Act of 2021 (ARPA) on March 11, 2021. The law includes stimulus checks, state and local government aid packages, and other measures to support the ongoing economic recovery.
The stimulus package also seeks to help U.S. pension plans deal with the impact of 2020’s dramatic economic downturn, as well as the ensuing market volatility and record-low interest rates. The ARPA does this by providing funding relief for single-employer defined benefit plans and special financial assistance for failing multiemployer plans.
