FRIDAY'S STORY TO INSPIRE - REAL CHANGE TAKES TIME

Today's story .  . AMAZING ... . As you read, ask yourself inside . . what story am I creating in my day, every day? What do I want to change about me so I can move forward with creating financial success for my business, and my life. 

Listen to your gut . . your intuition . Know .. YOU have all the answers.

Enjoy!

Real Change Takes Time

Did you hear the one about the country bumpkin who took his family to the big city for the first time? Lost in a strange place, he stopped in front of a multi-story hotel building. Father and son went inside to get some directions.

Standing in the lobby, they were looking around for someone to ask. They spied a kind-looking old man with a cane and started toward him. They drew back, though, when the wall opened up for him! They watched in amazement as the wall closed, numbers above the opening grew larger than smaller, and the doors opened again. Out came a young man in confident stride and business suit. "Son, wait right here," said the farmer. "I'm going to get in that thing!"      

All of us could wish change came so quickly and so painlessly. I'd rather lose 20 pounds with a pill than deny myself extra helpings or desserts and begin to exercise. Some people prefer to saddle themselves with debt to buy a house full of furniture rather than buy furniture as they can afford it or to buy a new car they could easily do without. And so the stories go. We want what we want - now.           

I even think I see a lot of anger in today's world that is tied to the same thing. Petty people get mad at the good fortune of others. They want immediately what someone else attained over time. Immature people want the recognition and life status other people earned over years, but they want it on a silver platter - today.           

We laugh at the bumpkin who thought an elevator was a magic box that made old into young, stooped into sprightly, and plain into stylish. Maybe we should be laughing at ourselves. Going to college doesn't make one wise. Driving an expensive car doesn't confer refinement or personality. Living in an exclusive part of town says nothing about the happiness of the people who live in its newest and nicest house. And going to church doesn't confer spirituality.           

Authentic change in looks, lifestyle, and personality takes place over time. If there is an outcome you'd like, the surest way to achieve it is not to waste your money on dangerous pills or to squander it on lottery tickets. Set a worthy goal, identify the incremental steps necessary to get there, and begin your journey. Know in advance that the wisdom, discipline, and understanding that come from the journey are equally as valuable as anything at its end.

Rubel Shelly

Rubel Shelly is a Preacher and Professor of Religion and Philosophy located in Rochester Hills, Michigan. In addition to church and academic responsibilities, he has worked actively with such community projects as Habitat for Humanity, American Red Cross, From Nashville With Love, Metro (Nashville) Public Schools, Faith Family Medical Clinic, and Operation Andrew Ministries. To learn more about Rubel please go to: www.RubelShelly.com

What did you hear for yourself in this story?  My message for you. . it's time, it's time for you to change the feelings of making yourself wrong, feeling shame, fear and frustration about finances.  What purpose does it serve? What I know is those feelings keep you going in circles. Shame, fear, guilt, frustration, you hide, shame fear, guilt, frustration, you hide.

Step out if the circle and CHOOSE, make a DECISION to learn to be with business finances in a new light, heck even personal finances. You think it's hard because you make it hard.  Keep it simple and easy.  It's about taking one step, one small step to moving forward.

When you allow yourself to feel where you are right now in this moment and each moment you value YOU, you acknowledge YOU. Through the process of allowing yourself to feel, you will learn more about self acceptance.

Questions or have a comment to share, leave it below or reach out and ask for help, e-mail me at Debbie Rosenfelt, Chief Heart Officer.
I hear what you don't see or notice for you.

Warmly -

Debbie Rosenfelt

Chief Heart Officer

DAILY SEEDS FOR FINANCIAL SUCCESS

This has been an exciting week for me.  I completed creating and launching Daily Seeds for Financial Success.

Boy have I learned a heck of a lot.  I know finances like the back of my hand . . yet when I am learning something new, something I have never done before as an Entrepreneur, it takes forever just to get that new thang accomplished.  Do you find that as well?

First, let me share what Daily Seeds for Financial Success is.  It is a daily inspirational message that you receive 5 days a week and the message is around finances.  One message a day, Monday through Friday.

You receive an inspirational quote, an inquiry posed around (business) finances and then a daily affirmation. The concept, how to encourage, empower and motivate you to work consciously on your finances.  Business or Personal.

I have 28 years of experience in the finance world working with CEO's in privately held companies and I made the decision to start working on achieving my own dreams and get back to being an entrepreneur and support many, many, many CEO's, entrepreneurs and business owners at one time. 

Yet know, as you are reading this if you are not an entrepreneur or business owner YOU are the CEO and CFO of your own life.  So this does apply to you as well.  Just remove "business' from finances and there is only finances.  Treat your life, your finances like a business and you too can achieve success.

Back to the story of the creating part . . . so creating Daily Seeds for Financial Success came about last March though my meditation practice and I started writing messages.  Check . . .

Next I learned about what it would take to launch Daily Seeds for Financial Success . .

Purchase a URL that supports Financial Success ..  √ www.dailyfinancialsuccess.com

Set up hosting for the URL . . √

Set up Word Press . . √

Purchase Optimize Press . . √

Create a Banner for the Opt in page - find a designer . . . √. . Thank you Holly Firth Russell

Find someone on Odesk to set up Opt in page . . √

Create Welcome and thank you videos  . . 5 tapings later . .√

Set up all messages on Aweber and ask for help from Aweber. . √

Start promoting . . . √

These one liners do not even describe the length of dedicated time it took to get through little hurdles.  The point is, when you are committed to your DREAM . . to achieve what you see for your business, you will take all the steps needed to accomplish what you want for you, your business and the world. 

First . . go and subscribe to Daily Seeds for Financial Success so you too may be encouraged, empowered and inspired to move forward with your business and personal finances.

And be inspired to share below what your dream is for your business.  I love hearing each of your unique stories of how you started your business in the entrepreneurial world.   Be proud and celebrate every little success . . it makes our hearts stronger.

Thank you for reading and listening . . I look forward to connecting with you next time.

Warmly -

Debbie Rosenfelt

Chief Heart Officer

Friday's Story to Inspire - Making A Difference

Today's story speaks to how a young boy took a small step, a little idea that served his country. This idea of his reflects commitment, dedication and love and purpose.

As you read this story, I wonder how does this story speaks to you.  I wander if you feel it in your heart that inspires you to take a step forward in serving purpose.

Enjoy Friday's story.  

Man grows 1,360-acre forest in India...by himself

A man in India single-handedly planted an entire forest, proving that one person really can make a large difference.

You always hear that one person can make a large difference in the world. Today, we've got a story that proves that saying.

When he was a teenager in Northern India's Assam region about 30 years ago, Jadav "Molai" Payeng began planting seeds in a sandbar near his birthplace. A few years later, he moved into the area and turned the seed-planting and tree-nurturing into his life's work, planting seeds and helping them grow over a wide area that was initially left for desolate.

In the past 30 years, his seed-planting endeavors have resulted in a massive, 1,360-acre jungle in Assam, a forest ecosystem that has left an incredible mark on the Indian landscape and stands as a testament to Payeng's dedication.

Initially, the forest department told Payeng that trees could not grow in that area. He was not dissuaded; instead he dedicated himself to the task of nurturing the forest, and his dedication has produced results. The Molai woods, in addition to being covered with lush greenery, is now home to a whole host of creatures big and small, including birds, deers, rhinos, tigers, and elephants.

Jadav "Molai" Payeng is a hero to those animals, to the ecosystem in the area, and to conservationists across India. But he is also a hero to us, people living oceans away who don't necessarily work in forestry or in the environment industry. Payeng is a hero because he has proven that with commitment, blood, sweat, knowledge, and dedication to making a difference, one person can truly make a difference, and a large difference, on the world.

It's easy to discount the impact that we can have on the people and places around us. It's easy to feel insignificant when faced with the enormity of the issues that surround us. But it's important to remember that our actions, no matter how small they may be, make a difference. Whether it's bringing a smile to someone's day or revitalizing a forest ecosystem, the little acts of kindness and good have enormous impact.

Our small actions may not necessarily lead to a forest and safe haven for animals, but they have the potential to grow and flourish all the same.

Sameer Vasta
Writer and Blogger

To share with you my purpose . . I LOVE my work . . I love working with CEO's, entrepreneurs and business owners.  Did you know that you are all one in the same? J You just don't see it.  I do and I am fascinated to hear each person's story of how each person started their business.

I have worked with many large multi-million dollar businesses as their Controller and CFO.  In 2007 I started my business to share my knowledge with entrepreneurs so they too can have their own CFO (Chief Financial Officer).  Yes t a CFO is ust a title . . however there is vast knowledge in knowing and understanding business finances.

How to manage cash flow, in Great times and very tough down times.  How to grow your business by creating revenue projections so you can see your dreams through numbers.

Revenue projections serve many purposes, it allows you to project and see when you offer is profitable, it allows you to see if you are charging the right price, it allows you to see what revenue would look like with increasing your price.  You are able to calculate "how many hours do I need to spend on generating this revenue.  Where there is only 24 hours in a day and you projected an unrealistic # of hours (units) in this case that you cannot fulfill . . how are you going to make it work?

I see so many AHHA's business owners have when they take the leap with revenue projections.

How are you managing your cash?  You're not?  WHY? This is so critical for every single business.  I DON"T CARE that you are a small business . . YOU need to know this . . it is critical.  It is about training your mind and beliefs in you.  When your business grows to a millon $, and your not tracking your cash . . how do you expect yourself to get caught up in learning when you are so busy running a million dollar business?

Here is an inquiry - if you had 30 minutes to ask me 3 critical, valuable questions that would support you with your business, what would you ask? 

Here is your opportunity.  Leave your questions below, or e-mail me at d.rosenfelt@cfomadeeasy.com or schedule a 30 minute complimentary finance strategy call.  I promise you will be heard.

My purpose with CFO Made Easy. . cultivate attention and awareness around business finances with an open heart and non-judgmental approach.  

Warmly -

Debbie Rosenfelt

Chief Heart Officer

FRIDAY'S STORY TO INSPIRE - ENCOURAGEMENT AND SUPPORT

Friday's story reminds me of our inner critic on one shoulder and our mentor on the other.  Read, share and inspire and share.  You and I love to have support by our friends, family and colleagues to move through, take that one step forward, YOU CAN DO IT!! support and encouragement.


How may this be used with your business finances . . create the support you need to take steps forward to see your dreams come true through numbers.  Ask for support to hold you accountable to get the weekly receipts for revenue and expenses into QuickBooks.


SURROUND yourself with support, a team you have built and created, a mastermind group, or even CFO Made Easy. 
What may support look like for you?  Honor where you are, without making yourself wrong,  Be with the frustration, fear, overwhelm or whatever feeling you hold around finances.  When we honor and trust we are exactly where we are meant to be, we move through the emotion and see what is possible.

Enjoy Fridays story. 

From the files of Bob Proctor -

Many years ago a young lady who was attending a seminar shared an interesting story with me. Apparently she and two or three of her girlfriends went and tried out for a place in a stage play. She got the starring role while her girlfriends were not even picked for the supporting cast. Opening night she said she was really excited but afterwards became very disappointed when her girlfriends never came out and supported her. She was explaining the situation to an elderly friend of her fathers named Hap. He wrote her a letter and she gave me a copy with her permission to share it with others. Read it carefully and think.

Dear Ann,

Once upon a time there was a fellow by the name of Al Capp who wrote a comic strip called "L'll Abner." Many years ago he had some characters in his strip who lived in a town near Dogpatch. They were the town bums, the n'er do wells, the failures whose whole aim in life was to pass judgment on others. Their criticism and ridicule became so vehement that in time the rest of the people in the town became acutely conscious of it. "The boys down at the stable," as they were called because that's where they spent most of their time, soon set the social standards of the town. Nobody could do anything without their sanction.

Because they lived within the structure of their crummy little world, they would laugh and point their fingers at anyone and everyone who tried to be better than they were. As a result the people feared the ridicule of the boys down at the stable so much that they stopped trying. Soon everybody became bums and the town died.

In every social structure, Ann, whether it be family, town, county or state, there are "The boys down at the stable." They are the jealous ones. They are too scared to try something different. They show their ignorance by laughing at those who do. Learn to recognize them Ann, for what they are. Don't let them hurt you. It takes a certain amount of toughness to succeed. One has to rise above those who would tear you down so that they can laugh and say, "I told you so!"

There are too many of us who love you and want you to make it. I could put myself at the top of the list. You aren't going to fall flat on your face as they would have you. You are going to do a superb job. Remember this show is only a small step in the direction of greater things you will do, many of which are beyond your wildest dreams. All you have to do is want to. One of the things I like about you best is that you always give it hell for try.

The show will be a success because of you and others like you who try. There are only winners in the cast. The losers are gathered down at the stable laughing and hoping for your failure. If we could dig down deep inside them, I'm sure we'd find they want to win also, but are too scared to try, and they attempt to cover up their own failures as human beings by laughing at others. In a sense I'm sorry for them. Their guilt must make them very unhappy people.

Much love,

Hap
 

What did you think of today's story to inspire?  What does encouragement and support look like for you and the heart of finances? What is calling you forth for you to dig deep for that support?  Contact me for a complimentary 30 minute finance strategy call and share with me what encouragement and support looks like for you.  I look forward to hearing from you.

Complimentary 30 Minute CFO Encouragement and Support Call

Happy Easter.

Warmly -

Debbie Rosenfelt

Chief Heart Officer

HOW TO USE A FUN-NANCIAL TOOL

Watch this video to see a great example of a FUN-nancial tool that is the single most meaningful measurement tool in business.  The tool,TTM - which stands for trailing twelve month map.  It's a rolling annual total map that reads instantly and true for every key business indicator. This tool is used to measure the performance of sales, expenses, profits, etc.  The video will share with you the purpose of this GREAT tool, how to use this tool, and the three questions you should ask as you are reviewing the results.

CFO MADE EASY - FUN-NANCIAL TOOL

As I shared in the video, I am PASSIONATE about business and finances. 
I LOVE revealing results that informs you of what is possible for the heart of your business. Transforming financial frustration into financial power.

What results would be revealed on a Trailing Twelve Month map for your business?

Was this video and tool helpful for you and the heart of your business?  Share a comment below or a question, or e-mail me at d.rosenfelt@cfomadeeasy.com.

Warmly -

Debbie Rosenfelt
Chief Heart Officer

The ABC's of the Heart of Your Business Finances

Let's keep this easy. 
What do you need to get started on the heart of your business finances?

Awareness - Make a decision to consciously learn and understand the heart of your finances.

Build Confidence - Create new daily habits to embrace the heart of your finances. 

Clarity - When we are clear about what we want we can create a plan to manifest our financial goals for our business. When we have a good plan there is no way to fail.

What do you need to get started?

Debbie Rosenfelt
Chief Heart Officer

Compassionate support that transforms financial frustration into financial power.

You are, you are a CEO!!!

I was really surprised to hear an underlying message this past week.   Entrepreneurs aka small business owners do not believe or consider themselves a CEO.  So to serve you with a kick in the arse my dear small business owners, I am placing a Kibosh on that idea right now.

First, what is a CEO - The Chief Executive Officer aka Entrepreneur, aka business owner, aka YOU, who owns the business is a CEO.  Based on Wikipedia's definition, a CEO is the highest ranking officer in charge of total management of an organization.  Well, it just so happens that you wear, hold and carry all the hats for your business also known as an organization.

So, YOU who owns your business, aka business owner, aka Entrepreneur, aka CEO, you are the highest ranking officer in your business and YOU are in charge of total management of your business, which too is an organization.  Are you following me here?

All CEO's, Entrepreneurs, business owners and YOU who owns your business needs a CFO.

Now, let's go one step further, what is a CFO - The chief financial officer (CFO) is traditionally viewed as a financial gatekeeper, a strategic partner and advisor to the CEO, that's you.

The CFO primarily is responsible for managing the financial risks, financial planning, record-keeping, analysis of data as well as financial reporting to the CEO. Primarily, CFO's create a roadmap of the financial position of the business.

Now as the CEO aka Entrepreneur, aka business owner, aka YOU, who owns the business, started this great adventure because you love doing what you do, right?  and you're really good at it too, right?  Well, I ask you this, what don't you know about the heart of your business, and how do you know what you don't know about the heart of your finances?  And, what do you need to know? 

Such a puzzle isn't it?  Yet the facts are, it is a puzzle if the heart of your finances is not organized.  How are you suppose to know, what you don't know if the heart of your business finances are not organized?  How do you grow your business if you don't have a financial map?

Here's what you need to know as a CEO of your business - You need to know where you have been, where you are now, and where you want to go.  What you don't know renders you powerless.

So you’re next steps: create a financial foundation, organize your finances, setup QuickBooks, so you know where you have been for 2011, know where you are now for January 2012, (it is Jan 30) and create a financial projection for where you want to go for the balance of 2012 and beyond.  

CFO Made Easy provides compassionate support that transforms financial fear into financial power.

What is your next step for turning financial fear into financial power?

Share what your next steps are at d.rosenfelt@cfomadeeasy.com or leave a comment below.

Warmly -

Debbie Rosenfelt

Chief Heart Officer

REVENUE PATROL ALERT - CALL 911 - MISSING REVENUE

What will you take away from this?  Found revenue. LITERALLY!

Yesterday I shared I was working on 1099's.  I sent an e-mail asking for a W-9 from a couple of business owners I do business with and we found $300 that had not been paid.  We both thought a transaction had been paid in full. Yet low and behold, missing revenue was found for a fellow colleague.

A couple of weeks ago the same scenario popped up when a client was reconciling their bank statement to QuickBooks.  We found $1,700 that had not been paid by a client.

So the top revenue tip for you today  . . get a check and balance system in place so you know if your business is missing CASH $$$.

Here are six to do's  -

Invoice your customers, using QuickBooks or another simple accounting software that is easy, peasy. 

Receive payment in the mail or online via credit card or PayPal.

Print the online receipt or photocopy the payment and bank deposit slip for your 2012 records. (something you can refer back to later if you ever question the invoice or payment)

Process receiving the payment in QB.

Create the deposit in QB.

Balance your business bank statement monthly in QB. This is a KEY step, as this confirms the check and balance system.

6 easy steps to make sure you are not missing cash $$$.

Isn't your hard work and time worth having a check and balance system in place so you are receiving the cash you earned?

If you need help or have questions leave a comment below or send off an e-mail to d.rosenfelt@cfomadeeasy.com.

Your Chief Heart Officer

Debbie Rosenfelt

CALL TO ACTION - 2011 1099'S DUE JAN 31, 2012

Happy Monday.  . it's a day for working on 1099's.

Earlier in the month I mentioned there are some changes for issuing 1099's in 2011 and 2012.  Scroll down to the earlier blog post.

THE NEW 411 FOR REPORTING 2011 1099's

Today, I am working on issuing 1099's to my vendors who my business paid more than $600 to by check.  U. S. tax law requires all businesses to file a 1099 for any contractor.

The United States tax form 1099, is used to claim multiple types of income other than wages, salaries, and tips. It’s technically known as an “information return.”

So if your business paid more than $600 to a person in business for themselves, a contractor or company, you too will need to obtain W-9's and issue a 1099.

What is a W-9 - below is a link for the form with instructions.

http://www.irs.gov/pub/irs-pdf/fw9.pdf

Creating a 1099 is very easy.  You can create them online using Turbo Tax.  I went to Office max and purchased the software.  However, you can actually purchase the software online, download it and process your 1099's very easily.  Below is the link.

http://turbotax.intuit.com/small-business-taxes/business.jsp

I am very PASSIONATE about finances and I LOVE supporting you organize the heart of your business.

if you have any questions or need help, leave me a comment or you may e-mail me atd.rosenfelt@cfomadeeasy.com.

Debbie Rosenfelt

Chief Heart Officer

CALL TO ACTION - WATCH THIS SHORT VIDEO OF QUICKBOOKS CHOICES

Debbie's Wednesday morning SUCCESS!!

For the last week I have been working on creating short snip-it videos to share my recommendations of options for creating a solid financial foundation for the heart of your business.

What is so EXCITING for me, I am doing something new, stretching my brain, trying something new using software (Camtasia) I have never explored before that allows me to interact, share and connect with you.

Yes . .  I have been frustrated throughout the process, thinking to myself, "how do I do this," "darn it," "I didn't get this segment quite right," "how in the heck do I do this." When I was frustrated I got up walked away, and came back to it 30 minutes later and said, let's get it out, it doesn't have to be perfect. (That was this morning)  I allowed myself to play.

I am so COMMITTED to making a difference, it doesn't need to be "perfect".

The benefit of watching me explore trying something new is to encourage you to explore.

This life is a process of learning, and YOU are here to explore and learn.

From me to you - I want YOU to learn how to create a solid financial foundation for the heart of your business.

I want you to breathe, allow yourself to get frustrated and be with your frustration, walk away and come back and play.  Just give yourself permission to PLAY, explore and learn.  Create an adventure.

It's time . . to get it done . . WATCH THIS VIDEO and share with me below, what your commitment is to the heart of your business.

Your Chief Heart Officer - Debbie

Vulnerability . . . .HELP isn't a four-letter word

"When we were children, we used to think that when we were grown up we would no longer be vulnerable.  But to grow up is to accept vulnerability. . . . .To be alive is to be vulnerable. Madeline L'Engle

When I read this over the weekend, I thought of us, you and me and the topic around finances, the heart of our business.

There is an illusion of vulnerability when asking for help around finances.  Even when we admit "I don't know how to ...... (insert here) or I don't know where to start . . . . (insert that here)

Somewhere along our journey of life we were taught vulnerability is a weakness.  So then there is this illusion of "I have to protect" . . . . my ego, my heart . . . (insert what needs to be protected here).

It is a mistake to think that vulnerability is a weakness.  Being vulnerable means being open and receptive.  And to remain open to our journey of life with our business requires strength and conscious action.  Openness and receptivity invites what shows up in our lives to flow.

Have you ever noticed, what you resist, persists?

And when you resist emotions of frustration, irritation, and disappointment, the feeling of helplessness appears.  I read in the January 7th, 2012 Science of the Mind daily guide, "Emotions were designed to emote, as an outward expression of your soul's feelings for the human experience. They allow you to experience life in an intimate and personal way."

Hear this . . .There is no right or wrong, good or bad emotion.

When we allow our emotions and vulnerability to flow, we are allowing life to flow and open up to be with what is.

How does this relate to finances, the heart of your business?

There is vulnerability when we don't know how our business is performing.  Tools or key performance indicators (KPI's) that are used to measure performance with business finances are, Revenue , how much $$ in sales is my business bringing in, expenses, how much $$ is my business spending, and profit/loss, how much is my business producing in earnings or losing?

A few other measurements -  how much in cash do I have in my accounts?  Are my bank account balances matched to my book balances? Do I have enough cash to cover upcoming expenses?  What do I need to grow my business?

Using specific systems and tools to project a specific outcome and/or see how your business is performing is the key to the heart of your business.

So what do you need?  What is your next step?  Ask yourself, what do I want to do differently around my business finances?  What new habit do I want to create that will help me build a new muscle and confidence?

When you make a commitment to learn something new and choose to be with and do your finances differently, mountains will move for you.  I promise!

Are you ready for mountains to move?

Below is a contract for you to copy and paste, print and sign to get yourself started.  Hang it on your office wall, or by your computer, somewhere you can see it that will remind you of  the commitment you made to yourself.

Want some kickass accountability, e-mail me your commitment and we will start a conversation.

What a GREAT way to begin a new week and on a Monday!

Your Chief Heart Officer - Debbie

COMMITMENT CONTRACT

I hereby promise that I will commit my greatest effort to build a successful solid organized financial foundation for the heart of my business once and for all, by treating my business with the priority and importance it deserves, and honoring my commitments to myself to do what it takes to succeed.

 

Promised this ______ day of _________________, 20___

Signed by _____________________________________

UPDATED 411 ON 1099'S & REPORTING 2012 INCOME BY PAYMENT TYPE

Below is an update on the 2011,1099 information I spoke of last Friday.  It is this kind of information you do need to be aware of and address for your business finances.  This impacts how you will report your income for 2012. . . .
it is not fun and exciting . . yet it is information you need. 
So ROCK ON with your day and be informed.

If your business accepts credit cards or other forms of electronic payments such as PayPal or eBay, big changes are in store for you. The first change that you will notice very shortly is that you will be receiving a 1099-K from your merchant services provider. The Housing Assistance Tax Act of 2008 requires all businesses that process credit card and electronic payments to send a Form 1099-K to their clients with more than 200 transactions and $20,000 paid to them. If you fail to provide your EIN to your processor they are required to impose a 28% federal tax withholding on you.

The 1099-K requirements went into effect in the beginning of 2011 and you should receive your 1099-Ks by the end of February at the latest.

There is a new requirement that will be in place for your 2012 tax return that you must prepare for right now. Beginning with your 2012 business finances you will need to separately show the amount of income you received from credit cards (and other electronic payments) and the amount of income you received from cash, checks and other forms of payment. You will be required to provide this information to your CPA tax person for tax reporting purposes.

If you hire someone to do your bookkeeping for you, do not assume that they know about this change.  At this time QuickBooks does not have an added feature to help track this new reporting requirement and they were not even aware of it.

For now, when you process Quickbooks payments you are able to choose, cash, check and credit card as a form of payment. I want you to continue to use this feature. I will report back when Quickbooks has a solution or I have figured out temporary solution to address this issue.

Warmly - Debbie

THE DEFINITION OF INSANITY

You have heard this before, right?  The definition of insanity is doing the same thing over and over again, expecting different results.

So here we are, six days into 2012.  The truth is that every minute of every day is an opportunity to "begin again".  It is filled with new opportunities to think differently and to be different.  You don't have to repeat the past.  Stop.  . . right now . . YES, right now and take a deep breath.

So I ask . . what do you need?  What do you need right now to say ok . . I am going to do this.  I am committed to organizing my business finances.

Steps I have shared so far to get you on the road, keep personal finances and business finances separate.  Open a business checking and savings account. Apply for a credit card in your business name.

A word of caution, DO NOT, comingle personal funds with business funds.  It leaves room for the IRS to disallow an expense for your business if you are even audited.

Next step, separate income receipts, and expense receipts.  Income is the revenue your business earns and the expenses are what you spend money on to maintain your business.

Now let's get your revenue and expenses organized.

Find and setup a system that is easy to use and maintain.  Setting up a system properly is the key to keeping it simple and easy. 

I use and recommend QuickBooks, it is easy and a simple system.  Yes, there are other simple systems, you just have to find one that works best for you and that will provide support.  Support is key.

Step one setup for QuickBooks -

Start by creating the chart of accounts for your business.  A chart of accounts is like a story book of the financial events that occur in your business. 

The benefit of of having a Chart of Accounts is tracking revenue and expenses.  You will learn and see which products and services are generating the most or least revenue and expenses tell you where you are spending the least and most of money on your business.

Example - If your business has several different products or services, you can set up the Chart of Accounts to reflect as much detail as you want.

Let me give you a couple of samples from businesses that I work with -

Retail business - cards, clothing, gifts, jewelry.

Gym business - Memberships, Single, joint, family, tanning, Key cards, etc.

Service business that offers products, coaching, product #1, product #2, etc.

Your easy homework assignment - create a list of products and or services that you offer and that you want to track.  We will use this information for creating a chart of accountsfor your business.

Next week, I will cover examples of expenses. 

One last tip for today - when you create a deposit, photo copy the deposit slip and checks to keep track of all money coming in.

The benefit, having the backup/support for each deposit allows you to go back and see the actual deposit if your account does not balance at the end of the month. 

Repeat after me "Cash is KING" and you want to track cash accurately.

Have a PASSIONATE filled weekend and I will connect with you next week.