Why Worry About Expenses?

 What Are Expenses?

    Expenses are the money you spend to run your business. The big question is why worry about them? Here are a few basic reasons:

• You will know how much money your business is making.
• You will lower the amount you have to pay in taxes.
• You will need them organized if you are audited by the IRS.
• You will stay within your budget.
• You can grow your business by knowing how much cash flow you have.

How Often You Should Track Expenses?

    The exact timing will vary, but the general times are daily, weekly, monthly, quarterly, and yearly. Here are a few common items and a recommended schedule:

• Small expenses should be tracked either daily or weekly.
• Most set expenses will be on a monthly basis.
• Estimated Quarterly Tax Payments, and often Sales Tax Payments usually are on a quarterly schedule.
• Yearly expenses are important to keep track of because it is easy to forget things that only come once a year.

Ways to Keep Track of Expenses

    There are many ways to keep track of expenses, and this is a personal choice that works for you! There is no right or wrong way, as long as it gets done. Below is a list of some common ways to track your expenses, and keep them organized:

• Use any type of spreadsheet. ( There are  a lot of free ones found on the web.)
• Use accounting software. (There are many types of both free and paid software, so choose the one that most fits for you.)
• Hire a Bookkeeper or Accountant ( If you have a small business, then a Bookkeeper can be a great choice for you. If you have a more complex business, then an Accountant may be a better choice.)
• You can keep it as simple as a notebook, however, this is not the recommended way. This is not the preferred method for and IRS audit and may end up costing you money.

    This information is not a huge news flash, but I wanted to take it down to basics today. The method is not as important as the doing. Expenses are a big deal because we all need to know how much our business costs us. 

PAYING LESS FOR OUR SERVICES DOES NOT EQUAL LESS VALUE

        Every small business deserves the opportunity to have the support that will allow them to grow and thrive. The prices we set for our services are because we believe that each dream should have a chance to become reality. There are many that charge triple the cost of our services, but a strong desire to help as many other small businesses as possible made my choice of pricing easy.

    The average cost of firms, if you google the cost of bookkeeping, show up at $500-$2500 per month. What? This price is not attainable for many small businesses, and it prompted me to sit down and think about a pricing model that will allow a majority of even the smallest businesses to have the opportunity.

    This in no way means that our business does inferior work. The ongoing education is part of this industry, and we fully believe in making sure we can give the best service to you by the willingness to use research and education to stay up with current changes.

    The support we offer to you goes beyond what most firms feel is necessary. We believe in becoming your partner to share your business with others. There is nothing that helps small businesses grow more than growing a network.

    

    For local businesses we also offer a mobile service that includes coming to your business to save you time and money. The businesses outside of our pick-up service area will be able to snap a photo and upload all documents, we do the rest for you. That service is always available.

    There are so many reasons that I could go on and on, but I will end with this sentiment. You are the reason we are here, and that we have lower prices than most. The passion we feel for small businesses, and the desire to see them all succeed, along with the knowledge that understanding where your business stands financially is not optional made the choice for us. 

       

 

WHY HIRING A BOOKKEEPER CAN ACTUALLY SAVE YOUR BUSINESS MONEY

We have all heard the expression, time is money, right? Well, it is actually the most valuable commodity we have. Why? Because you can't replace it or get back time that has past. This leads to the question of how much time do you spend keeping your books? Most small business owners do not have extra time to spend on this area, so it gets neglected. After all, there is so much that needs attention right now! This neglect can end up costing a huge price. More small businesses close due to cash flow than any other reason. If you are not taking care of your books, it is easy to lose track of how much you are spending compared to how much you are making in income.

 By hiring a bookkeeper the time consuming job of keeping up with all revenue and expenses can be passed on. With one less thing to do, you can use the time you save for making more income with your business. You will also always be informed on where your business' financial health stands. You will have a partner that can show you exactly where your money is coming from and where it is going.

 Having someone that can explain the process can show you what is working for your business, and what is not working. This allows you to make changes faster, which keeps you from losing money. 

You will be assured that everything is in order for tax time, that all documents are secure, and are backed up in case of a disaster. This part alone takes the stress out of tax time, and can save you more money by ensuring that all income and expenses are being accounted for. 

Between saving you time, lowering your stress level, saving you money on taxes, and being another tax deduction for the cost of the services, you get a partner in your corner willing to help you achieve success in your business. I call that a win/win situation.

We are ready to become your partner today! Our bookkeeping and tax services are designed to help other small businesses without costing a fortune. It is easy and free to get a consultation with us, just click the Book Now Button to schedule an appointment. The most valuable thing we can offer you is the time to run your business by sharing your load, and we will be happy to do that for you.

Thanks Everyone,

Misty Rodriguez

 MDR BOOKKEEPING AND TAX SERVICES, LLC

Hello Everyone,

I am new to blogging and I thought I would start by introducing myself and my business! My name is Misty, and two years ago I began a new career in the tax preparation field. For seven years prior to that I was a small business owner in the crafting industry. To say I have a passion for small businesses is putting it mildly. That is what lead me to this business today. I found a love of bookkeeping and tax preparation, and a need to help other small businesses with this task. What a lot of folks find tedious, I truly enjoy! Thus, MDR Bookkeeping and Tax Services, LLC was born in March of this year to partner with other small businesses to help them with their business' financial health. 

There are many other interests that have a deep place in my heart. To get lost in the creative process is a joy. I began learning to sew last year, and enjoy seeing what comes of my imagination when I pick up a piece of fabric. There is such satisfaction in seeing things in your home that you make. I also still make candles, and a few of my own body care products. Reading and learning new things are a huge part of my being too. That is a good thing with all the changes that come each year in the tax field. 

My husband and I have been married for 19 years, and we have two spoiled rotten babies. Their names are Luna and Kiera. Luna is a chihuahua/ jack russell mix, and Kiera is a tiny little mix of multiple breeds. These two pretty much run our home, and our life revolves around them. We live in a rural area of North Carolina, and this was my birthplace. We met and married in Texas, and often talk about moving back there, maybe one day we will.

I am a pretty simple person, with a sometimes complicated mind. I am very introverted, and being social is a struggle for me. It is one of the things that can be considered my biggest weakness. Please, bear with the process as I learn to share with others, both here and on my social media sites. This process will take time and I invite you on the journey with me, to give pointers, encouragement, and even criticism when necessary. I also invite you to share your story with me. That is the best part, is learning other view points and gaining knowledge from others experiences.

The thing is desire most is to build collaborations with other small business owners, for my belief is strong that we are the backbone of this nation, and every nation. We are a special breed of people that believe in our community, helping others, and joining together when the hard times come. We sacrifice much with compassion and love, to offer our support to those in need. We lift up those we believe in at all times, and create the uniqueness that each town calls it's own. No two of us are alike, yet we are the same.

One last thing that might be important to know, at times I can ramble, I can go on and on. My mind usually is in a scramble that causes me to jump from subject to subject. If you find me hard to understand, please let me know. I will be happy to try and explain, and will learn as I go!