Modern Ledger

News & Tips

Ah, the holidays! A time for twinkling lights, eggnog overload, and wondering why you waited until now to wrap up all those year-end accounting tasks. You’re not alone. Like fruitcake and awkward family dinners, year-end financials are unavoidable. But fear not! With a sprinkle of holiday spirit and a dash of humor, you’ll make it through. Maybe even with your sanity intact. 1. Check Those Lists (Twice) Just like Santa, accountants need to check their lists. Invoices, receipts, expense reports – everything needs to be in order. If there’s a missing receipt for a $5 coffee from June, don’t spend hours hunting it down. Instead, embrace the holiday wisdom of “Let it goooo…” and focus on the big-ticket items. 2. Close Those Books (And Maybe a Few Doors) Closing the books isn’t exactly sipping-hot-chocolate-by-the-fire fun, but it’s crucial. Ensure all entries are posted, accounts reconciled, and journal entries closed. When in doubt, picture Scrooge overlooking your ledgers. You don’t want to be haunted by the Ghost of Year-End Past. 3. Inventory – The "Joy" of Counting Things Nothing says “Happy Holidays” like counting every paperclip and coffee pod in the office. Conducting a year-end inventory might not be festive, but hey, at least you’re burning off those cookie calories while you count. Pro tip: Resist the urge to estimate "about 1,000" for everything. 4. Budgeting for Next Year – A New Year's Resolution New year, new budget! If your 2024 budget went up in flames like a Yule log, now’s your chance to start fresh. Plan realistic goals, and leave room for unexpected expenses – like Karen’s inevitable “emergency” need for glitter pens. 5. Celebrate Your Success If you’ve made it through year-end accounting, give yourself a round of applause and a large mug of whatever holiday drink you fancy. It’s been a marathon of numbers, spreadsheets, and mild existential crises. You deserve a moment of joy (and maybe a nap). Remember, year-end accounting is like untangling Christmas lights: frustrating but satisfying when you finally get it right. So take a deep breath, power through, and know that soon you’ll be on the other side… ready to do it all again next year. Cheers to surviving year-end tasks, a true holiday miracle!

As winter blankets everything in frost, it’s easy to wish our books could hibernate until spring. But numbers don’t take a snow day, and neither can we! With year-end reports, tax season prep, and holiday spending all colliding, winter can turn bookkeeping into a flurry of work. Here are some tips to help make your winter bookkeeping as smooth as freshly fallen snow. 1. Deck the Halls...with Receipts While most people are putting up holiday decorations, bookkeepers are decking the halls with receipts. ‘Tis the season to track every last transaction. Be vigilant about gathering all those expense receipts, from gift purchases to business lunches. Pro tip: Instead of letting them pile up in a drawer like last year’s tinsel, scan them immediately and save digital copies. There’s no “I’ll get to it later” when it comes to receipts—they have a way of melting away like a snowman in spring! 2. Bundle Up for Year-End Close The year-end close is like stepping outside in a blizzard: a bit intimidating, but you know you can handle it. Take the time to review accounts, reconcile all balances, and make necessary adjustments. It’s the accounting equivalent of layering up—once you’re bundled up with accurate numbers, you’ll stay warm all winter. If there’s an item that’s out of place or an expense that seems frosty, tackle it now. The last thing you need in January is a chilly surprise! 3. A Snow Day for the Books Winter offers some downtime (and maybe even a snow day or two), so why not use it to your advantage? Take this time to streamline your bookkeeping process. Are there steps you could automate? Perhaps a cloud-based accounting system that tracks expenses, invoices, and revenue for you? Think of it as giving your books their own set of thermal gloves. 4. Don’t Let Taxes Sneak Up Like Black Ice Winter is fun and games until tax season sneaks up. Start prepping now by organizing financial documents, checking deadlines, and reviewing deductions. It may feel like shoveling snow before the storm, but future you will be grateful. And if you need help, remember, accountants and bookkeepers are there to make sure Uncle Sam doesn’t leave you out in the cold. Wrap-Up: ‘Tis the Season for…Balance Sheets? Winter may be cozy, but bookkeeping waits for no one. With a little planning and a commitment to stay on top of the details, you can glide through the season’s financial tasks with ease. So grab a cup of hot cocoa, fire up the calculator, and tackle those numbers with a smile—after all, a little warmth goes a long way in the world of bookkeeping.

The year is winding down, and as we approach the holiday season, the last thing you want to worry about is scrambling to get your finances in order. Whether you’re a small business owner or a freelancer, having your bookkeeping set up and ready to go before year-end is crucial for reducing stress, saving time, and ensuring a smooth start to the New Year. To make it easier, we’re offering an exclusive deal that will help you hit the ground running in 2025! Here’s the Deal: We’ll Cover 6 Months of QuickBooks Online Fees!* We know that choosing the right tools to manage your finances is essential. QuickBooks Online (QBO) is one of the most trusted and powerful platforms out there to handle your bookkeeping needs, but the costs can add up over time. That’s why, if you sign up for our bookkeeping services before the end of this year, we’ll cover the cost of the first six months of your QuickBooks Online subscription. Why QuickBooks Online? QuickBooks Online is an intuitive, cloud-based accounting software that makes managing your business’s finances simpler and more efficient. With QBO, you can: Track income and expenses effortlessly Generate reports that give you clear insights into your financial health Send and manage invoices directly from the platform Integrate with other apps to streamline workflows Having a clear, organized system for your books is key to maintaining a healthy business, and QuickBooks Online is the best way to do it. Whether you’re new to bookkeeping or just want to upgrade your current system, QBO will save you time and frustration. Why Set Up Your Bookkeeping Before Year-End? The end of the year can feel like a mad rush, especially when you have year-end reporting, taxes, and other tasks looming. But setting up your bookkeeping now will help you avoid unnecessary stress in the future. Here are just a few reasons why getting your books in order before year-end is a great idea: Tax Season Made Easy With proper bookkeeping in place, your accountant will have easy access to all your financial data. This can make tax preparation faster and more accurate, helping you avoid mistakes that could cost you. No last-minute scrambling to organize receipts or hunt down important documents. Understand Your Business's Financial Health Having up-to-date financial records allows you to take a closer look at your cash flow, expenses, and profit margins. This is an excellent time to review the past year and make any necessary adjustments to your budget or strategies going into the New Year. Save Time Bookkeeping isn’t just about number crunching. It’s about understanding your business’s financial story and ensuring that every transaction is recorded correctly. With everything organized and entered into QuickBooks Online, you can save hours of work every month. Plus, when you automate many of your financial processes, it will take even less time to maintain your books. Reduce Stress We all know that business owners wear many hats, and managing finances can be overwhelming, especially when things get busy. Setting up your bookkeeping before year-end will help you start the New Year with a clean slate, free from the worries of last-minute paperwork and financial chaos. How We Can Help Getting your bookkeeping system set up the right way isn’t just about using the right software — it’s about ensuring your financial records are accurate, organized, and easy to manage. Our expert team will guide you through the setup process, helping you integrate QuickBooks Online into your workflow and get it working for you. Here’s how we can help: Custom QuickBooks Online Setup: We’ll tailor the software to fit your business needs and make sure it’s set up for more efficiency. Data Migration: Already using another system? No problem! We’ll help you move your data over to QuickBooks Online. Full Service Bookkeeping: Let us take care of the day-to-day bookkeeping, so you can focus on growing your business and living your life. Why Wait? Get Started Today! This special offer is only available for a limited time — sign up for our bookkeeping services before December 31st 2024, and we’ll cover the cost of your first six months of QuickBooks Online. That’s up to $594 in savings, plus the peace of mind that comes with knowing your books are in good hands. Don’t wait until the New Year to start thinking about your finances. By setting up your bookkeeping now, you’ll enter 2025 ready to focus on what really matters: growing your business with confidence, clarity, and less stress. Contact us today to learn more about how we can help you get your books in order before year-end — and let us take care of the rest! [email protected] www.modledger.com 262.353.3151 *If bookkeeping services are terminated prior to the 6 months of use, Modern Ledger will only pay for the months of QuickBooks Online fees that you pay for bookkeeping services.

Thanksgiving is just around the corner, and while many of us are dreaming of roasted turkey, stuffing, and that elusive perfect pumpkin pie, there's another feast that deserves attention: the buffet of numbers, spreadsheets, and financial reports on our accounting plates! So, grab your plate and let’s dish out some insights on how accounting resembles a Thanksgiving feast (with a little less gravy). 1. The Turkey: Your Core Financial Statements Just like Thanksgiving, dinner wouldn't be complete without the turkey (or tofurkey!), your business wouldn’t be complete without its core financial statements. The Balance Sheet, Income Statement, and Cash Flow Statement are the “main course” of your financial feast. Imagine if the turkey was missing from Thanksgiving—there'd be chaos, people would leave, and nobody would be full. Similarly, if you’re missing your core financials, you're missing the meat of your business’s financial health. Make sure your numbers aren’t dry (like some turkeys we’ve tasted) and that they're seasoned with accurate data for everyone to digest! 2. Stuffing: The Hidden Costs Stuffing is delicious, but it's also the dish that hides a lot. From spices to bread crumbs, who really knows what’s in there? Hidden costs work the same way. They tend to sneak into your financials without anyone noticing—things like shipping fees, maintenance, or those “just one more” software subscriptions. So, this Thanksgiving, take a minute to dig into your costs. Ask yourself: Are they necessary, or are they hiding a little too comfortably in your books? A deep dive might reveal a few unnecessary “ingredients” that could be trimmed. 3. Cranberry Sauce: Accounts Receivable and Accounts Payable Cranberry sauce is divisive; some love it, others avoid it entirely. In your business, Accounts Receivable and Accounts Payable are a bit like cranberry sauce—sweet on one side and tart on the other. Getting paid on time is sweet, but paying others? A little less sweet. Balance these two carefully. Thanksgiving isn’t about drowning everything in cranberry sauce, and neither is accounting about holding onto unpaid invoices. Keep your ARs fresh, settle your APs timely, and make sure your cash flow is ready to handle the holiday season! 4. Gravy: Cash Flow Management Gravy makes everything better. Just like cash flow, it’s the “sauce” that keeps your business moving. But too much or too little can throw the whole meal out of whack. Pour it generously, but watch the consistency—no one wants lumpy gravy, just like no one wants inconsistent cash flow. With Thanksgiving around the corner, double-check your cash flow. Do you have enough to handle any year-end expenses or seasonal purchases? Make sure your cash “gravy” is smooth, predictable, and ready to keep everything in harmony. 5. Pumpkin Pie: Year-End Projections Pumpkin pie is the grand finale of the meal, and your year-end projections are the last course in your financial strategy. Are you on track to meet your goals for the year, or is there some last-minute seasoning you can add to make things sweeter? Take this time to analyze your year-end goals and any holiday trends in your industry. Look for opportunities to bring in extra “dessert” revenue or cut back on expenses so you can head into the New Year with a nice financial finish.