Your bi-weekly dose of bookkeeping and small business financial tips to help you make sound financial decisions with confidence.

Happy Wednesday, Reader!

I heard your feedback from our poll earlier this month. You wanted to know which reports to run in Quickbooks and how often, read on!
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​Upcoming Tax Due Dates Reminder

• June 17, 2024: Estimated Quarterly Tax Payments Due for Q2
• September 15, 2024: S-Corp and Partnership Extension Deadline
• October 15, 2024: Individual and C-Corp Extension Deadline

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Today's News:

IRS Updates on Mileage Rates The IRS has announced an increase in the standard mileage rate for business use of a car, van, pickup, or panel truck. ​ ​Starting July 1, 2024, the rate will be 62.5 cents per mile. ​ Make sure to update your records and adjust your reimbursement policies accordingly.

Understanding and utilizing reports effectively can provide you with crucial information to keep your business finances in top shape.

Here are the reports you should be running regularly:

Profit and Loss Statement (P&L)
​When to Run: Monthly, Quarterly, and Annually

• Your Profit and Loss Statement provides a snapshot of your business's revenue, expenses, and net income. This report helps you understand the overall profitability of your business and identify trends over time. Running this report monthly allows you to make informed decisions and adjustments as needed.

Balance Sheet
​When to Run: Monthly and Annually

• A Balance Sheet gives you a summary of your business's financial position at a specific point in time. It lists your assets, liabilities, and equity. Regularly reviewing this report helps you keep track of your business’s financial health and ensures that your assets and liabilities are balanced.
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Cash Flow Statement
​When to Run: Monthly

• The Cash Flow Statement shows how cash moves in and out of your business. It's essential for managing liquidity and ensuring you have enough cash to cover your obligations. Monitoring cash flow helps you avoid cash shortages and plan for future expenses.
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Accounts Receivable - Aging Report
​When to Run: Weekly

• This report details outstanding invoices and how long they’ve been unpaid. Regularly running this report ensures you stay on top of your receivables, improving cash flow and reducing the risk of bad debts.

Accounts Payable - Aging Report
​When to Run: Weekly

• The Accounts Payable Aging Report helps you track your outstanding bills and when they are due. Staying on top of your payables helps maintain good relationships with vendors and avoids late fees.

Expense Report
​When to Run: Monthly

• An Expense Report details all your business expenses. Regular review of this report helps you manage spending and identify areas where you can cut costs or reallocate funds more effectively.
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My definition of innovation is always providing value to the customer.

That's why I've created new products to help business owners, like you, master their financials and help keep their books organized and accurate. Check out all of our resources on our website, from videos to our free monthly bookkeeping checklist!

Explore our resources and make smart financial decisions for your business.

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I'm here to help you navigate your financial landscape with confidence. If you have any questions or need assistance with your QuickBooks reports, don’t hesitate to reach out.

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​– Amber

Dogwood Mtns Business Services​
​Helping Service-Based Businesses Thrive Financially

Brought to you by Dogwood Mtns Business Services LLC.

113 Cherry St #92768, Seattle, WA 98104-2205
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