SG Financial Services

Creating financial order out of paperwork chaos

Stale checks

Clean up “stale” checks before the end of the year.   A “stale” check is one that you wrote months ago but it hasn’t been cashed yet.  When you reconcile your bank account each month, it is always the one old thing that is still outstanding.  Either the check was lost in the mail or it was lost after receipt or it is folded up in a wallet.   You need to contact the recipient to see if they still have it and tell them to deposit it immediately.  If they don’t have it, you will need to void it and write a replacement check.  The safe thing is to also “stop payment” on the check with your bank.   It usually costs money to “stop payment”.

QB Mac

I just installed the new 2014 version of QB for Mac.   Very nice!  The snapshot screen is really great.  The Mac version has  changed and improved so much in 5 years.  Very usable and very user friendly.

Before Year End

It is time to start thinking about your full current year financial picture.   Run a current P&L compared to last year.   Project additional net income.  Share this with your tax accountant.  If your income is higher than expected, is there something you can do before the year is over to reduce your tax burden?   Things such as purchases planned for January that maybe you can move to December.   Perhaps you want to consider doing some form of retirement plan contributions for you and your employees.   Your tax accountant can help you with suggestions.