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Number Crunchin' News |
MARCH LUNCHEON MEETING
MINUTES
taken by Holly Adamscheck,
Secretary
Our March luncheon was a pleasant social event, and all who attended enjoyed the camaraderie that is the SBBA! Thank you all for joining us and contributing to our fine organization ~ No further business items covered.
Thoughts and Ideas on Specialized Industries
by Sandy O’Meara, CPA
I am very interested in the soon to be published "QuickBooks for Non-Profits Workbook" from Sleeter.
This brings up the topic of "specialized industries". As bookkeepers and accountants we tend to become quite familiar with the specific industry(s) we work the most with, such as construction, non-profits, restaurants, retail, corporate vs. sole prop vs. p'ships, invoicing and accounts receivable issues, etc. (and I'm sure we can all add to this list!)
Within the SBBA, we could begin by highlighting some of the important differences. For example, I know that credit-card processing/reconciling the bank account is an area that not everyone does and some of us do a lot. Processing payroll and handling complicated payroll problems and issues is also a special area. I would encourage everyone to think about what it is that they have special knowledge of!
As for non-profits, an understanding of the "net-assets model" for financial statement presentation is crucial. I have been working with several non-profit organizations lately and in addition to the challenge of converting an existing set of books into the proper format to track restricted donations, I am finding that there is a learning curve for the managers, executives, finance committees and board members. I am having to educate them as to reporting formats and requirements while they are clinging to their previous familiar reports.
Our job as bookkeepers and accountants is to organize the financial data, and to present the numbers in informative reports that can then be the basis for decisions. We must know enough about the specialized decisions our clients are making so our reports can provide the information to answer the right questions.
For example, managers/owners might ask: is my credit card processor charging me too much?… are my receivables being collected 100%?… do I know whether I made a profit on my various jobs?… are my labor costs proportionate to my revenue stream?… where did all my cash go? (I like that question!), and is there a carry-forward unspent balance on grant funding?
For specialized industries we need to customize our systems and reports to deliver the useful information. And how can we each hone our "specialization"? We can take classes (Adult Ed, SBCC, UCSB extension), go to seminars (Sleeter), hire a consultant (maybe another SBBA member!! or a local CPA), read a book (Borders), and/or research the area on the internet (try www.google.com). I would also recommend taking the time to talk with our clients about this issue. The better we can serve our individual clients, then the more we are worth to them!
SBBA is great because we can all talk to each other! So if there is anyone else out there also interested in the new Sleeter QuickBooks non-profit workbook I would love to hear from you. (omeara@sbceo.org). Thanks! Sandy O'Meara
Submitted By Sandy O’Meara
To check out the "Sleeter Seminar Schedule for 2002": Go To: http://www.sleeter.com/newsletters/mar2002/march2002newsletter.html Submitted By Sandy O’Meara
" School is never out for the Pro" - Jim Williamson
Used an independent contractor or hired a new employee this year?
If you have used the services of an independent contractor this year, remember that specific information about the contractor needs to be reported to EDD within 20 days of either entering into a contract or making payments totaling $600 or more.
In addition, if you have new hires, you need to report them to EDD within 20 days of their start-to-work date.
The EDD now offers the Information Sheet: Reporting New Employees and Independent contractors (DE231Y), which provides detailed information on new employee and independent contractor reporting requirements.
To obtain the information sheet, reporting forms, or more information, please visit the EDD web site at www.edd.ca.gov or call at (916) 657-0529
Source: EDD CA EMPLOYER 1st Q 2002 Newsletter
" The greatest thing you can do for any individual
or any group in your day is to help them find the best"
QuickBooks Quick Tip
When NOT to use the "General Preference " setting "Automatically recall last transaction for this name":
For contractors or any business which uses the "Job Costing" function (the Customer/Job field) via expenses or bills. It is too easy to forget to verify or even check if the new transaction(s) pertains to the memorized Customer/Job, potentially completely distorting Job Cost reports.
Submitted By Monica Dittrich
Editor of this month's Newsletter was Monica Dittrich. Thank you, Vicki St. Martin, for your availability in proofreading this issue! Next Month's editor will be Julie Raffety. A special thanks to Sandy O'Meara for her contributions again this month!
The Not So Fine Print