How to Clean Up Your Payroll

I’ve spent a lot of time over the last 20 years helping people clean up financial messes.  The messy mess (the smelly smell for Sponge Bob fans) is payroll.

Payroll entries are complicated.  There is the expense to you and the cash requirements and the amount you withhold, then submit, for payroll taxes for you and the employee.  Add in reimbursements, advances and garnishments and, well, before you know it…it’s a mess.   Here are a few tips for getting your Payroll accounts to right, and for staying current and accurate. […]

By |February 18th, 2013|Accounting, Making Money|2 Comments

How to Avoid Employee Theft!

Former worker admits stealing nearly $170,000 from University Plaza Hotel

edited news release from U.S. attorney’s office

2:10 p.m. CST, February 22, 2012

SPRINGFIELD, Mo. — A former employee of University Plaza Hotel and Convention Center in Springfield pleaded guilty in federal court on Wednesday for stealing nearly $170,000 from the hotel. “JM”, 47, of Springfield, waived her right to a grand jury indictment and pleaded guilty before U.S. Magistrate James England to a federal information that charges her with wire fraud. 

Every couple of months, I hear a horror story from a business owner who was ripped off…by one of his employees.  These are sad, sorry tales.  Tales of lies, misplaced trust and broken hearts.  How does it happen?  And how can you keep it from happening at your small shop?   Good questions.  Let’s take a look…

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Are You an Accounting Rookie?

My rookie year…

Once upon a time, I quit my real job (restaurant manager – good salary, benefits and someone to cover for me when I wasn’t around) and went to work for my husband, Hot Rod, in his contracting company.

It was the dumbest decision I have ever made. It was hell. I left my steady paycheck behind and assumed financial responsibility for a sinking-fast company. I was college educated. I graduated Summa Cum Laude with a BS in Business Administration.

The BS really stood for my approach to business. I didn’t know what I was doing. I was the rookie bean counter. And, I didn’t know my asset from my elbow.

I did NOT want to crunch numbers, look at spreadsheets or confront our financial situation. I wanted so badly for a magical bean counter fairy to wave a wand and make millions of dollars appear in our checking account.

“Shouldn’t our accountant handle this?” I fumed. “I don’t have time to figure this out,” I whined. I just didn’t want to deal with the money.

That approach might have worked if we had lots of money. However, we were running out and digging a deep hole of dept. […]

By |February 1st, 2011|Accounting|2 Comments