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Level Up Your Finances
Upcoming Workshops at GFCU
www.mygenfcu.org/education-center
4801 NW Loop 410
Suite 725
San Antonio, TX 78229
1800 St. James Place
Suite 100
Houston, TX 77056
Elizabeth Herrera
Supervisor, CAS(Client Accounting Services)
210.341.2581
Level Up Your Finances
10 Bookkeeping
Blunders & Practical
Solutions To Level
Up Your Finances
Blunder #10
6Level Up Your Finances
Not Using
Software
Using
Incorrect
SoftwareOR
Solution #10
7Level Up Your Finances
Use Accounting Software
*Formally Peachtree
Blunder #9
8Level Up Your Finances
Disorganization
Solution #9
9Level Up Your Finances
Get Organized
Records in one place
Files are neat and organized
by year
Gather contractors info
for 1099’s
(W-9)
Have an offsite backup of your
books
Blunder #8
10Level Up Your Finances
Getting Behind
Solution #8
11
Keep Up to Date
“I will do it tomorrow” doesn’t work in bookkeeping
Make a scheduled routine
Details for a transaction or receipt should be recorded timely
Level Up Your Finances
Blunder #7
12Level Up Your Finances
Inadequate
Chart of
Accounts
Incorrect
classification
of accountsOR
Solution #7
13
Complete COA
Understand what the COA is for
Will keep your costs and expenses separate
Can track different revenue sources
Correct Classification
Set up account types properly
Keep equipment and supplies separate
Separate insurance into home, life, auto, etc.
Level Up Your Finances
Blunder #6
14Level Up Your Finances
Not Keeping Expenses
For Projects Separate
Solution #6
15
• Goal is to be able to determine what projects are profitable
• Keep project expenses separate
• Set profit center by classes, projects and jobs
Classify project
expenses
Level Up Your Finances
Determines what
is profitable
Blunder #5
16Level Up Your Finances
Credit Cards:
Mixing Business With
Personal
Solution #5
17
Credit Cards
Have a “strictly business” credit
card
Avoid using personal credit
card on business
Pay in full to avoid interest or
periodically negotiate rates
Reconcile your statements
Level Up Your Finances
Blunder #4
18Level Up Your Finances
Mishandling Cash
(Payments & Deposits)
Solution #4
19
Use Checks & Credit/Debit Cards
Paying with a card
ensures there is a receipt of
transaction
Avoid using cash for business
Document cash
receipts
Create expense
reports with receipts for
money reimbursed
Create a petty cash account
Level Up Your Finances
Blunder #3
20Level Up Your Finances
Unreconciled Bank
Accounts
Solution #3
21
Reconcile Bank Accounts
Easy way to prevent and/or detect fraud
Use third party to reconcile if needed
Keep separate accounts for each business
Level Up Your Finances
Blunder #2
22Level Up Your Finances
Not Keeping Receipts
For Everything
Solution #2
23
Keep All Receipts
Establish good filing systems
Mark receipt with “cancel”
to avoid reuse
Write details on receipt
such as who, what for and
why
Photocopy or scan receipts (Use smart phone for
convenience)
Level Up Your Finances
Blunder #1
24Level Up Your Finances
Not Hiring A
Professional
Solution #1
25
Hire appropriate
professionals
Accountant
AttorneyPayroll service
Level Up Your Finances
Thank You
Elizabeth Y. Herrera
210.341.2581
www.abipcpa.com
elizabeth-y-herrera/45/b96/728
Upcoming Workshops at GFCU
www.mygenfcu.org/education-center
