Eight Five Bookkeeping

09/10/2026

How to handle bookkeeping for new companies

09/04/2026

One of the easiest bookkeeping mistakes to make is misclassifying a credit card payment as an expense.

A credit card purchase is the expense. The payment to the credit card is simply a transfer to pay down the liability.

Getting this right keeps your expenses accurate and prevents you from overstating your costs and understating your profitability.

05/20/2024

Reminder that sales tax is due today (the 20th) for most states if you're filing on a monthly schedule.

05/13/2024

Tip for setting up new 1099 vendor in QuickBooks Online 👇

🔑 Be sure to always select "Track Payments for 1099". This will allow you to easily prepare and file all your 1099's using QuickBook's built in module. Additionally...

✅ Always get a W9 for new contractors
✅Be sure to add a minimum of name, address, and tax ID to the vendor file in QuickBooks and bonus points for email (allows for electronic delivery which will save on paper mailings)

💡BONUS - attach the W9 to the vendor file under attachments so you can reference if needed

That's it!

05/11/2024

Strategic tip for reviewing your month end financials reports ⤵️

Instead of looking at a single month of data include at least three months and format so each month is side by side for comparison. This helps pick out trends, identify errors, and spot potential cost saving areas.

I guarantee this will help contextualize your reports and give you deeper insight into your business, it does for me. Give it a try!

05/08/2024

Reviewing your P&L after a solid month's work is like looking in the mirror after being consistent at the gym.

09/02/2022

This QuickBooks hack is saving me hours

Instead of manually categorizing hundreds of transactions every month. Set up rules to automatically code repeat vendors to the same category.

Example. If you have twenty Amazon purchases a month you can setup a QuickBooks rule to automatically accept those transactions and code them directly to supplies.

What are you going to do with all your extra time? :)

08/31/2022

https://www.unittrac.com/blog/self-storage-cash-flow

Cash flow is the essence of how to stay operational. Learn how to manage it, increase it and keep your finger on the pulse of your business.