As much as I don't want to nit pick on this one. I'm going to stand my ground on those items being Cost of Sales, even if they are billed to the client, you recognize an expense on them. Otherwise you would be all revenue and no offsetting expense.  I say this having a construction client. Who bills expense every day. The idea of a billable expense is outside of the standard accounting framework. Think Debits and credits at the base level. And Quickbooks at a layer above.    The debit and credit of a billable expense is:   Cost of Sales                                  XXXX      Accounts Payable                               XXXX   At the Quickbooks level, the specific expense is assigned to the customer and attached to the invoice, but that is a QB level issue, not an accounting one.   Whether the expense is related to a tangible item, Cost of Goods sold, or an intangible in the case of service fees required to perform the service to your client, Cost of Sales. It is an expense, and is deductible on your taxes at year end.  ... View more

Social media is hard. I started off very shotgun blast. I talked to everyone who pretended to have a business. It was a lot of people every day and I didn't get much out of it.  I switched my approach, I am community based now. And I make sure that everyone I talk to is more in line with my potential client. Less energy and more return.  I will also say that I don't start every conversation intent to close. I look at it like a farmer planting a seed. It is a stepped approach:   1. Qualify the lead 2. Open dialogue to see if I enjoy talking to them 3. Begin to build a relationship, this is where I offer free advice and try to connect with them personally 4. Maintain dialogue and be a resource until they are ready   This long approach has been more fruitful than the quick approach to close method. It means someone I talked with 2 months ago may only now be turning into a warm lead ready to close. But I have found it to be the most successful approach, and far more effective than my other organic methods.  ... View more

For my regular billings, monthly invoices to clients that are reuccuring I use a similar functionality within the invoicing area. I have found it to be helpful and saves me the effort of reinventing the wheel every month.   But I wouldn't do it for more complex services, if the invoices were different monthly.  ... View more

I would classify that as COGS, like you said.  It isn't a physical item but you bought it for the purposes of performing a service, and are now done with it. It can also be called Cost of Sales, there is no Cost of Services Sold.  Same would be if you were a marketer who did Facebook advertising on behalf of someone else, the money you spend on ads is your COS.    I hope this makes sense.  ... View more

Thank you @ShanaNiederman @Jayme, Depending on your compexity at a minimum I recommend talking with a tax expert. Either an Enrolled Agent or a CPA. I can do my best to answer any questions you may have. I have a client who is in the construction industry so I am comfortable with your niche. ... View more

I think it needs to fit the personality of your firm.   I do send handwritten thank you cards, but I don't think holiday cards will be in my future. I'm not bah humbug, I'm just not festive.   ... View more

I'd be happy to hear anything that Ron Baker puts together but I also picked up an error message, and that was acounting for cookies and browser history. ... View more

The luxury of being able to to have comfort in my ability to provide for my family and accomplish my goals. As well as support my family in their goals.    Or the less dreamy, fluffy version. I want to be able to walk into a Porsche dealership, and choose not to buy something because I don't like Porsche, not because I can't afford it.  ... View more

@AudreyPratt I think in business it is as true as with anything else. Like you said, slow and steady. You can pile through it quickly, and there are times when that is necessary. But it is a marathon, not a sprint.    I have not circled back, because by the time I leave the momentum is lost. I have learned that I missed out on some great opportunities, when I see how my competitors continued to grow and I was left with nothing.  ... View more

I'm impatient. I want things quickly. So, when things don't happen the way I want I get frustrated, and start moving on to the next thing.  I now regularly remind myself when I start deviating from a course or chasing a squirrel to stay focused. But when you run a business, that is your job to do.    ... View more

@JamesOng I will. It is nice to know it is discontinued though.  Trello is good. It has a lot of options but the real power comes from the pay options and I'm being cheap. For me it is the repeatable tasks that I lean on Wunderlist for that you need to pay for with Trello. Overall, Trello is very good as a basic to-do tracker or simple project management suite.  ... View more

I never even looked. But you are right, it was discontinued in favor of To-do. I will have to step my game up. ... View more

@jessbru99568, I use Wunderlist. But only for reoccuring items. A more advanced project management app that is still free is Trello. I use that for more detailed projects, but you have to pay for repeating tasks. That is where Wunderlist comes in.  ... View more

@JamesOng I have an iPad, but it is a bit older. What I've found is that aside from reading, it doesn't provide much value that my smartphone or my laptop doesn't provide, that may be different for other users. It has some limited value, but it isn't an essential part of my workflow.  I will say that I have a pretty conscious view of my workflow. I'm very deliberate, I make it a point to only do essential tasks and cut everything, with regular reevaluation. As a result there are quite a few apps that I was good with for a short period of time, then drifted away from. Some stay essential. But you don't know until you try.  ... View more

As much as it sounds a bit annoying, my phone. It is the central hub of everything I do. Aside from actual accounting services, I can run all my networking and communication through there, and initiate invoice processing if needed too.  ... View more

Discounts for payment of multiple periods forward. There is a reasonably higher cost month to month, compared with paying for multiple months in advance. That is an easy one.  ... View more

Great articles, cash is king and when it comes to the real deal in business net income, is meaningless if you aren't collecting cash. Thank you for sharing these. ... View more

I would do it, they are probably not the type of long term clients you want anyway. So, leave them satisified and pleased with your services and go chase more clients who will see you for the long term value you bring. You never know, they may start to learn what you do to make the magic happen that you do, and just decide it is easier or more cost effective to higher you. And in that case you have converted them to a long term client.  ... View more

I wouldn't say Amateur, the biggest players in the industry operate on the billable hour model. But it is not in line with your clients best interests. So, out of date may be a bit more appropriate.  ... View more

I completely agree with this, if only to manage expectations. Mental agility and the ability to overcome adversity is key to surviving. A big part of that is knowing there is a goal, but there isn't a straight path to follow to get there.  ... View more

@manj8888, the one was a former supervisor. It doesn't happen all the time, but it was an unusually positive and honest working relationship. I try to hang on to those as often as I can.    The trick is the honesty. If I wanted someone to tell me I'm awesome I'll talk to my kids, they are young and don't know any better yet. But candor, that is rare and the only way to really grow personally and professionally.  ... View more

@AudreyPratt, I would like to think it is within the next year I'll be hiring. There is a lot of fear, but I know that if I want to be scalable, I need to be willing to let the reins go a little bit. I will probably outsource through independent contractors, develop processes, and work the kinks out. Then I'll bring someone on full time.    If I were to pick a top priority it would be cultural fit. There is a lot I can teach, but if they aren't a good fit for working with me and willingness to learn than I can't fix that.  ... View more