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JBFA Blog

Checking your bank balance is not enough!

Last week focused on the key to being ready for unseen issues that arise; that is preparation and organization of your financial paperwork.  Today, I would like to like to address what to do with that financial information and why it is vitally important to keep it organized.  A financial program or app is a necessity. Checking your bank balance online every day is not...
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This is NOT about COVID-19

This short article is however about a blind spot you may have found in your business as a result of the global pandemic we were thrust into.
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Is Bookkeeping a priority?

As bookkeepers, we think this one is a huge mistake! According to the Small Business Administration, 28 percent of companies go bankrupt due to problems with the financial structure of the company. However, many of the problems could have been avoided by establishing good accounting practices.  The biggest practice that can save your business is to record everything. From a coffee bought during a business...
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NJ Poised to Crackdown on Employee Misclassification

Written by Fox Rothschild LLP New Jersey employers should expect to see a significant expansion of investigations into misclassification of employees as independent contractors. Such investigations have always presented risks and costs to employers, but recent portentous announcements by Gov. Phil Murphy’s administration indicate that the cost of misclassification could soon increase exponentially.  By way of background, employee misclassification occurs when an employer classifies workers...
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Assuming Profits Always Mean Cash Flow

The first post in our 8 mistakes accountants make series is all about how profits dont always mean cash flow.  First let us define three key terms: profits, revenue, and cash.  Profits: Profits is an accounting concept that depends on a lot of imposed timing constraints for sales, costs, and expenses. Revenue: Revenue is money coming into the business. For most accounting and financial analysis...
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