Comments on: Small business owners: 5 steps to finish your accounting before New Year’s Eve http://www.freshbooks.com/blog/2007/10/22/small-business-owners-5-steps-to-finish-your-accounting-before-new-years-eve/ A blog about our thoughts on entrepreneurship, teamwork, our services, the Web and anything we find interesting. Thu, 09 Feb 2012 17:16:16 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Fixed Assets http://www.freshbooks.com/blog/2007/10/22/small-business-owners-5-steps-to-finish-your-accounting-before-new-years-eve/comment-page-1/#comment-67073 Fixed Assets Sat, 11 Jul 2009 08:53:42 +0000 http://www.freshbooks.com/blog/2007/10/22/small-business-owners-5-steps-to-finish-your-accounting-before-new-years-eve/#comment-67073 How to record depreciation? How to record depreciation?

]]> By: Vito from GREENFlag http://www.freshbooks.com/blog/2007/10/22/small-business-owners-5-steps-to-finish-your-accounting-before-new-years-eve/comment-page-1/#comment-45680 Vito from GREENFlag Wed, 24 Oct 2007 14:25:33 +0000 http://www.freshbooks.com/blog/2007/10/22/small-business-owners-5-steps-to-finish-your-accounting-before-new-years-eve/#comment-45680 Heather, you have offered 5 great tips! May I salute you on #5 in particular, and perhaps add a phrase to help owners go a step further and perhaps enjoy "profit recovery?" IT IS EXACTLY AT THE 90 DAY POINT OF "WRITE OFF" when we need to enlist the services of a partner who believes in "Early, Diplomatic, 3rd Party Intervention," at a controlled cost of about $12 per account! Due to certain issues (#1-diplomacy + #2-high %'s), most owners wait too long in the depreciation cycle to get a good recovery rate (average about 14%!). At GREENFlag we recover over 3x's that %, because our clients use us at 90 days! They feel comfortable because we treat debtors (and owners wallets!) with respect! Plus, we have a free interface with QuickBooks that makes it very simple to use! BTW: I believe that in the US it is only with the "accrual" method that owners can do a real "write-off" and ONLY WHEN THEY HAVE HAD A LICENSED 3RD PARTY DO THEIR DUE DILIGENCE attempting to collect the debt ! All the Best! Vito Heather, you have offered 5 great tips! May I salute you on #5 in particular, and perhaps add a phrase to help owners go a step further and perhaps enjoy “profit recovery?”

IT IS EXACTLY AT THE 90 DAY POINT OF “WRITE OFF”
when we need to enlist the services of a partner who believes in “Early, Diplomatic, 3rd Party Intervention,” at a controlled cost of about $12 per account!

Due to certain issues (#1-diplomacy + #2-high %’s), most owners wait too long in the depreciation cycle to get a good recovery rate (average about 14%!). At GREENFlag we recover over 3x’s that %, because our clients use us at 90 days! They feel comfortable because we treat debtors (and owners wallets!) with respect! Plus, we have a free interface with QuickBooks that makes it very simple to use!

BTW: I believe that in the US it is only with the “accrual” method that owners can do a real “write-off” and ONLY WHEN THEY HAVE HAD A LICENSED 3RD PARTY DO THEIR DUE DILIGENCE attempting to collect the debt !

All the Best! Vito

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