Daily Tip

To provide a basic understanding of the bookkeeping process we will be providing some general definitions and guidelines for the next few weeks as well as giving money saving tips and how to take advantage of a slow economy.

Definition:

The two main principles of bookkeeping are debit and credit. If the following directions for debit and credit are strictly followed, a mistake will never be made.

When to debit---

Cash: When you receive it.
The person: When you trust any one.
The person: When you pay any one.

When to credit---

Cash: When you pay it out.
The person: When he trusts you.
The person: When he pays you.

Money Saving Tip:

Let's talk auto insurance. Consumer Guide recently published the results of their readers regarding how long they had been with their current auto insurance provider. The result was 15 years! That is a long time not to shop around and consider the changes within the insurance industry in recent years not a wise way to save money.
Depending on you profile and where you live, you might be able to save hundreds a month by taking the time to shop around.

How to do it.

Start at the Web site of the National Association of Insurance Commissioners and click on NAIC States & Jurisdictions to find your state's insurance department. Most providers comparative premium quotes based on standard customer profiles. If your state doesn't, you can get quotes from insurers by phone or over the Internet. You can also compare premiums from multiple carriers by using independent Web sites, such as Insweb, Insurance.com, and insure.com

The bottom line is you must take the time to shop around and compare rates and coverage. Also consider increasing your deductible to a minimum of $1,000.0. This could save you even more.

Daily Tip

Visit this blog everyday as I and my associates will post new "Daily Tips" to help you save money in business. So, that you can have more money in your personal life. If you have specific questions that you would like us to answer, please send us an email or feel free to post here. I'll answer as quickly as possible.

Cheers!
Pam - Schloemer Bookkeeping Services

Greetings All!

Yes, there are hundreds if not thousands of bookkeeping tips blogs - but I hope you will enjoy my blog and come visit often. Feel free to post me a question via email and I will post an answer online so everyone can learn.