How to Manage Debt During the Holidays

The season of giving is a special time to appreciate your loved ones for everything they do. To avoid feeling like the Grinch, most of us decorate our homes and gift our loved ones with thoughtful surprises. This joyful mentality usually leaves no one debt free after the holidays.

By the new year, some of us look back and question how we racked up so much debt. Instead of feeling stressed, do yourself a favor by making a plan to tackle debt early. Prosperity Concierge is your go-to bookeeper for debt counseling. We help you get and stay debt free with our financial coaching and bookkeeping service located in Reno, Nevada.

Ways to Manage Holiday Debt

This year we decided to give you a gift that will last a lifetime. Here are five ways to help you manage debt during the holidays.

Create a Holiday Budget

During this time, we all get bitten by a bug that makes us feel so merry and bright that we overspend. Creating a budget is a great way to manage how much you CAN spend. Not only does this approach help you identify where to shop, but it also helps you avoid adding to your debt. You shouldn’t feel obligated to buy gifts and to go into more debt. If you truly can not afford it, don’t buy it.

It is important to make a budgeted list and check it twice. By doing this, you can adjust gift ideas as you go. Experiences like movie tickets, escape rooms, and spa days are all great inexpensive gifts that people enjoy and will remember more than tangible items. This pre-planned list will stop you stay debt free.

No Spend Challenge

You're probably not alone if you've never heard of the “no spend challenge”. Many of us are guilty of enjoying a few personal pleasures each paycheck. This challenge asks you to cut out some (or all) of your leisurely spending during the holidays.

Depending on your holiday budget, you can customize this challenge. Some people may only have to go a week without spending for themselves while others may keep it going all month long to meet their goals. This challenge will supply you with extra cash encouraging debt free purchases.

Compare Prices by Shopping Online

There are a variety of reasons we love shopping in stores, but comparing prices online gives you access to the best deals around. That doesn't mean you have to give up the fun associated with retail therapy. We just ask that you use technology to your financial advantage. For example, feel free to compare prices while shopping in store on your mobile phone.

Make A Plan to Tackle Debt

Get Organized

Many of us own a variety of credit cards but don’t know how to pay down debt efficiently. The first step is getting organized by assessing how much debt you owe. This will help you prioritize what cards need to be tackled first.

Change Spending Behavior

The first thing you can do in this process is STOP using credit cards. Cut them up. Most Americans use their credit cards as if it is free money and then become buried in debt payments that they can no longer afford. Start using cash or your debit card to make purchases. Only buy what you can afford in cash.

Make changes in your spending habits. Make temporary sacrifices such as eliminating your daily coffee shop or dining out. This is key to becoming debt free and building wealth. Once you are debt free and wealthy, you can have guilt free coffee from your favorite shop.

Prioritize Your Debts

We prefer the debt snowball. List all of your debts from smallest balance to largest balance. Make minimum payments on all debts except for the smallest. Pay that smallest debt off first by throwing as much money at this as possible, always making more than the minimum payment until it is gone. Then take that money you spent on the previous debt and move on to the next debt creating a debt snowball. Small victories create a sense of accomplishment and motivation to keep going. Before you know it you will be debt free!

Reno Bookkeeping Services Here to Help

The concept of debt is a widespread phenomenon, but how you manage it is essential to your financial success. Let our Reno Bookkeeping team help guide you to financial prosperity. We help the Reno community become debt free with our one on one debt counseling.

Visit us online to see all the counseling services available to you or schedule a consultation with our team. Prosperity Concierge offers you the finest consulting services. Our goal is to help you create substantial wealth and fortune to empower you for many years.

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3 Reasons Why You Need a Financial Coach

Are you having trouble balancing your budget or getting out of debt? Good news, there's hope.

Imagine you're training for a triathlon. It's one of the hardest athletic events in the world. It involves biking, running, and swimming all in the same day. Most triathletes rarely train for something like this by themselves. They get a team or a coach in their corner to train for each part of the race . This helps athletes run faster, swim smoother and bike harder.

Being physically fit is similar to being financially fit. And the best way to get fit is to have somebody training YOU to build the money muscle. That's where a financial coach comes in. As the owner of Prosperity Concierge in Reno, I'm here to help get your finances into shape and set you up for financial freedom.

What is a financial coach?

Many ask; what does a financial coach do? Basically, financial coaches work as your instructor and advocate, helping to set up your short and long-term financial goals.

Many people are apprehensive to reach out for help when it's their money. It is a personal topic and often involves many emotions. It can be tough, but recovering from debt and building wealth is easy when you have the right team.

If you're not sure about how to save, learn about investing or balance a budget - that's where I come in. Here are just a few tips to ease your mind on why you should consider using us as your next financial team:

1) Helping you save more and spend less

The goal here is to work together. Let's say you want to go over your budget for the next month or you're having trouble saving 15% of your paycheck. Financial coaches want to make sure you're setting clear goals and have visibility over your finances.

I like to meet with clients when it's convenient for THEM. We meet for coffee or wherever they feel most comfortable to go over their expenses. I want to make sure we set goals that help you put more in the piggy bank and know where every dollar is going throughout your budget.

2) Coaches get you out of debt faster

Debt can be crippling. The mere thought of looming payments and increasing interest rates can cause anxiety and panic. Many of us have experienced spending frenzies, new accounts, compulsive buying, and risky investment behavior. Everyone makes mistakes and we are here to help teach you how to avoid them. Here's the good news: there is a way to become debt-free!

Prosperity Concierge will help you list out all your debts to help you tackle each one with long-term solutions. Paying off debt is great, but learning to stay out of debt is priceless. Debt management may be stressful - but a financial coach wants to show you there is a light at the end of the tunnel.

Not only do we help manage your debt, but we can help improve your credit score and manage your expenses to prevent having to use those accounts.

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3) Lessons for the present - and the future

Again, financial coaches are like teachers. At Prosperity Concierge we want to help you develop the skills to pay off debt and stay debt-free. Give us a call today, we're here to give you a roadmap to your future.

Wealth building begins with breaking old habits and creating positive new ones. For coaches, we want to push you to saving that extra change, not being scared to look at your checking account, and passing the lessons on to those in your circle to create generational wealth and healthy buying behavior.

Ready to get somebody in your corner?

We know how important accurate financial management is for growing wealth. If you invest your time with us, the return will come in more than a rising bank account and credit score. You will gain knowledge you can take with you through life and retirement.

Christine Matlock is a local Reno bookkeeper and financial coach who’s proficient in handling business expenses, creating budgets, using QuickBooks, and developing financial confidence. See how she can help your business improve its bottom line! Connect with her today!

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Podcast: Benefits of Hiring a Bookkeeper with Christine Matlock

Listen to my podcast Benefits of Hiring a Bookkeeper with Christine Matlock. This podcast was done by my long-time friend and coach, Ben Florsheim. To check out more of his podcasts click here.

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Tips from a Reno Bookkeeper: Why Tax Deductions Are Important for Small Businesses

When it comes to owning a small business, every dollar that you save can help grow your company. One of the easiest ways you can retain more of your revenue is with tax deductions. Also called tax write-offs by many, tax deductions help lower your tax liability (reduces your taxable income) and lessens your tax bill at the end of the year.

Determining what meets the IRS’s definition of a tax deduction isn’t as cut and dry as some may think, however. A Reno bookkeeper can help your small business manage your financial statements and organize your tax write-offs for maximum savings. Learn more about tax deductions below, and connect with a Reno bookkeeper from Prosperity Concierge for small business bookkeeping services that are customized to meet your needs.

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What are Tax Deductions?

As stated above, tax deductions lower your taxable income and, as a result, the amount of taxes owed. Deductions, or write-offs, are expenses that a business owner incurs over the course of the fiscal year that can then be applied against their gross income. Typically, tax deductions are expenses that have been made to produce additional income. These tax write-offs are essentially subtracted from your taxable income to determine how much tax will be owed at the end of the year. It’s important to note that tax deductions are subtracted from your income before you calculate your tax and are not subtracted directly from the taxes you owe.

The IRS has determined that tax deductions must be deemed as either ordinary or necessary for the functionality of your business in order for it to pass as a legitimate write-off. Let’s clear up some of the ambiguities of tax deductions.

Ordinary business expenses

An ordinary business expense is one that’s classified as being “common and accepted” in your industry. This may include advertisement expenses, purchasing common supplies, and business travel costs. A majority of businesses in any industry have these types of expenses, making them ordinary.

Necessary Business Expenses

A necessary business expense is classified as being “helpful and appropriate” for your trade or business. These are expenses that need to be made for you to operate your business but aren’t essential for all businesses. Each industry has different needs, so what might be necessary for one business may not be necessary for another. For instance, if your business is related to the construction industry, you’ll likely have to purchase expensive heavy-equipment to operate accordingly, whereas a hairstylist needs shears and hot tools to do their day-to-day job. Each example is used to help boost profits in their respective industry’s but wouldn’t be an appropriate expense in a different industry.

So, What Qualifies as a Tax Write-Off?

Many business owners are worried about what the IRS considers to be a plausible tax deduction that they simply don’t record any deductibles and wind up owing much more on their taxes than they should. If you have a legitimate business expense, don’t be afraid to claim it for your taxes. If the expense is truly ordinary or necessary for your business then taking the deduction is worth it. To determine what qualifies as an ordinary or necessary business expense, ask yourself a few questions:

Is it directly related to my business?
In what way is this expense related to my business operations, services, or products?
Has the expense been deemed non-deductible by the IRS?
Can I justify the expense to an IRS auditor?

Examples of Tax Deductibles for Small Businesses

Home office costs including utilities, insurance, etc.
Startup costs for your first of business
Interest on borrowed money
Advertising and promotions/marketing
Charitable contributions
Wages and payroll taxes
Retirement plan contributions
Education and training
Health insurance coverages
Travel accommodations

Connect with a Professional Reno Bookkeeper

Christine Matlock, owner and founder of Prosperity Concierge, knows just how important accurate financial management is for your small business. As a small business owner herself, Christine has spent much of her time prioritizing financial recording for maximized earnings.

Christine is a local Reno bookkeeper and financial coach who’s proficient in handling business expenses, creating budgets, using QuickBooks, and developing financial confidence. See how she can help your business improve its bottom line!

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What is the Purpose of Reno Bookkeeping?

In business, bookkeeping is the backbone of your entire accounting process. Utilizing bookkeeping services can help you make better operating, investing, and financing decisions so you can efficiently run your business and grow your company. Keeping a detailed record of your daily financial transactions, from income to business expenses, helps you stay organized and allows you to stay on top of your finances more easily. Knowing how important bookkeeping is, now’s a good time to learn more about the accounting process and how to properly manage your own books. Our Reno bookkeeper at Prosperity Concierge can help with that!

If bookkeeping is something you or your business is struggling with, be sure to connect with our experienced professional. Christine Matlock will provide you with the best bookkeeping services Reno, NV has to offer.

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The Purpose of Bookkeeping

Bookkeeping serves two critical purposes: to properly record all business-related financial transactions and to communicate the results of those activities. This requires each and every financial transaction, whether it’s money coming in or going out, to be documented, sorted, and reviewed. While ensuring that transactions are accurately recorded is crucial, it’s just as important to interpret those results so that you can make adjustments in your business’ financial practices accordingly.

How a Professional Bookkeeper Can Help Your Business

Bookkeeping is no simple task and having it done correctly is key to managing your finances. Proper bookkeeping requires a high attention to detail and a knack for organizing. This can take quite a bit of time away from other aspects of your business, which is why many companies are utilizing Reno bookkeeping services to help manage their finances.

Our Reno bookkeeper will help you analyze your current financial position, organize your books, and make sure all business transactions are up to date and accurate. Other than the obvious benefits this has, such as having full control and transparency of your finances, accurate bookkeeping provides many advantages.

For instance, you’re able to address potential problems early on mitigating the risk of creating further financial damage. It’s easy to fall behind on your books, but the quicker you can address an issue with your revenue or cash flow the better. Another way proper bookkeeping can safeguard your business is it helps ensure you stay compliant with tax obligations and other aspects of business law. Your company’s tax information depends on the accuracy of your financial books, so it’s crucial that they are always kept up-to-date. If your company relies on an investor to support your business, having clean, organized financial records can help secure their continual support.

Reno Bookkeeping Services from Prosperity Concierge

Stop stressing about your finances and get expert Reno bookkeeping services with Prosperity Concierge today! We will help you make appropriate decisions with your money so you can reach your financial goals without complication. Schedule your free consultation with our trusted Reno bookkeeper below and take back the reins on your finances. We offer a comprehensive list of the best bookkeeping Reno has to offer. Our knowledgeable financial coaches are ready to help you. Connect with us today!

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Tips for Small Business Owners: How to Properly Organize Your Books

In this time of unprecedented uncertainty and confusion, small businesses have been under immense pressure. From managing new regulations to trying to keep staff on board, a lot of small business owners have been left out to dry which makes it imperative that you are keeping track of all your finances. Not to mention, tax season has just passed, and IRS attention would cause even more problems for your business. This blog will offer some small business development tips from a trusted Reno bookkeeper on how to properly organize your books.

Keep Your Personal and Business Finances Separate

This is the first step to complete a financial organization, and if you start off unorganized it is extremely difficult to try to clean up the mess. At first, incorporating the two can seem unharmful, but can quickly spiral out of control. Set up a business account strictly for your business needs so you can maintain a budget, organize accounting records, and keep your business finances in order.

Bookkeeping Software

Bookkeeping software is now the easiest and most efficient way to keep track of your books. These types of software have been around for a while, but they are now incredibly user-friendly and personalized. It may take some trial and error to fully understand the software, but it will save you loads of money, time, and stress in the future.

With this type of software, you can easily keep track of your accounts payable, receivable, payroll, bank accounts, and inventory. If you’re still crunching and entering numbers manually, we highly recommend you start trying out some new software. This way you can still keep the paper documents while learning the software.

Choose a Good Small Business Credit Card

Having a good credit card can be your secret weapon as a small business owner. Small business credit cards offer an abundance of perks like higher credit limits, discounts on business supplies, reward programs, and reporting tools. With all these perks you can easily build up your credit and eventually lower your interest rates.

Leave an Audit Trail/Backup Your Files

Leaving an audit trail means printing records of everything at the end of each month—or quarterly—and hanging on to all invoices and checks. This can help you retrace your bookkeeping, improve accuracy, prevent fraud, and find missing transactions. When running a small business, everything counts.

You should also be prepared for a computer crash and loss of data. Make sure you are constantly backing up and checking your bookkeeping software in case your computer decides to quit on you. If you do happen to be all-digital, it could be a good idea to start printing and saving paper documents as well.

Prepare Financial Statements

As with backing up your files monthly, you should also prepare―and thoroughly analyze— your statements monthly. This includes balance sheets, income statements, and cash flow statements. If you do this personally, you will be able to see your business through a different lens and be able to identify and correct problems in a timely fashion.

Reno Bookkeeping Services

Prosperity Concierge was founded—and owned by—Reno bookkeeper Christine Matlock. As a small business owner herself, she understands the range of issues a small business owner with no corporate protection must face on a daily basis, and one of the most time consuming is bookkeeping.
Christine is a local Reno bookkeeper and financial coach who’s proficient in handling business expenses, creating budgets, using QuickBooks, and developing financial confidence. Christine is eager to improve the financial stability of your small business through Reno bookkeeping, financial coaching, and consulting. Connect with us today to schedule a meeting with Christine!

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Your Questions Answered: Advice from Christine Matlock - Reno Bookkeeper and Financial Coach

Anyone who runs their own business knows how much work, passion, and commitment goes into it. Though being a business owner isn’t easy, it’s 100% worth the perseverance and dedication that you give it. While you’re busy trying to build your empire, who’s focusing on your finances? If you’re doing it yourself, which most business owners are, how do you balance it all?

Creating a successful business takes a lot of time and effort from you, but it also requires some outside resources. For you to focus on important business objectives like creating new ideas and opportunities, you need to hire some professionals to help you maintain your other business essentials. Consider hiring Christine Matlock for Reno financial coaching and bookkeeping services. Here’s some more advice from the professional herself.

What advice can you give me on running a successful business?

My best advice - hire a bookkeeper and a business coach right away. Be sure to have an attorney, CPA, and insurance agent relationship for those business needs and join a networking group like BNI to start making connections. At Prosperity Concierge, we offer Reno financial coaching and bookkeeping services tailored to meet your specific financial needs. Along with this, we’ll recommend preferred business partners for your business as well. Instead of searching for a CPA or an attorney yourself, let us do it for you. We can refer you to the right people to help your business run as smoothly as possible, giving you the gift of time while increasing your bottom line.

How do I choose the right payroll service for my business?

Choosing the right payroll service depends on many things, such as:

How Many Employees You Have
If You Offer Benefits or Not
Whether or Not You Operate in Multiple States
And What Your Workers’ Compensation Insurance is Like

If you have one or two employees, then maybe an online payroll service like Gusto or Intuit Quickbooks payroll is the right fit for you. However, if you have ten or more employees, you may want to go with a specialized company such as BBSI, which offers more than just payroll. They can assist with recruiting, workers’ compensation, drug testing, and other human resource tasks. Prosperity Concierge is here to help you decide how to run your payroll by partnering with Gusto, Intuit, and BBSI for payroll and Reno bookkeeping services. Payroll services are not expensive and are highly recommended. Let Prosperity Concierge guide you to the right payroll and bookkeeping services in Reno, NV for your business.

What are some tips you have for budgeting money throughout the month?

“Budget” can be a dirty word - but it doesn’t have to be. To us, budgeting simply means telling your money where to go instead of wondering where it went. A budget doesn’t always have to be restrictive. We can help you find ways to save money and build wealth, all while still enjoying life with our Reno financial coaching services. We can certainly help you with an intense budget with strict guidelines to help you pay off debt fast and make some behavior modifications. Having a written budget with all of your monthly expenses listed and your monthly income accurately accounted for each month is key to financial success. And prioritizing the essentials like housing, utilities, clothing, transportation, and food is critical. Most of these categories have a consistent amount each month and leave you with peace of mind knowing what has to be paid and the money you will have left for other bills.

Consult a Reno Bookkeeper and Financial Coach

Prosperity Concierge can help you assess your finances to determine the best ways to use your hard-earned money. Do you have vacation goals? Want to buy a house? We can help with our financial coaching and bookkeeping services in Reno, NV. Let’s start building wealth and leave a legacy of financial literacy for your children and generations to come!

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