Money Tips for Homeschool Leaders: Don’t Ignore Your Balance Sheet

 

Do you know what a Balance Sheet is?

Homeschool board members don’t understand a balance sheet, so it is often ignored, but Carol Topp, the HomeschoolCPA, explains why that is a big mistake. In this short podcast she explains what a balance sheet is and what are red flags in a Balance Sheet that you should look out for.

You’ll be a better informed board member after listening to this podcast episode.

 

In the podcast Carol mentioned the Balance Sheet (or as she prefers to call it the Statement of Financial Position). Here is what it might look like for a homeschool organization:

Featured resource

Carol Topp, CPA has written a book just for homeschool treasurers:

Money Management in a Homeschool Organization

  • Does your homeschool group manage their money well?
  • Do you have a budget and know where the money is spent?
  • Do you know how to prevent fraud?

This 115 page book will help you to open a checking account, establish a budget, prevent mistakes and fraud, use software to keep the books, prepare a financial statement and hire workers. Sample forms and examples of financial statements in clear English are provided.

 

Carol Topp, CPA

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How to Read a Financial Statement for Your Homeschool Group

 

When your homeschool treasurer hands you a financial statement, do you know what you’re looking at?

HomeschoolCPA Carol Topp explains how to read and understand the statement of revenues and expenses better known as the Profit and Loss or P&L . This  15 minute podcast will help your treasurer prepare a statement that is easy to read and understand.

 

In the podcast Carol mentioned the statement of revenues and expenses better known as the Profit and Loss or P&L. Here is what it might look like for a homeschool group:

Featured resource

 

Carol Topp, CPA has written a book just for homeschool treasurers:

Money Management in a Homeschool Organization

  • Does your homeschool group manage their money well?
  • Do you have a budget and know where the money is spent?
  • Do you know how to prevent fraud?

This 115 page book will help you to open a checking account, establish a budget, prevent mistakes and fraud, use software to keep the books, prepare a financial statement and hire workers. Sample forms and examples of financial statements in clear English are provided.

 

Carol Topp, CPA

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Painless Homeschool Class Registration

 

Do you find registering classes in your homeschool group to be a dreaded chore? Seth Lowery from LoveMyGroups.com offers an online service called The Hub. It was built with homeschool groups in mind. Hear about how The Hub will make registration and accepting payments for classes easier!

 

In the podcast Carol mentioned

 http://www.lovemygroups.com/thehub-features/

Featured resource

Homeschool Co-ops: How to Start Them, Run Them, and Not Burn Out

Have you ever thought about starting a homeschool co-op? Are you afraid it will be too much work? Do you think you’ll have to do it all by yourself? Starting a homeschool co-op can be easy! This book Homeschool Co-ops: How to Start Them, Run Them and Not Burn Out will give you ideas, inspiration, tips, wisdom and the tools you need to start a homeschool co-op, run it and not burn out!

Click Here to request more information!

 

Carol Topp, CPA

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Accounting Software for Homeschool Groups

 

Does your homeschool group use software to manage it’s finances?

It’s something you should consider. Carol Topp, the HomeschoolCPA, discusses when you should use software and offers  her opinion on software that’s best for homeschool groups.

 

In the podcast Carol mentioned:

QuickBooks Online. You may be eligible for a free version of QuickBooks Online. I wrote about it here: Use QuickBooks Online for free

Wave Accounting. I set up a small nonprofit on Wave recently. It’s working for them and it’s free!

Aplos Software which is popular with nonprofits and churches.

Ace Money Lite free personal finance software

 

Featured resource
Carol Topp, CPA has written a book just for homeschool treasurers:

Money Management in a Homeschool Organization

  • Does your homeschool group manage their money well?
  • Do you have a budget and know where the money is spent?
  • Do you know how to prevent fraud?

This 115 page book will help you to open a checking account, establish a budget, prevent mistakes and fraud, use software to keep the books, prepare a financial statement and hire workers. Sample forms and examples of financial statements in clear English are provided.

 

Carol Topp, CPA

Save

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Why Your Homeschool Group Needs to Do a Bank Reconciliation

 

Is your homeschool group reconciling your bank account every month? You should be!

Carol Topp, the HomeschoolCPA, explains why bank reconciliation is the most important task you should do to manage your group’s finances. But don’t let your treasurer balance the checking account! It should be someone else. Listen to the podcast to understand why.

 

 

Featured resource

Carol Topp, CPA has written a book just for homeschool treasurers:

Money Management in a Homeschool Organization

  • Does your homeschool group manage their money well?
  • Do you have a budget and know where the money is spent?
  • Do you know how to prevent fraud?

This 115 page book will help you to open a checking account, establish a budget, prevent mistakes and fraud, use software to keep the books, prepare a financial statement and hire workers. Sample forms and examples of financial statements in clear English are provided.

Carol Topp, CPA

Save

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Preventing Fraud in Your Homeschool Group: Separation of Duties

What’s the best way to to prevent fraud or mistakes in the finances of your homeschool group?

It’s called separation of duties and Carol Topp, the HomeschoolCPA explains why your treasurer should not be doing all the financial tasks in your homeschool organization. In this 12 minute podcast episode Carol explains how you can separate and share the money management tasks.

 

In the podcast Carol mentioned a list of suggestions to prevent fraud.

Excerpt from Money Management in a Homeschool Organization on preventing fraud (opens as a pdf)

 

Featured resource

Carol Topp, CPA has written a book just for homeschool treasurers:

Money Management in a Homeschool Organization

  • Does your homeschool group manage their money well?
  • Do you have a budget and know where the money is spent?
  • Do you know how to prevent fraud?

This 115 page book will help you to open a checking account, establish a budget, prevent mistakes and fraud, use software to keep the books, prepare a financial statement and hire workers. Sample forms and examples of financial statements in clear English are provided.

Carol Topp, CPA

Save

Save

Tax Form 1099-MISC to Independent Contractors

Did your homeschool organization pay an Independent Contractor more than $600 in 2017? Then you need to give them a 1099-MISC form.

Accountant Carol Topp, the Homeschool CPA, explains how to fill out the form, how to get the form, and tips for filing it correctly.

In the podcast Carol mentioned using a 1099-MISC filing service like Yearli.com. Email Carol@HomeschoolCPA.com for a discount code worth  15% of their prices.

 

Featured resource

Are you paying workers in your homeschool organization? Can a volunteer be paid? Should a worker be treated as an employee or independent contractor? Do you know the difference?

Homeschool leader and CPA, Carol Topp, has the answers to your questions in her book Paying Workers in a Homeschool Organization.

This 130 page book covers paying workers as employees or independent contractors. There are alos chapters on paying volunteers and board members. It includes sample forms, tips and advice to help you pay workers in accordance with the IRS laws to help your organization pay their workers correctly. Written specifically for homeschool organizations.

Click Here to request more information!

Carol Topp, CPA

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More of Unplug the Christmas Machine

 

Carol Topp, Homeschool CPA, continues unplugging Christmas by explaining the 4 things children really want for Christmas:

Children want realistic expectations about Christmas gifts

and

Children also want an even pace to the holidays.

Carol shares tips how to do give children what they really want and need at Christmas. Her ideas come from a book she read 20 years called Unplug the Christmas Machine. This was originally broadcast in 2014, but worth repeating!

 

Wishing you a restful and happy Christmas Season.

Carol Topp, CPA

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Unplug the Christmas Machine (Part 1)

What do children really want for Christmas?

It’s not more toys (although they think that!) Children really want time with family and traditions.

Carol Topp, CPA, Homeschool CPA, read a book called Unplug the Christmas Machine and learned how to experience joy and peace during Christmas time.

She gives tips on spending time with your family and introducing simple traditions. This was originally broadcast in 2014, but worth repeating!

 

Wishing you a restful and happy Christmas Season.

Carol Topp, CPA

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Israel recap

 

Ever wanted to visit Israel and walk where Jesus walked or see the Bible come to life?

I had an opportunity to take a 10-day trip to Israel with my oldest daughter, Emily, in October 2017. It was an amazing experience. One I will never forget and I think impacted my spiritual life and thinking on many things.

In my podcast episode this week, I share a bit of what I saw and experienced on our trip. I hope you enjoy it!

We traveled with Pilgrim Tours (on the recommendation of a friend) and were very pleased. They arranged everything: hotels, transportation, food, admissions, etc. I cannot say enough good things about Pilgrim tours! BTW, my daughter Emily needs a gluten-free diet and she loved eating in Israel. The hotels accommodated her diet (there was a ton for her to eat!) and we found several restaurants who understand the GF diet. One restaurant near the Western Wall in Jerusalem had GF pita bread!

Our tour group leader was a Messianic Jewish man from Israel, Ellie, who explained the Biblical significance of the places we visited. We had a large group of 45 people from around the world, but mostly Americans. After spending 10 days together we became like a family, looking out for each other and enjoying time together on our bus and at meals.

Our leader explaining the Judean wilderness where Abraham settled

 

If you get the change to visit Israel-go! It is amazing land, full of history and spiritual significance.

Carol Topp overlooking Jerusalem

And we felt perfectly safe the entire time we were there! Israel loves Americans and we felt welcomed and safe.

I’ll get back to my regular podcast topics-helping homeschool group leaders- in January with a series in money management tips.  Until then I hope you enjoy hearing a bit about the amazing country of Israel!

 

Carol Topp

HomeschoolCPA.com