Piggymojo Partners With Brooklyn Federal Credit Union

Brooklyn Cooperative Federal Credit Union, a nonprofit, low‐income designated credit union, will offer the Piggymojo solution to new and existing account holders to boost savings balances. Piggymojo uses goal visualization, social commitments, and mobile and online technology to help consumers quantify and enjoy the act of not buying. Research shows that impulse buying provides momentary satisfaction, but hinders savings efforts and contributes to debt. The goal of the Piggymojo project is to help low‐income earners increase their savings by motivating and enabling them to make ‘impulse saves’ that retain the satisfaction element of impulse buying without the financial costs. This project will integrate the Piggymojo solution with Brooklyn Cooperative’s core platform so that the impulse save results in money actually moving from the user’s checking account into a savings account.


Kashoo is online accounting software for small business. The fee is $9.95 per month. Synchronize between web and mobile. Does invoicing. Can view and import bank accounts. Kashoo looks like a good alternative for freelancers or very small businesses.

Take Five: Opt-Out, Boost Your Savings and Take a Bookkeeping Seminar

Back in the day (early 90s), I used to get excited to get solicitations from credit card companies because I thought it meant that I was credit-worthy. Now I can’t stand getting them. If you hate receiving them too, then you can opt out.

How to avoid a tax audit: Being self-employed can unfortunately raise a red flag and be the focus of the IRS’s attention.  The good news is you can avoid a tax audit by not rounding off numbers, and deducting home office accurately.

A great way to avoid any problems with your taxes is to take a bookkeeping seminar. The Freelancers Union is offering an online bookkeeping seminar on September 29.

Improve your savings. Here are some tips on how to do it.

Invest smartly. Check out Plantly, a new site that creates an investment plan based on YOUR goals.

Has The “Quickbooks Killer” Arrived?

I have been writing about small business accounting, bookeeping and personal financial application for a while now.  It’s been exciting to new start-ups come up and make business cycle operations easier, but none have been able to everything that Quickbooks. Today I got an email from Working Point, and I think that they may have done it. I will try it out later, but wanted you know about this news.

We’ve been hard at work on our banking integration and we are excited to announce that the “foundation has been laid!” We know that this is a feature that you are excited about as well so, we have decided to break the feature into 2 parts so we could give you access as soon as possible.

The first part of our banking integration offers Premium subscribers the ability to view financial institution account balances in WorkingPoint. WorkingPoint can securely connect with over 4,800 bank and credit card providers, including PayPal. Connecting to your financial institutions is easy and administrators can set up connections in just minutes. By creating a simple connection between your financial institution accounts and your bookkeeping accounts where you track your business activity in WorkingPoint, you gain real-time insight into your actual cash and credit card liabilities all from where you manage your business: WorkingPoint.

2009 Bookkeeping Year-End Checklist

The end of the year is upon us, and it is time to get organized with your accounting records.  If you have not done so already, I would   highly recommend getting on a robust accounting system for your business.  Check out Outright, Freshbooks, Less Accounting or whatever works best for you.

It’s not an exhaustive list but a good guide to ensure that you are ready for the end the year and tax time.  Some of the tips I got from the National Association of Certified Public Bookkeepers (NACPB).

  • Enter final transactions for the year. Pay bills, people and other expenses.
  • Enter ALL cash receipts for business expenses (taxis, business meals,subway, train)
  • Reconcile all your accounts and enter any missing transactions.
  • Work on reducing receivables (Follow up with clients/customers to get paid)
  • Write-off bad debt if necessary, but work on getting paid by customers/clients first.
  • Make IRA or 401K contributions and donations to charity to reduce taxable income
  • Make all asset depreciation entries (only applicable for equipment that you had put on a depreciation schedule)

Organize: Make Life Easier on Your CPA and Understand What Happened During The Year

  • Collect all bank statements and business credit card statements for the year.
  • Make sure you have check register.
  • Inquire from your CPA as to what reports, form and any other documentation are needed.
  • Ask if year-end reports should be on a cash basis or accrual basis
  • Back up the accounting file in case of any data loss
  • Send a copy of your Income Statement and Balance Sheet to your accountant at the end year to get an idea what your taxes will be in March 15 (quarterly) and/or April 15 (personal income tax deadline).

Employee/Independent Contractors

  • Order 1099-MISC forms (Independent Contractors)  and W-2 forms (Payroll Employees) early. The forms are much cheaper if buy at Staples then via Quickbooks.
  • Get Independent Contractors current mailing address and  SSN.
  • Calculate the total payments made to them for the year.
  • You can file 1099s online.  The deadline for when are sent to independent contractors is January 31.