There are few documents more critical to small businesses than the invoice. Business owners will have difficulty running their business and making a profit without considering their invoicing system, especially if they offer a service. A company’s invoicing system serves as a tool to record how the revenue is appropriately collected in a small business […]
Double-entry bookkeeping is a system of bookkeeping that provides a more detailed view of your financial transactions at a glance. For those new to bookkeeping, double-entry bookkeeping can seem complex. We’ll break down what you need to know about it, how it works, and how it differs from single-entry bookkeeping. What is Double-Entry Bookkeeping? Double-entry […]
Debits and credits are an important part of organized bookkeeping. The two concepts work together so that bookkeepers can better manage their financial transactions. If you’re not accurately tracking your debits and credits, your accounting could get extremely messy and chaotic. Some differences between the two can affect how your small business conducts its bookkeeping. […]
Bookkeeping is one of the most important aspects of any small business. It is also important that you know the process, whether you work with a bookkeeper or do it yourself. There are pros and cons to each, and there are also things that you should know too. Here is what you should know about […]
Starting a small business can provide you with a wealth of opportunities. Even though accounting and bookkeeping may seem similar, there are notable differences between the two. Here is how accounting and bookkeeping can help you as you start your small business. Why Is Accounting Important for Small Businesses? Accounting is essential for small businesses […]
A chart of accounts is an excellent way for you to see your company’s finances. It provides small business owners with a strategy to see their transactions arranged in several categories. You should know a few things before creating a chart of accounts, especially if you’ll ever plan on adjusting it. Here is what you […]
Bank reconciliation is a useful tool for both external and internal financial records. It can assist you in significant ways to protect your finances. It can also help you determine whether there are errors in your transactions and, if so, how you can correct them. However, there are two things that you should know about […]
Accounts receivable are an essential aspect of your business’s finances. Accounts receivable are legally enforceable claims for payment held by a company for goods supplied or services rendered that customers/clients have ordered, but haven’t yet been paid for. What is Accounts Receivable? Accounts receivable is goods, money, or services owed to a business. Accounts receivable […]
An income statement can help your business and budget. It’s a helpful tool to monitor your spending and figure out how to allocate money. If you’ve never made an income statement before, don’t sweat it. We’re here to walk you through everything you need to know to get you started on the right track. What […]
A balance sheet is an essential tool for businesses of all sizes as it tracks how your business earns and spends money over a certain period. Your balance sheet also gives investors and potential investors insight into your company’s operations. Before you create your balance sheet, here are a few helpful things to know. What […]
