Purchase orders can help both buyers and sellers track a transaction. It offers legal protection for buyers and is also helpful for sellers. There are things you may not know about purchase orders, such as the four purchase order types, when to use one over another, and their pros and cons. Here’s what you should […]
No business can survive without bookkeeping, but few small business owners get excited about doing it. Instead, it’s one of those secondary considerations many entrepreneurs assume they’ll have to pick up along the way. And for many business owners, it continues to be an afterthought. You started your business because you had an idea and […]
Accounts payable is central to bookkeeping. It helps small business owners determine to whom they’ll pay debts, and it’s also helpful in noting the amounts on your balance sheet. While you may think accounts payable only refer to short-term debt, there are some valuable things you should know. Here’s what you should know about accounts […]
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 […]
