You have a vision for helping others. Your non-profit can make a difference – if you can finish all the paperwork. You know you need to keep your receipts and records, but you’re slowly finding that bookkeeping is more complex than simply tracking expenses. Bookkeeping for non-profit organizations requires a specific skill set because the […]
You may be wondering: “Why create a chart of accounts?” Even a basic chart of accounts is an excellent way to view your business’s finances. The purpose of a chart of accounts is to aid in decision-making for your small business by tracking transactions and organizing the results in an easily digestible format. In this […]
As your small business grows, so too do your responsibilities. It can be increasingly difficult to devote time to these obligations as your business is on the rise, with tasks like bookkeeping often falling by the wayside. Maintaining accurate and up-to-date financial records is vital to a healthy small business. Without them, it’s difficult to […]
Bank reconciliation is a useful tool if you want to know how to keep good 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 several things that […]
Employees can essentially trust their employers to handle much of the regular work of bookkeeping for them. Their employer keeps track of their income, withholds wages to pay taxes, and then sends regular reports on all of that. Freelancers, on the other hand, are on their own. That’s why bookkeeping for freelancers is critical, even […]
Do you ever wonder about the financial health of your business or how investors perceive your company’s financial stability? This comprehensive guide on creating and understanding a business balance sheet helps answer these questions. We discuss the complexities of balance sheets, highlight their purpose, and the step-by-step process of creating one. You’ll discover how balance […]
Double-entry bookkeeping is a system of bookkeeping that provides a more detailed view of your financial transactions at a glance. The double-entry bookkeeping system also complies with rules and requirements of the US generally accepted accounting principles (GAAP). For those new to bookkeeping, double-entry bookkeeping can seem complex. We’ll break down what you need to know […]
Even the smallest of small businesses have bookkeeping and accounting needs. Small business owners need basic bookkeeping to keep track of income and expenses. It’s essential for filing taxes, but bookkeeping also gives you essential information for making informed business decisions. How are you planning to expand? How many new staff members can you afford? […]
An income statement is one of the key financial statements that can help your business and budget and determine financial performance. 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 […]
Good bookkeeping keeps your company healthy. To do that, you’ll need a general ledger, but what goes into a general ledger?
