With over 42 million users and counting, QuickBooks is one of the top accounting software platforms in the world. Though there are many reasons why this software product is so popular today, one of the most common is it’s easy to use and understand interface. QuickBooks can also be described as an automated comprehensive bookkeeping […]
Accounting
7 Year-End Accounting Tips for Small Businesses
The holiday season is full of obligations. In the midst of the present buying, Christmas caroling, and tree trimming, make sure you don’t forget about your year-end accounting. Closing the books at the year’s end is an integral part of running a business. Year-end accounting is your way of making sure your business finances are […]
9 Accounting Best Practices for Truckers
Learning to keep track of your books is important for any business owner. Sound financial information makes it possible for them to accurately maintain their books, file their taxes, and make business decisions. There is a lot of work that goes into maintaining your books and keeping track of your accounts. If you don’t organize […]
A Guide to Small Business Accounting Reports
We live in the age of “big data,” when businesses are expected to do all sorts of number crunching calisthenics to analyze performance, predict results, and improve on success. The volume of data that financial reporting generates daily can overwhelm many small business owners and send them screaming for the nearest paper shredder. But amid […]
What Are the Different Types of Accounting?
If you ask small business owners to identify the different types of accounting, they’ll more than likely name the two methods of accounting they choose from in order to operate their business: cash or accrual accounting. What they may not realize is that these are just the primary accounting methods in one broader type of […]
The Biggest Business Mistakes New Business Owners Make
New business owners are naturally excited about getting up and running. If you’re a new business owner, then kudos to you. You’re doing the hard work necessary to put yourself and your family on better financial footing. But along with the enthusiasm for your new business comes the possibility that you will make mistakes. Minimizing […]
Bookkeeping vs. Accounting
Accurate and complete financial records are essential to the success of any business. Bookkeeping and accounting are two processes business owners rely on to track and understand their finances. Actually, the line between bookkeeping and accounting processes is becoming blurrier all the time. Technological advances in hardware and software have automated many of the traditional […]
3 Financial Statements Companies Need to Understand
There are three financial statements that every company needs to understand, review and produce, on an annual basis, at a minimum. These consist of the Profit and Loss statement (P&L), Balance Sheet (BASH) and the Cash Flow statement. The profit and loss statement, also commonly known as the income statement, shows the changes in the […]
What’s the Difference Between Cash Accounting and Accrual Accounting?
When businesses are formed and start filing taxes, they must pick a specific accounting method. Businesses generally choose between the cash accounting method (also called cash basis accounting) and the accrual accounting method (also called accrual basis accounting). Once a business chooses its accounting method, it has to use this accounting method for all years going forward. […]
4 Classes Every New Entrepreneur Should Take
Being a successful entrepreneur takes plenty of intelligence, creativity, and daring. For some, it’s a role that they seem born to play. For others, it’s an uphill climb full of bumps and bruises, each with its own corresponding lesson in business. Either way, the one thing that’s certain is that the journey of an entrepreneur […]
