As a business owner, you likely borrow money to help fund your startup. And when you need a business loan, lenders typically charge you interest. So, what is interest?
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General Ledger - Tips, Training, and News
Modified Cash-basis Accounting: How Does it Differ From Other Accounting Methods?
As a small business owner, you need to track your income and expenses. And to organize your business finances, you must select an accounting method. One method you can choose is modified cash-basis accounting. Learn the ins and outs of the modified method, how it differs from other accounting methods, and its advantages.
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Use a Suspense Account for Questionable Transactions
Sometimes, you don’t have all the necessary information for accounting. Missing or incorrect details can derail your bookkeeping efforts, but you need to record every transaction. Use a suspense account when you’re not sure where to record general ledger entries.
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Keep Your Business’s Books in Shipshape With a Month-end Closing Procedure and Checklist
As a small business owner, you may find yourself struggling to keep up with your business’s books. As soon as you know it, another month has passed and you’ve fallen behind recording transactions.
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How’s Your Small Business General Ledger Lookin’?
Your business’s general ledger plays a significant role in forecasting the financial health of your company. But if you’re slacking on your general ledger entries, your business could suffer the consequences.
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Do You Know How Temporary vs. Permanent Accounts Differ?
As a business owner, you are likely familiar with certain accounting accounts, like your assets or expense accounts. But did you know that each account can also be labeled as a permanent or temporary account?
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How Do a Debit and a Credit Fall in Love? The Matching Principle in Accounting
If you’ve ever sent an invoice to someone who planned to pay later, you’re probably using accrual accounting. It can be hard to keep track of finances when you’ve accrued payables and liabilities. But, using the matching principle can help you stay organized. The matching principle in accounting states that you must report expenses in […]
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Crunching the Numbers: Setting up an Accounting System
Software is a popular type of accounting system you can use to streamline your bookkeeping process. Depending on the software you choose, you can save your time and money and focus on what matters—running your business. But first, you need to know about accounting software setup. Lucky for you, our guide makes setting up accounting […]
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What Is Bookkeeping? The Truth Is in the Numbers
Whenever you make a sale or purchase, the amount of money your business has will change. Keeping track of your business’s financial transactions is key to your business’s future. Luckily, those sales and purchases create documents such as invoices and receipts. Bookkeeping tracks your finances through the documentation that your business creates on a day-to-day […]
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What Exactly Is an Error of Omission? Getting to Know This Common Accounting Mistake
Your business lives and dies by your ability to buy and sell products on a competitive margin. But, you may take for granted why bookkeeping is important to the health of your business. Several mistakes—like errors of omission—can get in the way of keeping accurate books
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