Ask any business owner; profit is the name of the game. It is literally the bottom line. Business 101: increase revenue and decrease expenses to get more profit. First rule of business, we all know it. We know it well. So naturally, when [family member/friend] offers to do your books at a steep discount (or …
3 Tips for When Your [insert family member here] Does Your Books Read More »
Seriously, how is this a bad idea? Here’s some stats: (Bench.io retrieved form: Bench Article) (Intuit.com retrieved from: Intuit Article) (Sage.com retrieved from: Sage Article) … oh yeah! Got your attention now, don’t I? What is this magic that a bookkeeper brings to your business? Let’s imagine your books are like the ones …
As a business owner with a set of “books”, you’ve probably come across this thing called the “Chart of accounts”. What is this, and why is it so critical to consider? So here’s the skinny: the chart of accounts is the literal backbone of your business bookkeeping. (Psst, your books are the backbone of your …
Simply: the secret to managing cash flow in a business. When a business takes every dollar that comes in and assigns it a job, amazing things start to happen. There are so many ways to do this, but that is not what this blog is about. What we get asked most is how to establish …
When it comes to managing our finances, taxes play a significant role in determining our overall financial health. As taxpayers, we often seek ways to minimize our tax liability legally. Two common strategies used to achieve this goal are capitalization and deduction. In this blog post, we will explore the differences between capitalization and deduction, …
Everyone talks about how bookkeeping is a great way to prepare for taxes. That’s the first thing people think of when they think of “bookkeeping”. Ok, true. Having sound accurate up-to-date books certainly gives you a leg up for tax time. Having a valid Profit & Loss statement gives the accountant information that will streamline …
Greetings, esteemed finance enthusiasts! Today, let’s discuss something that might initially appear counterintuitive to some: why income is actually a credit. I know, I know, it sounds peculiar, but do bear with me! First, let’s establish a definition of “income.” Income, in finance, refers to any financial gains you receive from various sources, such as …
Building a client’s banking is usually the first step, then getting the preliminary forecast constructed. Next, reviewing the Chart of Accounts in the bookkeeping software to ensure that all reimbursable and deductions are captured, then looking at receivables followed by payables. Reconcile every previous month’s account, including the Paypal, Stripe or Venmo accounts you may …
5 Biggest Bookkeeping Mistakes & Tips to Avoid Them Read More »
Are you tired of boring bookkeeping practices? Well, have no fear because the golden rule of bookkeeping is here to spice up your financial record-keeping game. Introducing: double-entry bookkeeping. You might be thinking, “Double the work? No thank you.” But hold on, because double-entry bookkeeping is actually like having a built-in fact-checker for your financial …
The Golden Rule of Bookkeeping: Double-Entry or Double the Fun? Read More »
Let’s start with the basics. Picture a faucet over your kitchen sink. It’s running, not full force, not a trickle. That’s your cash flow. Your sink also has a drain at the bottom, perhaps a drain catch. Sometimes that drain catch is completely blocking the water from draining, sometimes it doesn’t black it all, and …
