When building a business, this is one of the questions many business owners must deal with on day one. It’s like asking a four-year-old how they like their coffee. It’s a sad truth that life isn’t fair and most new business owners have never been taught the finer points of what cash vs. accrual really …
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 …
Bookkeeping is not hard. Tedious maybe, time-consuming, yes. However, if one does small routines over time, big things happen. One such advantage is the little time it takes to wrap your books for the year. Books that have been kept all year with weekly, monthly, and quarterly tasks require very little for year-end processing. Typically, …
5 DOs and 5 DON’Ts of the New Fall Season Fall officially begins this week and there are some key housekeeping things, fall cleanup if you will. DO keep an eye on your balances. DON’T assume that all your bills are on your budget. DO review your savings. DON’T give in to panic and spend …
…no, that’s not a typo. September (unbeknownst to me at least) is Self-Improvement Month, Disaster Prep Month, Responsible Dog Owner Month, AND National Velociraptor Awareness Month… among other things. So, let’s break this down. In honor of Labor Day (yeah, that’s on the calendar too!) and kids going back to school (disaster!), we are focused …
Responsible Velociraptor Self-Improvement and Disaster Prep Read More »
Reconciliation is one of those painful “best practices” that many business owners avoid, ignore, forget about or put off. In the daily grind, this hardly seems critical. And without bookkeeping software to streamline the process, reconciling your Balance Statement is downright tedious and feels like a waste of time. Reconciliation is like insurance: until there’s …
