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, …
