Articles
Accounting Entries for the Purchase of a Vehicle
Keeping accurate books can be a challenge for small businesses. Small businesses are usually able to track their income in an accounting system. Some manage to track expenses. But few actually take the time to track their assets. This results in inaccu…
6 Common Bookkeeping Mistakes
We get it. Bookkeeping is a chore. It is a chore that takes time and energy that could be focused on growing and building the business. As bookkeepers, we have seen it all. Here are six common bookkeeping mistakes we see businesses ma…
Top 3 Reasons to Switch to an Online Accounting System
Online accounting systems have now advanced to a point where they can give traditional stand-alone accounting software a run for their money. In fact, we have now moved most of our clients to online accounting systems. We did this as we have found that…
Tips for Hiring New Workers
Most businesses require employees. While employees can help get things done, they also require quite a bit of work to ensure that the process goes smoothly. For small businesses, this is often an afterthought. Taking time to bring an employ…
The Cash Flow Statement for Accrual Method Businesses
The cash flow statement is a report that shows the cash generated and used during a specified time period. The cash flow statement is particularly important for businesses who keep their books using the accrual method. Cash Flow Statements for Ac…
Financial Statements: What You Need to Know
A business’s ability to generate earnings consistently over time is a major driver for investors and a key for the business’s financial management to understand the past, current and on-going financial position. Financial statements can greatly aid in …
Understanding Debits & Credits
The accounting formula is assets less liabilities equals owner’s equity. The bookkeeping process categories transactions into subcategories under these three broad categories. How the transaction is recorded depends on whether the transact…