Bookkeeping
The Cash vs. Accrual Method of Accounting
A business has the ability to record transactions on a cash or accrual method of accounting. This is one of the first accounting decisions a business has to make. It is also one that a business has to evaluate on an ongoing basis. The benefit of using …
Plan for Quarterly & Annual Bookkeeping Tasks
Reasonably up-to-date books can be used to make financial decisions. Business can make changes and to seize opportunities. They can also show lenders and investors that the business is serious about doing things right. But even with compute…
Quickbooks Online: Working With the Bank Feed
Quickbooks Online can automate some bookkeeping tasks. The process of importing transactions via the bank feed is one example. Simply connecting the bank and having Quickbooks Online download the feed does not produce accurate financials. &…
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…
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…