Setting up Your Business Accounting System

Posted on 25. Feb, 2020 by in Accounting, Bookkeeping Articles, Small Business Tips

You’ve done the hard work. You have a new business idea or you’ve found an existing business to purchase. Want to help ensure your business success? Pay attention to correctly setting up your business’ accounting system. Here’s how: Consider business entity. Choosing the right legal and tax entity for your business is important. Consult experts […]

Continue Reading →

Get Finance-Savvy with 10 Accounting Terms

Posted on 16. Dec, 2019 by in Accounting, Small Business Tips

It’s good to know some basic accounting terms, and here are ten terms with friendly definitions for your review. Asset:  Essentially, assets are what you own.   These include your bank accounts, business equipment, and even the amounts that customers owe you. Revenue:  Revenue is what you make.  Another word for it is Sales.  You generate […]

Continue Reading →

Understanding Cost of Goods Sold

Posted on 03. Dec, 2019 by in Accounting, Small Business Tips

The account on your income statement called Cost of Goods Sold can be confusing to non-accountants. In this article, we’ll attempt to de-mystify it and explain how it works. Cost of Goods Sold is an account in your Chart of Accounts that is a very special type of expense.  It is the amount of direct […]

Continue Reading →

The Short and the Long of It

Posted on 21. Nov, 2019 by in Accounting, Managing Finances, Small Business Tips

The balance sheet is one of the main financial reports for any business.  Among other things, it shows what a company owns, what they owe, and how much they and others have invested in the business.  One of the characteristics of a balance sheet is how it separates what you own and what you owe […]

Continue Reading →

What Is Real-Time Accounting (and Why Should You Care)?

Posted on 20. Nov, 2019 by in Accounting, Small Business Tips

Real-time accounting is when your books are caught up to the present and you know exactly where you stand with your account balances, revenue, and profit.  It’s truly doing your accounting in real time. The opposite of real-time accounting is getting your books done once a year (or worse, being years behind).  When you wait […]

Continue Reading →