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Three Vital Reports To Run In QBO

SkynarBookkeeping / January 28, 2020

To keep track of the financial ups and downs of your small business, there are three important reports to reference: balance sheet, cash flow statement, and income statement. Although there are countless other reports, these three will give you the best idea of where your business stands and where it is headed. Each report provides its own window to further understanding the financials of your business. We challenge you to run these reports once a month to maintain a firm understanding of where your small business stands!

New To Your Books? Terms You Need To Know

SkynarBookkeeping / May 8, 2019

If you’re just starting to navigate your books, you may be unsure of some of the lingo. It’s like a different language for those outside of the accounting world, but the more you work with your books, the quicker you’ll catch on. What’s important is to think of everything in terms of your business; these terms provide you with vital information about your company’s standing. Let’s go over some common terms you’ll frequently hear and need to use in order to discuss and understand your books.

Accounting Terms You Need To Know

SkynarBookkeeping / December 20, 2018

Whether you run your own business or just work on the books, it’s imperative to know all the lingo. When you work on your books, these factors will tell you quite a bit about your business’s financial health. We know there seem to be an infinite number of terms in the accounting and bookkeeping world. It’s almost like a different language!

 

The Five Types of Accounts

SkynarBookkeeping / November 9, 2018
By: Rachel Himmelspach

When setting up your books, you must first manage your accounts. The word “account” in bookkeeping doesn’t refer to bank accounts, which one might first think. It actually refers to the different kinds of transactions made, which will all be grouped into their rightful place, a.k.a. “account.” Keep this in mind moving forward. Some examples of accounts are sales, payroll, and inventory, just to name a few.

What Makes Up Your Financial Reports?

SkynarBookkeeping / July 26, 2018
By: Rachel Raupp

Your financial reports tell you everything you need to know about your business - but do you know what they’re saying? Or what all the little pieces mean?

Financial reports are a compilation of all the numbers floating around your company. There’s your Balance Sheet, which supplies you with a detailed look at your company’s financial health at any particular moment in time. It gives you the dollar amount of assets and liabilities in your company’s net worth. This includes fixed assets, inventory, cash, accounts payable and receivable, payroll liabilities, line of credit, and more. The Balance Sheet also tells you the equity in the business.

What Did My Accountant Just Say?

SkynarBookkeeping / September 20, 2017
By: Rachel Raupp

Have you ever left a conversation with your accountant with nothing but confusion, asking yourself “What did they just say?” You’re not alone. We’re here to bridge the gap between accountant and client. Here is a list of common terms you will likely here from your accountant, if you haven’t already, and what they actually mean:

Accounts Payable (A/P): Money you owe to others.

Accounts Receivable (A/R): Money others owe to you.

Asset: Items of value owned by a business. This includes money in your bank, A/R, equipment, vehicles, buildings, and so on.

Bad Debt: Uncollectible A/R.

Balance Sheet: A list of company assets, liabilities and equities for the company.

Cost of Goods Sold (COGS) (a.k.a. Cost of Sales—COS): What it directly costs to produce your product or service. For manufacturing companies, this includes raw materials and the direct labor to make your product. For service companies, this includes the cost of labor to directly service your customer.

Equity: How much you have invested into your business or taken out of your business. This is where any profit from your business will show up.

Liability: This includes all the debts you owe to other businesses, such as A/P, credit cards and loans.

Profit and Loss Report (a.k.a. Income Statement): This shows you how well (or not) the business did for a specific time period (month/quarter/year).

Next time you speak with your accountant,

Contact

Skynar Bookkeeping – Corporate Office – South Lyon, Michigan
13052 Pembrooke Circle
South Lyon, MI 48178
Phone 734-335-7702
Email info@skynarbookkeeping.com
68300 CR 388
South Haven, MI 49090
Phone 734-335-7702
2534 SW 13th Ave
Cape Coral, Florida 33914
Phone 239-361-2100

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