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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!

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What Should Be In Your Company’s General Ledger

SkynarBookkeeping / June 11, 2019

As your business grows, collecting receipts in a folder and logging expenses in a notebook just doesn’t cut it anymore. You’ll have to create the general ledger for your company, which is a financial tool that’s essentially a master list of every financial action made within your business. Your general ledger should include your assets, liabilities, and equity accounts, and any changes to these accounts should be listed as they happen. It includes every transaction throughout your company’s lifetime.

How do I format my general ledger?

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Give Your Books The Attention They Deserve

SkynarBookkeeping / February 13, 2019

Your books will either be your best friend or your worst nightmare. Depending on much attention you give them, they’ll treat you accordingly. They’ll help you only as much as you allow. The information you feed them, and how often, makes all the difference. Some common bookkeeping questions being with, “how often should I…” Let’s ensure you and your books are on the same page.

How often should I be adding to my books?

Truthfully, you should be adding to your books every single time there is a cost or income. However, that’s just not always realistic. We recommend sitting down daily, bi-weekly, or weekly. If you sit down for a few minutes at the end of the day or week, to enter your debits and credits, this will ensure your b

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What Makes Up Your Financial Reports?

SkynarBookkeeping / July 26, 2018

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.

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The Best Way To Help Your Bookkeeper Help You

SkynarBookkeeping / January 25, 2018

There’s only one surefire way to help your bookkeeper/accountant help you: COMMUNICATE! Without voicing your opinions, concerns, comments, or appreciation, we will assume everything is fine. Open communication is vital to every thriving relationship, it’s no different for your relationship with your bookkeeper/accountant.

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Contact

Skynar Bookkeeping – Corporate Office – Canton, Michigan
40420 Blythefield Ln
Canton, MI 48188
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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