Accounting is an essential component of every business regardless of size. It’s important to keep in mind the basic do’s and don’t’s of accounting that not everyone may know, but should! These are common and often unnoticed mistakes that can lead to future problems.
Cash Flow vs. Profit
Don’t assume that profit also means there’s cash flow. What’s the difference? Cash flow is the inflow and outflow of money while profit is the extra money left over after expenses are deducted. It would be nice to assume that profit leads to cash flow, but that could give you a distorted view of how well (or not) your business is doing.
Bad Bookkeeping Records and Communication
Not taking your bookkeeping seriously nor communicating with your bookkeeper enough are simple mistakes that need to be avoided. Effective bookkeeping begins with recording each and every transaction. This includes not forgetting to record small transactions—these add up over time. Not only should your transactions be recorded, but they should be categorized. Organization is important for accurate records.
To have these transact
Intuit has released information about the new features coming with QuickBooks 2018. The scheduled release date is September 26. Although we’re excited for all updates coming in the latest version, here are the top five we are most anxious for:
The 2018 version now offers support for up to three monitors. This will allow you to move a task/report/register from your one monitor to another monitor. For example, you can have two reports open at once - one on each monitor. Or you might have an invoice on one monitor while you have a bill open on another monitor. This will be a definite enhancement to your productivity.