Why You Need To Reconcile Regularly

Why You Need To Reconcile Regularly

Let’s talk about reconciling your account(s) on a regular basis and why it’s necessary for not only your bookkeeping, but your business. First, what does it mean to reconcile your account? This means you compare your books to your bank accounts over a period of time to

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What Are Your Accounts Payable And Accounts Receivable?

Let’s talk about the difference between accounts payable (A/P) and accounts receivable (A/R). It’s easy to get these two confused, but they’re important components to your books. They’re the primary indicators of the financial health of your company, which means they’re constantly changing to keep up with

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Is Your Purchase An Asset Or An Expense?

First things first, what is an asset? An asset is a resource that your company owns that is used for a function of your business operations. It can be something tangible (vehicle, furniture, equipment, etc.) or intangible (goodwill, intellectual property, patents, etc.). Assets will always have a

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Give Your Books The Attention They Deserve

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

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The Four Transactions In Accounting

In a previous blog, we discussed the five types of accounts every business should have in their books. If you missed it, circle back and check it out before continuing with this one. As a reminder, the five types of accounts are assets, equity, expenses, liabilities, and

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What’s The Buzz About QuickBooks Online?

By: Rachel Himmelspach If you’re a small to midsize business, you need to be using QuickBooks Online (QBO) to manage all of your finances. QuickBooks Online makes life easier by helping you, not adding to the stress in your life. With just over 5.6 million users, it’s

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Accounting Terms You Need To Know

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

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What’s The Difference Between Revenue and Profit?

By: Rachel Himmelspach When working in your books, you need to know exactly what the numbers mean. Often times people know the general meaning of a term like, “profit” but don’t actually know how it’s different from “revenue” or how the two affect each other. Your profit

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