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No one ever wants to hear, “the IRS is auditing you.” But if you do receive that dreaded letter in the mail, don’t panic. An IRS audit can be intimidating, but knowing how an IRS audit works can help make…
One important metric to track in your business is the profit margin. This ratio tells you how much profit your company makes on each dollar of sales. To maximize your margin, you must understand what factors influence it and how…
You know that cash flow is critical if you’re a business owner. It would be best to have a good handle on your cash flow to make sure your business is booming. But what is a cash flow forecast, and why does…
A cash flow statement is a document that shows how much cash your business has generated and used over a specific period. It can be helpful for companies of all sizes, as it can give insight into where money is…
The income statement (profit & loss) is a crucial financial document for businesses. This document shows how much revenue your company has generated over a specific period and the expenses incurred during that same period. By reading and interpreting this…
Every day, more people are investing in digital assets than ever before. One of the most popular cryptocurrencies is NFT (non-fungible tokens). These tokens are unique, and each one has its value. Because NFTs are becoming more popular, creators and…
You may ask yourself what is a balance sheet if you are thinking of starting a business. The balance sheet is a financial document that uses the accounting equation to show what a company owns (assets), what it owes (liabilities),…
Changing from cash basis to accrual accounting can seem daunting, but it’s a necessary step for many businesses. This post will discuss what you need to know before making the switch. We’ll cover everything from the benefits of accrual accounting…
There are two methods in accounting: cash basis and accrual. Cash basis accounting is more straightforward, while accrual accounting is more complex but provides a more accurate picture of your company’s financial health. This post will explain the two types…
The words “Petty Cash” may not mean much to you if you’re not a business owner. Petty cash is simply a fund that businesses use for small purchases. Companies use it as an informal way to keep track of expenditures…
Hiring a professional bookkeeper to help you with your business is not only wise but necessary. There are many reasons keeping accurate records of your expenses and income can be difficult for any small business. This post will discuss why…
Reconciliation is an accounting term that means matching two sets of records. For example, bank reconciliation refers to comparing the balances provided by the bank statement against your business’s cash balance figure. Learning how to do a bank reconciliation for…