When it comes to accounting, there are two main methods: 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. So which one…
If you’re a business owner, then the words “Petty Cash” may not mean a lot to you. Maybe you’ve never heard of this term before. Petty cash is simply a fund that businesses use for small purchases. It’s often used…
Hiring a professional bookkeeper to help you with your business is not only smart but necessary. There are many reasons why keeping accurate records of your expenses and income can be difficult for any small business. This blog post will…
Reconciliation is an accounting term that means matching two sets of records. Bank reconciliation refers to comparing the balances provided by the bank statement against your business’s cash balance figure. Bank reconciliation protects you from theft or fraud. Importantly, reconciliations…
The accounts receivable turnover ratio measures the number of times over a given period (average) that a company collects its accounts receivable. In this guide, you’ll learn: What is the accounts receivable turnover ratio? What is the accounts receivable turnover…
Accounts receivable are amounts that customers owe a company for goods sold and services provided on account (credit). In this guide, you’ll learn: What is accounts receivable? What are the benefits of accounts receivable? What are the risks of accounts…
A bad debt expense is an overdue invoice (receivable) you know won’t get paid. Now it’s time to write off the bad debt so you can have an accurate picture of your business finances. In this guide, you’ll learn: What…
No matter where you are in your bookkeeping journey, you’re reading this because you have decided to use QuickBooks Online (QBO) for your business, and need to know how to set it up so you can get down to keeping…
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