Bookkeeping Archives

What Are Financial Statements for Small Businesses?

What Are Financial Statements for Small Businesses?

Financial statements summarize a company’s financial performance over a period. They provide information about a company’s assets, liabilities, equity, income, expenses, and cash flows. Why Are Financial Statements Important for Businesses? Businesses need financial statements because they provide information that...

June 23, 2023

ASC 606 and SaaS: What SaaS Businesses Need to Know

Accounting Audit Blockchain Bookkeeping Business Planning Cryptocurrency NFT Startup

ASC 606 and SaaS: What SaaS Businesses Need to Know

Hey, startup founders and entrepreneurs. This guide covers the basics of ASC 606 revenue recognition, the challenges of SaaS revenue recognition, and best practices for establishing and implementing revenue recognition policies and processes for SaaS businesses. What is the Revenue...

April 19, 2023

Understanding Financial Statements: A Guide for Startup Founders and CEOs

Accounting Bookkeeping Business Planning Small Business Startup

Understanding Financial Statements: A Guide for Startup Founders and CEOs

Are you overwhelmed by financial statements and all the jargon that comes with them? As a startup founder or CEO, it’s essential to have a clear understanding of financial statements. In this guide, I’ll break down the basics of the...

March 6, 2023

Struggles of Startups & How to Overcome Them

Accounting Bookkeeping Business Planning Startup

Struggles of Startups & How to Overcome Them

Entrepreneurship is an exhilarating journey, especially when starting a tech startup. Unfortunately, startup founders and CEOs usually face common struggles that cause their new startups to fail within the first few months. However, you can take steps to increase your...

March 4, 2023

Accounting Audit Bookkeeping Small Business

Month-End Close Process: What is It?

What is a Month-End Close? During the month-end close process, you’ll ensure that everything is recorded in the correct accounts and that you’ve accounted for all the money that has come in and gone out. This helps your company know...

February 10, 2023

What is the Difference Between Cash and Accrual Accounting?

Accounting Bookkeeping Small Business Tax

What is the Difference Between Cash and 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...

January 16, 2022

Bookkeeping Small Business

What is Petty Cash?

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...

January 2, 2022