The end of the year is a busy time for businesses. If you’re like most business owners, you’re probably juggling end-of-year accounting procedures in addition to heavier traffic and sales and payroll tasks. Instead of scrambling (or forgetting) to get your year-end processes complete, use a year-end accounting checklist to organize the way you wrap […]
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Accounting Reports - Tips, Training, and News
The 8 [Give or Take] Accounting Cycle Steps for Airtight Bookkeeping
You want a simple way to complete bookkeeping tasks. After all, the more organized your process, the faster you can record transactions and get back to business. To stay on track, you might consider using an accounting cycle. And to do that, you need to know the accounting cycle steps.
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What Is Transaction in Accounting? An Easy Guide
Keeping your books in order throughout the year is important. So, you track every item, line by line. And, you record every transaction. But, what is transaction in accounting? What, specifically, do you need to track and record?
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6 Business Records to Track as an Entrepreneur
As a business owner, there are a lot of things to pay attention to when running your company. Payroll, hiring, bookkeeping … the list goes on and on. And, that list includes monitoring all of your business records. So, what are the most important business records to track?
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How Do Accounting Profit vs. Economic Profit Differ?
As a business owner, your goal is to make a profit. Generally, you may turn toward your accounting profit to see how your company is doing. You also need to consider other types of profit, such as economic profit. But, what’s the difference between accounting profit vs. economic profit? Keep reading to get the scoop.
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Do You Know Your Business’s Cost of Goods Sold?
Before you can begin looking into your business’s profit, you need to understand and know how to calculate cost of goods sold (COGS). So, where do you begin? Start here by learning all about COGS, including the cost of goods sold formula and what you can use it for.
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Accounting Reports to Know Inside and Out
You know that running a business means tracking all of your incoming and outgoing money. So, you write it all down and track every single penny and transaction. But, how do you analyze all of that information? The answer: accounting reports. Let’s dive into the seven accounting reports you should know when running a business.
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Can’t See Into the Future? Don’t Be Surprised If You Have a Variance in Accounting
Forecasting how much you’re going to spend and receive is a key part of running a business. But, rarely do predictions match actual income and expenses. More than likely, you’ll experience a variance in accounting at some point.
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Accounts Payable Aging Report: What Can it Do for Your Business?
As a business owner, you’ve probably made purchases for your company on credit before. And if you make a lot of purchases on credit, tracking how much you owe each vendor can be overwhelming. The solution? An accounts payable aging report.
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The Math Behind the Accounting Equation
Accounting is an essential part of running a business. But, that does not mean you have to be an accountant to understand the basics. Part of the basics is looking at how you pay for your assets—financed with debt or paid for with capital. Use the accounting equation to see the difference. What is the […]
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