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While single-entry accounting is quick and easy to use, the standard method for recording transactions is double-entry. Double-entry...

The accounts payable process or function is immensely important since it involves nearly all of a company’s payments outside of payroll....

Most businesses at some point during their operations will take a loan from a bank or personal financier to help purchase equipment,...

When one thinks of how successful or unsuccessful a business is doing, it’s natural to lean towards the strategic elements of an...

After starting three small businesses, I’ve learned firsthand the headaches that accounting causes for most small business owners. It’s...

Trying to run a business without good financial statements is like trying to call football plays without knowing the information on the...

Whether it’s a 50-person firm or one with a workforce of 5,000, companies rely on chief financial officers for critical duties and...

As one of the more common bookkeeping questions we hear, the difference between Operating Expenses (OE) and Cost of Goods Sold (COGS) is...

The two important parts of the financial statement are the Balance Sheet and Profit & Loss account. Without the preparation of these two...

Preparing your own business tax return, especially for the first time, can be a frustrating experience if you don't have all the...

​The double entry bookkeeping system is based upon the fact that every transaction has two parts and that this will therefore affect two...