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Being an entrepreneur or business owner in today’s world requires you to be a know-it-all, can do anything kind of person to run your...

The cash basis and accrual basis of accounting are two different methods used to record accounting transactions. The core underlying...

You would like to be paid on time? You need to send out invoices on time. Especially, people who work in the Construction Industry. As a...

A Balance Sheet shows a company’s financial position at a specific point in time, while a Profit & Loss Account (Income Statement)...

As a business owner, you need to make sure that you can track every inventory put into your business. Every transaction, money coming in...

Most businesses sell to their customer on credit . That implies, they sell and deliver goods or services quickly, send an invoice, then...

A Balance Sheet gives you a financial snapshot of the company as of the specific date. It calculates how much the company is worth (its equity) by subtracting all the money it owes (liabilities) from the money it owns (assets), specifically focusing on total assets. The balance sheet complies with the accounting equation: ASSET = EQUITY + LIABILITY Liability is an obligation toward another party to pay money, deliver goods and render service. In this blog, we discuss 2 commo

Have you ever wondered why you should find a professional bookkeeper? As US Small Business Administration states, “half of all new small...

At the end of every month, it is time for you to reconcile your trust bank account. This lets you confirm that your transaction records...

We all have bad money habits. It’s the fact of the matter – we are just human. As business owners, unfortunately, we likely learn money...

Accounting can be tedious for any business, but if your small business doesn’t keep tight books it can make your taxes a nightmare....

It’s no secret that accounts payable can be one of the biggest pain points in the corporate office. Not only is the A/P workflow fraught...