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Introduction Accounts payable is what your business owes, but hasn’t yet paid. You receive a bill from your lawyer, independent contractor, or software company – that’s accounts payable. This article will help you understand all the important basics of accounts payable. This guide is also related to our articles on understanding prepaid expenses, bank reconciliation
Read moreWhile both accountants and CPAs (Certified Public Accountants) work with financial statements, the distinction lies in a CPA’s licensure, which grants higher responsibilities. This distinction not only affects the scope of work they can perform but also impacts their authority and the trust placed in their financial assessments. This guide will walk you through the
Read moreA virtual CFO (Chief Financial Officer) provides expert financial advice and services remotely, offering a cost-effective solution for small businesses needing strategic financial guidance without the overhead of a full-time CFO. This article will explore how a virtual CFO can transform your business’s financial health, the services they offer, and how to decide if it’s
Read moreCredit memos are documents that lower the amount a customer owes you. They can be created for many reasons, including customer overpayment, damaged goods, pricing errors, promotional discounts, early payment discounts, and service failures. Credit memos are an important factor in managing your Accounts Receivable and, more importantly, your relationships with customers. If your customer
Read moreYear-end closing is the process of updating your accounts to accurately reflect your business’s activities before you finalize your financial statements. This includes making adjustments for things like expenses that have been incurred but not paid (like bills) and revenues for services you’ve provided but haven’t yet billed. In this article, we’ll walk you through
Read moreA year-end bookkeeping checklist is a tool for small business owners to ensure their financial records are complete and accurate before the year concludes. In this article, we’re going to walk you through each step of the year-end bookkeeping process. This guide is also related to our articles on common accounting errors and how to
Read moreAccounts receivable (AR) represents the money that customers owe to a business for products or services they have received but haven’t paid for yet. Managing AR well is important because it helps a business have enough cash on hand for its daily operations and growth. This article will explain the basics and tips for good
Read moreUnearned revenue represents payments received for services not yet performed or goods not yet delivered. It’s crucial for small business owners because it affects both your cash flow and how you report income. This article will cover how to recognize, manage, and report unearned revenue, ensuring you’re accurately reflecting your business’s financial health. This guide
Read moreFiguring out what your small business is worth can be tricky, but knowing its value is crucial, whether you’re selling, seeking investment, or planning for the future. We’ll walk you through how to do just that, touching on methods from cash flow analysis to comparing similar businesses. This guide is also related to our articles
Read moreZero-based budgeting starts every budget from scratch, asking you to justify each dollar you plan to spend. It’s a method that can uncover inefficiencies and allocate resources more effectively. We’ll explain how zero-based budgeting works, its benefits, and how to implement it in your small business for better financial control. This guide is also related
Read moreCreating a budget is vital for small business owners looking to steer their business towards growth while keeping a tight grip on finances. A solid budget helps you plan for the future, manage cash flow, and make informed decisions. This article will cover why budgeting is essential, how to create a realistic budget, and ways
Read moreOutsourced bookkeeping lets you focus on growing your business, knowing your money is being handled by experts. It saves time and helps avoid money mistakes. In this article, we’ll discuss the benefits of outsourcing your bookkeeping, how to choose the right service, and the impact it can have on your business’s growth and financial health.
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