This blog includes 70+ bookkeeping and accounting articles about mastering and utilizing your financials for growth, like…
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Goodwill in accounting is the premium a business holds over and above its tangible assets, typically arising from its reputation, customer relationships, and brand value. In this article, we’ll explore what goodwill is, how it differs from other intangible assets, and what it means for small business owners. This guide is also related to our
Read moreEffective bookkeeping helps coffee shop owners manage finances, monitor cash flow, and track profitability. Key components include recording sales, managing expenses, and preparing financial statements. In this article, we’ll explore essential bookkeeping terms, best practices, and tips to help you streamline your financial processes, headache-free! This guide is also related to our articles on how
Read moreWhat, you may be wondering, are the difference between these financial roles and what do they mean for your business? The short answer is that a bookkeeper handles daily transactions and record-keeping, while an accountant prepares financial statements and provides analysis. Tax preparers focus on filing taxes accurately, and controllers oversee financial operations. The CFO
Read moreTwo popular ways of looking at cash flow are the direct and indirect methods. Each comes with its own insights and advantages, so let’s explore what each method entails, their differences, and how to choose the right one for your situation. This guide is also related to our articles on how to do cash flow
Read moreWhen it comes to managing your small business finances, understanding the debt to equity ratio (D/E ratio) can be a real gamechanger. The D/E ratio = total debt / total equity, and in this article we’ll cover what exactly debt and equity are, how to calculate the ratio, and how knowing it can help you.
Read moreAccrued income, often overlooked, represents money earned but not yet received–important to grasp when using accrual basis accounting. This article is made specifically for small business owners. It breaks down the complexities of accrued income, offering clear examples and actionable insights. This guide is also related to our articles on cash vs. accrual accounting, mastering
Read moreGAAP, or Generally Accepted Accounting Principles, is the standardized framework for financial reporting in the United States. It ensures your financial statements are consistent, accurate, and reliable. In this guide, we’ll break down the key components of GAAP, discuss how it applies to your business, and provide tips on staying compliant with these important accounting
Read moreIn today’s fast-paced business world, managing finances efficiently is super important for startups and small to medium-sized businesses (SMEs). As these companies work towards big goals—like securing deals, raising funds, and boosting profits—it’s crucial to use tools that not only simplify financial tasks but also give you the confidence that everything’s in order. That’s where
Read moreJournal entries (JEs), the foundation of all accounting processes, are used for accurately recording every financial transaction in the account books. Knowing how they work is key in maintaining accurate and reliable financial records, which you need for both decision-making and regulatory compliance. This guide is also related to our articles on understanding journal entries
Read moreUnderstanding debits and credits helps you keep track of every money move in two ways: one account gets debited and another gets credited. This helps you catch mistakes, keep your financial records straight, and understand where your money is going. This guide will help you understand the basics of debits and credits, which accounts a
Read moreIntroduction 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 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
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