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Credit 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 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 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.
Read moreJust as every ship captain needs a map, every business owner needs a Chart of Accounts (CoA). It’s your financial map, guiding you through the complexities of your business’s financial landscape. The Chart of Accounts is pivotal for recording, organizing, and reporting your business’s financial transactions. This article is related to other concepts such as
Read moreRunning the finances of your nonprofit can seem tricky, especially if you’re new or not a big fan of accounting. Just like running a small business, it’s important to keep a close eye on your money. This means making sure you’re getting the most out of every donation, grant, and fundraising effort. We’ve put together
Read moreWelcome to our guide on the essentials of understanding owner’s equity for small business owners. The concept of owner’s equity in the realm of small businesses is all about understanding what truly belongs to you, the owner, after all your business debts are settled. The state of your equity is essential to consider when you’re
Read moreBank reconciliations are one of the most important parts of your closing process to produce financial statements. We’re going to use the example of a company called GadgetFlow Inc. to walk through the steps of reconciling a bank account. This guide is also related to our articles on understanding journal entries in accounting, understanding and
Read moreYou’ve found the Rigits guide to understanding double-entry accounting. This guide is designed specifically for small business owners, aiming to demystify the principles of double-entry accounting and show how they can be applied to everyday financial management. This guide is also related to our articles on understanding journal entries in accounting, understanding owner’s equity, and
Read moreYou’ve found the Rigits guide to how to hire a virtual bookkeeper! Bookkeeping is something you typically begin doing yourself as a small business owner as you wear the multiple hats needed to get your operation off the ground. After a while, you find yourself needing to delegate so you can concentrate on what you
Read moreWelcome to the Rigits guide to understanding cash vs. accrual accounting! Choosing between cash and accrual accounting methods is more than a technical decision; it’s about finding the fit that reflects your business activities accurately and helps you plan for the future. This article is designed as a comprehensive guide to help you make an
Read moreJournal entries might not be the first thing on your mind when you’re running a small business, but if you’re going to understand your financial statements and feel confident about your finances, understanding the basics of journal entries is something you shouldn’t skip. The framework behind journal entries – double entry accounting – affects all
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