This blog includes 70+ bookkeeping and accounting articles about mastering and utilizing your financials for growth, like…
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Profit First Accounting revolutionizes the way small businesses approach their finances by placing profit at the forefront, instead of an afterthought. This financial management system, conceived by Mike Michalowicz, could prove transformative for your business. Today we’ll go through the core principles of Profit First Accounting, as well as how to set it up for
Read moreCOGS stands for Cost of Goods Sold. It only includes the costs of making your product without including any other business costs. This article will help you learn the basics of COGS: how it can help control costs, set the correct prices, and increase profits. This guide also relates to our articles on gross vs.
Read moreHaving a handle on expense reports is important for any business, but perhaps even more so for small business owners who need to track every dollar spent. We’re going to dig into what goes into an expense report, the benefits of accurate expense reporting, creating and reviewing the report, setting up policies and guidelines for
Read moreInventory is the goods a business has for sale, including raw materials, items being made, and finished products. This article provides an in-depth look at inventory and why it matters to your business. We’ll cover different types of inventory, the methods to value them, the basics of inventory accounting, challenges you may encounter, and best
Read moreAdjusting entries in accounting are important because they make sure your financial records show the right earnings and expenses for your business. They’re made at the end of each accounting period to make sure all the money you made and spent during that time is properly accounted for. In this article, we’ll explore the various
Read moreThis article will explore the nuances of direct deposit, including how it works and can be used effectively, and the ways it can benefit your business. This guide is also related to our articles on 13 best payroll software, apps & tools in 2023, 15 best payroll books to read in 2022, and online bookkeeping
Read moreUnderstanding marginal cost–the increase or decrease in total cost when you produce one more unit of a product–is important for small business owners. This article will explore everything from the basic formulas to practical examples in small business contexts, so you can apply marginal cost analysis to your own business operations. This guide is also
Read moreDepreciation is like spreading out the cost of something valuable, like a machine or a building, over the time you use it. The Double Declining Balance (DDB) method is a way to do this faster. It means you take a bigger chunk of the cost at the beginning, which can help show the true value
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 moreDepreciation lets you spread the cost of assets out over the time they’re being used, and affects both your business’s financial health and tax reporting. In this comprehensive guide, we’ll get into different depreciation methods, providing step-by-step examples to help you understand and implement each one effectively. This guide is also related to our articles
Read moreThis article will explain what contra revenue is, how to record it accurately, and some effective management strategies. We’ll also touch on related topics like gross vs. net profit, prepaid expenses, and unearned revenue. This guide is also related to our articles on understanding gross vs. net profit, understanding prepaid expenses, and understanding unearned revenue.
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
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