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Bank 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 moreUnderstanding how well your business is doing financially means looking beyond just revenue and profits. Operating Income and EBITDA are two crucial metrics that show your business’s efficiency and earnings power. This guide breaks down these metrics into simple terms, helping you use this info to boost your business. We’ll explain what Operating Income and
Read moreFor any startup aiming to grow, understanding your burn rate is essential. This guide will help you grasp how to calculate and manage your burn rate, helping prevent your startup from running out of money too soon. Here’s what we’ll go through Burn Rate Basics Preparation for Calculating Burn Rate Calculating Gross Burn Rate Calculating
Read moreYou’ve found the Rigits guide to back office services! Back office services are tasks like accounting, data management, and technical support. This guide is designed to help you, the small business owner, navigate through the various aspects of back office operations, understand their importance, and make informed decisions about managing them efficiently. This guide also
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 found the Rigits guide on how to do cash flow forecasting! Cash flow forecasting is about predicting your cash inflows and outflows over a certain period, enabling you to plan for future growth, manage debt, and ensure you can cover your expenses. This guide is designed specifically for small business owners, breaking down the
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 moreYou’ve found the Rigits guide to understanding prepaid expenses. This article is meant specifically for small business owners like you, aiming to demystify the concept of prepaid expenses. We’ll guide you through what prepaid expenses are, why they might be important for your business, and how to utilize them effectively. This guide is also related
Read moreLet’s dive into the world of retained earnings a number that reveals the effect of your profitability and cash reinvestment over time. This guide is also related to our guides on understanding owner’s equity, how to read a balance sheet, and double-entry accounting: the basics. In this article, we’re going to break down everything 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
Read moreEBITDA is more than a piece of financial jargon; it’s a key to unlocking insights into your business’s operational performance. By grasping how EBITDA works, you can make more informed decisions, attract potential investors, and steer your business toward greater profitability. This guide is crafted to demystify EBITDA for you, the small business owner. We’ll
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