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As an accountant, I often found myself advising small business owners on how to strengthen their financial foundations. While discussing bookkeeping, I couldn't help but draw parallels between managing finances and taking on a DIY home improvement project. Picture this: You've just bought your dream fixer-upper—a quaint little cottage with enormous potential. You know that by putting in some sweat equity, you can turn it into a cozy h...
Many QuickBooks Online users are unsure how to record a credit card payment. Should you write a check or create a transfer? How should you categorize it? Many users will mistakenly record the payment as an expense. When this happens, the payment doesn't reduce the credit card liability account on the balance sheet as it is supposed to. It also incorrectly doubles up expenses on the Profit & Loss statement. You should have already en...
A Beginner's Guide to Bookkeeping Embracing the Numbers: A Small Business Journey Hey there, fellow entrepreneurs! Let me take you on a little bookkeeping adventure today. No one really enjoys bookkeeping (except maybe us accountants), but here's the thing... You can discover something fascinating amidst the sea of numbers. Picture this: You're sitting at your desk, crunching numbers, feeling a bit overwhelmed by the whole bookkeeping o...
There are a number of financial reports that can give you information on your business's past, current, and future financial state. In my opinion, the following reports should be reviewed regularly: Balance Sheet In accounting, a balance sheet summarizes a company's assets, liabilities, and equity at a given point in time. Why is it called a balance sheet? Well, think of it as an equation: Assets = Liabilities + Equity. At a...
Who loves their Virtual Assistants? We have dealt with some really great ones, whom we LOVE, but as a business owner, you need to make sure that you are delegating the right tasks to the right people on your team. Bookkeeping is one task that you should leave to a professional bookkeeper instead of trying to train your general virtual assistant to handle these duties. A bookkeeper tracks and manages the financial transactions of a busin...
The Busy Trap: Rethinking Productivity Beyond Busy...
Smart Brevity Count:554 Words | 2 Minutes "Qualit...
Are you tossing and turning at night, unable to sh...
Just submitted your taxes? A sigh of relief, isn't...
Do you ever feel like your business numbers are sp...