Small Business Accounting
Understanding Your Profit & Loss Statement (P&L)
When I started my career in accounting, I was an intern for a public accounting firm. I found an issue during one of my audit procedures and took it to...
Accounting Resolutions
It’s a new year. Everyone is making resolutions for becoming a better person, why not make some resolutions to become a better business. Often, one of the most neglected areas...
Your Chart of Accounts Matters
While it may not seem like a significant part of your accounting structure, your chart of accounts is the foundation. Often overlooked, your chart of accounts provides financial clarity in...
Pitfalls of Automated Accounting
With the advancement of AI and technology automation, it’s become easier to manage the accounting and bookkeeping activities in your small business. However, it’s important to understand that you need...
Top 5 Year-End Accounting Tips
With the end of year approaching, it’s important to ensure your accounting records are in order to avoid unnecessary work and stress, during an already busy time of year! ...
Decoding Key Accounting Terms Every Business Owner Should Know
Navigating the financial aspects of your business can be challenging, but understanding essential accounting terminology is a crucial step toward financial success. Here, we break down some key terms that...
Unveiling the Power of Classes and Locations in QuickBooks Online
QuickBooks Online offers robust tools for managing your business's finances, and among the standout features are "Classes" and "Locations." These two functionalities are invaluable for businesses seeking to gain deeper...
Setting Up ACH Payments for your Business
Setting your business up to initiate ACH payments can be instrumental in improving your business’ cash flow. It is typically simple to setup, but it is not automatic. • 1...
What is A Prepaid Expense?
Prepaid Expense A Prepaid Expense is an expense for something that you have already paid for, but you haven’t yet received the benefit of that expense. For example, if you...
Understanding Deferred Revenue
Deferred Revenue Deferred Revenue is revenue that you have not yet earned, but that you’ve received in cash. Revenue should not be reported in your profit & loss statement until...