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Accounting Entries for the Purchase of a Vehicle

Keeping accurate books can be a challenge for small businesses. Small businesses are usually able to track their income in an accounting system. Some manage to track expenses. But few actually take the time to track their assets. This results in inaccurate financial statements. This post considers an example of a vehicle purchase, to show […]

bookkeeping mistakes

6 Common Bookkeeping Mistakes

We get it.  Bookkeeping is a chore.  It is a chore that takes time and energy that could be focused on growing and building the business.  As bookkeepers, we have seen it all. Here are six common bookkeeping mistakes we see businesses make: 1.  No process to review financial transactions Even small businesses receive and […]

tips for hiring a new employee

Tips for Hiring New Workers

Most businesses require employees.  While employees can help get things done, they also require quite a bit of work to ensure that the process goes smoothly.  For small businesses, this is often an afterthought. Taking time to bring an employee on board can save time and effort and, ultimately, help retain employees. The Onboarding Process […]

cash flow

The Cash Flow Statement for Accrual Method Businesses

The cash flow statement is a report that shows the cash generated and used during a specified time period.  The cash flow statement is particularly important for businesses who keep their books using the accrual method. Cash Flow Statements for Accrual Method Businesses With the accrual method for keeping books, revenues and expenses are recorded […]

financial statements

Financial Statements: What You Need to Know

A business’s ability to generate earnings consistently over time is a major driver for investors and a key for the business’s financial management to understand the past, current and on-going financial position. Financial statements can greatly aid in determining profitability, ability to pay back debts, and how to plan for the future.  There are three […]

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Top 3 Benefits of Professional Bookkeeping

There are a lot of reasons to hire a professional bookkeeper.  These reasons vary from industry to industry and from one business to another.  Despite their differences, the primary benefits of hiring a professional bookkeeper are the same.  Here are the top 3 reasons to hire a professional bookkeeper: Manage Cash Flows Businesses need cash. […]

Scheduling XL

Understanding Debits & Credits

The accounting formula is assets less liabilities equals owner’s equity.  The bookkeeping process categories transactions into subcategories under these three broad categories.   How the transaction is recorded depends on whether the transaction increases or decreases the account. The increases and decreases are classified as debits and credits.   While this may not sound like […]