Cash flow is the movement of money in and out of your business and your business bank account. Think of cash flow like your car’s gas tank. You fill up the tank with gas, and it empties as you drive. The goal, however, is to always have enough gas in your tank to avoid running out. Cash inflows are your sources of income while cash outflows are your business expenses.
Financial forecasting refers to financial projections performed to facilitate any decision-making relevant for determining future business performance. The financial forecasting process includes the analysis of past business performance, current business trends, and any other relevant factors.
Accounting is the process of gathering information on business activity, posting transactions, and producing true and accurate financial statements. The accounting cycle is a series of steps, completed in a specific order, that ends with a set of accurate financial statements. If you don’t follow each step in the cycle, you won’t produce accurate financial data, which can really be detrimental to a small business.
Learn when and how you should pay yourself as a business owner.
Here are five practices that business owners need to avoid in order to have a successful business.
The value of bookkeeping for your business has more benefit than just money. Here we will discuss some of the pros and cons of doing your own bookkeeping for your business.
Learning how to record Vendor bills in QuickBooks will allow you to track all of your expenses and run a A/P report.
Business structures will ultimately affect how taxes are filed each year by the business and individuals. IN this blog, we will discuss the different business structures and how they operate when it comes to taxes.
Here is an overview about Financial Accounting that is used by accountants to document, compile, and outline a business’s financial performance over a specific time period.
Accounts payable are debts due by a business to its suppliers. Your payables must be correct for your balance sheet to be accurate.
A budget helps you avoid overspending and running out of money. To help you prepare, we’ve compiled 8 budgeting tips.
Understand the importance of account receivables, how to run reports, and how collections will impact your business. Read our article to learn more.
Proper classification is important for both the employee and employer to avoid costly penalties. Read our article to learn more.
It is very common for small business owners to mix personal and business expenses. Unfortunately, to their own detriment. Read our article to learn why they should be kept separate.
Take a look at our article if you’re thinking about using QuickBooks Online for your business but aren’t sure which plan is right for you.
As a business owner, managing cash flow is often one of the biggest challenges. Here is what you should know about cash flow management.
There are two methods of accounting that businesses can use: cash basis or accrual basis. Although they sound complicated, read our article to understand the differences between the two and when to use them.
One of the best features of QuickBooks Online is that small business owners can issue either invoices or sales receipts. Read our article to learn the difference between the two, including when to use them.
When hiring an employee, there are a few things to consider. One of them is the fact that the cost of hiring an employee is greater than their hourly wage.
Periodically reconciling your bank accounts is a great practice to help keep your books in order, catch any discrepancies on time, and make filing end-of-year taxes easier. Here is everything that you need to know about this process.
QuickBooks is a valuable tool for small businesses, but you only get out of it what you put into it. It’s easy to neglect bookkeeping if you are too busy working on other tasks to run your business, but an out-of-date file will surely give you a headache when trying to balance your books. Consult with us and request our service to review your QuickBooks Online File today!
Remote work has many benefits, but one of the drawbacks is that it makes filing your taxes more complicated, particularly if you are working from home in a different state from the one your company is based in. Before filing your tax return, see what you need to think about and discuss with your accountant.
As the New Year is here, here is the time to review your finances and be financially ready for what’s ahead. Learn about a few tasks you can get started on right away.
By law, you may be required to issue Forms 1099 to worker and the IRS by January 31st, 2022, if you hired independent contractors to perform services for your company, and paid them each $600 or more for the year.
In case you’re new to QuickBooks or you haven’t set up online banking yet, you may not know how easy it is (financial institutions may vary), or how safe it is. You can connect to one of your banks and import months of transactions under 10 minutes, depending on the volume of bank transactions you have. Check out our article to learn how.