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What is a Suspense Account?

Bookkeeping and accounting require attention to detail to ensure an accurate picture of your company’s finances. Unfortunately, sometimes discrepancies and confusion arise—but transactions still must be recorded. Suspense accounts allow you to record transactions, then resolve any issues later. Here’s a brief overview of what suspense accounts are and how to effectively utilize them in …

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How to Determine Your Financial Performance vs. The Competition

When you’re a small business owner, monitoring your financial performance is an important way to measure your success. Comparing your company’s financial performance to your competitors will help you determine whether you’re keeping up with the competition, pulling ahead, or lagging behind. While it’s always good to have a baseline performance indication, it’s also a …

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Why Outsource Your Financial Processes?

As a small business owner, you may find yourself wearing many hats: owner, product creator, employee manager, and more. Many business owners originally start their companies because they’re skilled in one area, such as creating a product. Financial processes, on the other hand, can present new challenges. Instead of struggling through bookkeeping and tax preparation …

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3 Great Banks for Small Businesses and the Self-Employed

Keeping your personal and business finances separate is one of the most important things you can do as a business owner. Not only does it make bookkeeping and tax preparation easier, but business bank accounts often have special perks for business clients. Choosing the right bank for your small business account depends on your individual …

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Why Doesn’t My Net Income Match the Money in the Bank?

When you’re starting a business, there’s a lot to learn. Even experienced owners can find themselves confused by finances, bookkeeping, and especially terms of art. One common question is why the number under “net income” never seems to match how much money you have in the bank. Here’s a quick guide to net income, cash …

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Understanding Fixed, Variable, and Semi-Variable Costs

When you’re tracking your costs for bookkeeping and accounting purposes, there are three different types to know: fixed, variable and semi-variable. While fixed and variable costs are generally self-explanatory, semi-variable costs can confuse new business owners. Understanding fixed, variable and semi-variable costs will help you get a better idea of where you’re spending money, create …

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