Keeping track of your financial transactions is one of the most basic tasks a business owner must perform. If you don’t know where your money is going and how much is coming in, you won’t be able to make smart business decisions. General ledgers are record-keeping systems. Each financial transaction is recorded twice (a credit …
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 …
How to Determine Your Financial Performance vs. The Competition Read More »
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 …
Now that the winter holidays are behind us, most small businesses are focused on their tax obligations for the previous year. Given 2022’s significant inflation and other financial challenges, business owners are looking for every tax break they can find. If you hosted a company party or two over the holidays, there’s good news: all …
As the end of another year approaches, business owners tend to be busier than ever. Many businesses see increased activity at this time, especially retail and seasonal companies. On top of that, there are some year-end bookkeeping tasks you need to perform, to make your 2023 tax season easier. Here’s what to do to get …
End-of-Year Tips to Make 2023 Tax Season a Breeze Read More »
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 …
3 Great Banks for Small Businesses and the Self-Employed Read More »
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 …
Why Doesn’t My Net Income Match the Money in the Bank? Read More »
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 …
Understanding Fixed, Variable, and Semi-Variable Costs Read More »
Financial management can be a struggle for small businesses. Often, business owners open their own companies based on a different passion, whether that’s handmade couture or wanting to cook for customers. While their product or service skills are top-notch, owners may not necessarily understand how to keep good financial records. Recording your daily sales and …
Best Practices for Recording Daily Sales and Expenses Read More »
Sustainability reporting is an expanding area of bookkeeping and accounting practices. As climate change and social injustice wreak havoc on the world, more businesses are looking for ways to become sustainable. Sustainability reporting helps businesses understand how their company’s non-financial aspects—from greenhouse gas emissions to using recycled paper—affect the environment and community around them. Here’s …
