In accounting, there’s one thing you can’t ignore: how debits and credits work. To keep accurate books, learn and understand the difference between credit vs. debit.
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Accounting Articles
Accounting Tips, Training, and News
How to Calculate Profit Margin for Your Small Business in 3 Simple Steps [Formula]
May 6, 2024To grow your business, you need to track financial information and measure performance. One metric you should be keeping an eye on is your business’s profit margin. Read on to learn how to calculate profit margin for your company and ways to improve your margins.
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How to Manage and Record Cash Receipts in Your Small Business
May 6, 2024If you’re a small business owner, you likely receive cash payments from your customers. And if you receive cash payments, you need to know about recording cash receipts in your books. So, how do you record cash receipts?
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How to Create a Prepaid Expenses Journal Entry
May 6, 2024Do you ever pay for business goods and services before you use them? If so, these types of prepaid expenses require special attention in your books. You need to create a prepaid expenses journal entry.
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Margin vs. Markup: Chart, Infographic, & More
May 6, 2024Business owners often confuse margin and markup. After all, they both deal with sales, help you set prices, and measure productivity. But, there’s a key difference between margin vs. markup, and knowing this difference is how you can set prices that lead to profits.
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Types of Audits: Breaking Down 9 Different Audits
May 6, 2024As a small business owner, you need to conduct regular audits to ensure your records are accurate. Although many business owners dislike the idea of auditing, audits can be beneficial to your company. Learn more about the different types of audit below.
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Partnership Advantages and Disadvantages
May 6, 2024If you’re starting a business and have one or more partners, it might seem obvious to form a business partnership. This is a business structure that allows you and at least one other person to both have ownership of the business. Even though forming a business partnership might make sense, it’s not your only option. […]
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Strategies for Minimizing Data Entry Errors in Accounting
April 11, 2024Mistakes happen all the time, just look at your phone the next time you’re texting someone or putting in your password. Entering numbers in your books is no different. Data entry errors are common, but unchecked mistakes can quickly tank the accuracy of your books.
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What Are the Types of Revenue Small Business Owners Need to Know?
April 5, 2024To keep business operations running smoothly, you need incoming money. When you make a sale or earn money from another activity, you need to record it. Learn how to record the types of revenue in different accounts. That way, you can keep your accounting books updated, organized, and legal.
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Starting a Business With Poor Credit History
March 27, 2024A great idea comes with great responsibility, or money. Any good businessman knows that starting a business requires more than just grit and effort. For a business idea to come to life, significant costs are incurred whether you like it or not. From your administrative operations to production costs, starting a business is like bleeding […]
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