Like any business, you need up-to-date accounting records if you run a farm, ranch, or related operation. But, some aspects of agricultural accounting, like livestock and land, are specific to farming businesses.
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Accounting Tips, Training, and News
Sales Tax Accounting Basics [+ Journal Entry for Sales Tax Examples]
September 20, 2022When you sell goods to customers, you likely collect and remit sales tax to the government. And when you purchase products, you typically pay sales tax. But, how do you record these tax collections and payments in your accounting books? Sales tax accounting.
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The Matching Principle in Accounting: How a Debit and Credit Fall in Love
September 8, 2022If you’ve ever sent an invoice to someone who planned to pay later, you’re probably using accrual accounting. It can be hard to keep track of finances when you’ve accrued payables and liabilities. But, using the matching principle can help you stay organized. The matching principle in accounting states that you must report expenses in […]
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How to Improve Financial Reporting Processes: 6 Tips
September 6, 2022Let’s face it: Your finances play a major role in your business’s success. You need to have accurate reporting to know where your business stands financially. Otherwise, you could end up overspending and running your business into the ground. To keep your small business finances in shipshape, learn how to improve financial reporting processes.
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Speed up Customer Payments With an Early Payment Discount
September 1, 2022Ever feel like getting customers to pay is like pulling teeth? If you’re in business and invoice customers, the answer is likely a resounding yes. Many customers wait until the due date to pay (who hasn’t?). Other customers still don’t pay even after the deadline has passed. And if your business needs cash, you may […]
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What Is a Nonprofit? Definition, Types, & More
August 30, 2022Have you ever donated to a charity? What about a hospital or school? If so, you may have given to a nonprofit. But, what is a nonprofit? And, how do they work? Get the answers to all of your burning questions below.
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Unlock the 7 Primary Advantages of Accounting Software in Your Business
August 25, 2022As a busy business owner, you’re always looking for ways to save your time and money. And, you certainly don’t want to waste your precious time, energy, and hard-earned cash on accounting tasks. The solution? Accounting software.
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Changing Accounting Software? Here’s What You Need to Know Before Making the Switch
August 23, 2022As a small business owner, you already have enough on your plate. There’s no reason to hold on to accounting software that doesn’t meet your needs. Changing accounting software can make your business’s day-to-day run smoother than ever.
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Keep Track of Your Giving Spirit With a Donation Expense Journal Entry
August 18, 2022Did your business make a donation? Are you thinking about making one? If your business is in the giving spirit and donates to a nonprofit, you need to make a donation expense journal entry. The way you record a donation expense journal entry differs depending on the types of donations you give.
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Setting up an Accounting System: Crunching the Numbers
August 11, 2022Software is a popular type of accounting system you can use to streamline your bookkeeping process. Depending on the software you choose, you can save your time and money and focus on running your business. But first, you need to know about accounting software setup. Lucky for you, our guide makes setting up accounting system […]
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