Quick Answer: You’ve likely outgrown DIY accounting when bookkeeping eats your nights and weekends, you’re second-guessing your numbers at tax time, and your books can’t keep up with growth. At that point, it’s time to upgrade your system, your support, or both.
Read More Signs Your Small Business Has Outgrown DIY Accounting
Does your business have enough liquid assets to cover short-term liabilities in a pinch? To find out, you can use the quick ratio. Keep reading to learn the quick ratio definition, how to calculate your ratio, and more.
Read More What Is Quick Ratio? Learn How to Swiftly Calculate This Metric
Are you an accounting wizard? Maybe, maybe not. Regardless, your math needs to add up. And sometimes, even the greatest mathematicians make mistakes. If you make an accounting error, you must find it before it harms your business. That’s where a trial balance comes in.
Read More Check Your Financial Records With a Trial Balance
A profit and loss statement is one of the most important tools you have in your business to determine profitability. Do you know how to create a profit and loss statement?
Read More How to Create a Profit and Loss Statement
Your business’s financial statements give you a snapshot of the financial health of your company. Without them, you wouldn’t be able to monitor your revenue, project your future finances, or keep your business on track for success. So which financial statement is prepared first?
Read More Which Financial Statement Is Prepared First?
Business owners need to have a pulse on their organization’s financial performance and cash flow for decision making and obtaining business financing. You can learn how your business is doing holistically by preparing different financial statements. So, what is a financial statement?
Read More What Is a Financial Statement? [+ Examples]
BIG NEWS: On March 21, 2025, FinCEN announced that all domestic reporting companies, businesses created in the United States, are exempt from the requirement to report beneficial ownership information (BOI) to FinCEN.
Read More BOI Reporting No Longer Required for Businesses Created in U.S.
You’ve heard about debits and credits. You know they increase and decrease certain accounts. But, how much do you know about the accounts they affect? There are five types of accounts in accounting.
Read More Types of Accounts in Accounting to Memorize
Mistakes happen, especially when it comes to recording transactions in your books. One type of accounting mistake that’s easy to make is a transposition error. Read on to learn what is a transposition error and how it can affect your accounting books.
Read More Transposition Error, the Little Mistake That Causes Big Problems
Do you file Forms 1099-MISC or 1099-NEC? If so, you might mix up the forms, enter incorrect information, or use a form from the wrong tax year. If you make a mistake on either form, you may need to issue a corrected 1099.
Read More How to Issue a Corrected 1099 (MISC and NEC)