Part of running a business is recording day-to-day operating costs in your books. These expenses fall into two categories: cost of goods sold (COGS) or operating expenses. But what’s the difference between the two? Read on to learn about cost of goods sold vs. operating expenses and how to tell the difference when doing your […]
Read More Cost of Goods Sold vs. Operating Expenses: Your Go-to GuideAccounting Reports Articles
Accounting Reports - Tips, Training, and News
What Is a Chart of Accounts?
You know what they say, “For every minute spent organizing, an hour is earned.” And when it comes to accounting, taking time to get organized can save you a number of hours later … not to mention, money. That’s why you need your trusted organizational accounting tool, aka your chart of accounts (COA). What is […]
Read More What Is a Chart of Accounts?
What’re the Differences Between Form 1099-MISC vs. 1099-NEC?
Before 2020, business owners used one universal form, Form 1099-MISC, to report nonemployee compensation and other types of payments (e.g., rent). But after a 38-year absence, Form 1099-NEC made a return in 2020. So, how do these forms differ? Read on to learn all about Form 1099-MISC vs. 1099-NEC and which form you need to […]
Read More What’re the Differences Between Form 1099-MISC vs. 1099-NEC?
The Basics of Payroll Accounting: How to Record Payroll Entries in Your Books
If you’re an employer, you can’t just be on your merry way after paying your employees. You also need to account for payroll expenses in your books. This is where payroll accounting comes into play. To ensure your accounting books are accurate, learn how to record payroll transactions.
Read More The Basics of Payroll Accounting: How to Record Payroll Entries in Your Books
Intro to Double-entry Accounting: Your Pain-free Guide
Recording transactions and keeping financial records are an essential part of owning a business. One way you can keep track of your finances is by using double-entry accounting. Read on to learn what is double-entry accounting and how it can benefit your books.
Read More Intro to Double-entry Accounting: Your Pain-free Guide
Form 1099-NEC for Reporting Contractor Payments
After a 38-year absence, Form 1099-NEC made its return in the 2020 tax year. For the last few decades, business owners were responsible for using Form 1099-MISC to report nonemployee compensation. But with Form 1099-NEC, employers can say hello to a revamped form and goodbye to reporting nonemployee compensation on Form 1099-MISC.
Read More Form 1099-NEC for Reporting Contractor Payments
Stop! In the Name of Your Business … Don’t Make These 7 Common Tax Return Errors
There’s a lot that goes into filing your small business tax return. You can’t just take a shot in the dark and hope for the best, you need to prepare, follow best practices, and keep good records year-round. And if you don’t, you could wind up making tax return errors.
Read More Stop! In the Name of Your Business … Don’t Make These 7 Common Tax Return Errors
How Tracking Aging of Accounts Receivable Can Help Your Business
If you offer credit to customers at your small business, you have accounts receivable (AR). Sometimes customers pay on time, while other times they do not. Aging of accounts receivable comes into play when a customer has a past due invoice. Keep reading to learn all about aging of AR and how it can help […]
Read More How Tracking Aging of Accounts Receivable Can Help Your Business
Balance Sheet Ratios: Current Ratio, Quick Ratio, & More
Your business’s balance sheet can give you a snapshot of your finances and show you whether you’re on track for success. Without it, you might struggle to detect spikes in spending or see if your pricing strategy is effective. If you want to take things one step further with your balance sheet and see how […]
Read More Balance Sheet Ratios: Current Ratio, Quick Ratio, & More
A Business Owner’s Guide to Balance Sheet Reconciliation
One of the four main financial statements you have to keep track of as a business owner is your balance sheet. Your balance sheet gives you insight into where your business stands financially. But, you won’t get an accurate picture of your company’s finances if you don’t keep up with balance sheet reconciliation. Read on […]
Read More A Business Owner’s Guide to Balance Sheet Reconciliation