You might have heard of the Golden Rule in life: Treat others as you want to be treated. But, did you know that there’s also a golden rule for accounting? In fact, there are three golden rules of accounting. And no … one of them is not treating your accounts the way you want to […]
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What Is Open-book Management?
Want to increase transparency and potentially boost profits? If so, you may consider open-book management. So, what is open-book management? Get to know what open-book management includes, the pros and cons of it, and how it works.
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The Basics of Franchise Accounting
As a franchise owner, you can run your own business without the risk of starting a brand-new company. Like any business, you take on the many responsibilities of day-to-day operations, including some basic accounting tasks. Though franchise accounting is similar to accounting for other types of businesses, it includes a few extra steps.
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Use Payroll Reconciliation to Record Your Books Accurately
As a small business owner, payroll is one of your biggest expenses. You need to make sure you run payroll and record it in your books correctly every time. Check your general ledger entries with payroll reconciliation for accurate accounting and payroll records.
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Get the Lowdown on Different Types of Equity for Your Small Business
There are many different accounts you can use to record equity in your business accounting books. Before you can begin tracking equity, you must learn about the different types of equity that can apply to your company.
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What Is Owner’s Equity?
If you are a sole proprietor or partner, you or you and your partners are entitled to everything in your business. You don’t provide dividends to shareholders. You have full ownership of your business. However, you still have liabilities that you need to handle. Failing to consider your liabilities will give you a false picture […]
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Fixed Assets vs. Current Assets: What’s the Difference?
There are different types of assets your business may have. You have probably heard of fixed and current assets. But, do you know the difference between fixed assets vs. current assets?
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Account Reconciliation for Small Business Owners
When you run a small business, one error in your accounting books can result in inaccurate financial statements, poor cash flow management, and even an IRS audit. To make sure your records are accurate, familiarize yourself with account reconciliation.
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Assets Definition, Types of Assets, and More
Over time, your small business gains assets when you purchase items that bring value to your company. These assets are an essential part of your business that can help generate revenue and increase your business’s value. So, what are assets?
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What Is Business Equity, And How Does It Represent the Value of Your Small Business?
Many small business owners invest their own money to help fund their startups. According to one study, 77% of small businesses rely on their personal savings for initial funding.
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