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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General Ledger - Tips, Training, and News
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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What Is Interest?
As a business owner, you likely borrow money to help fund your startup. And when you need a business loan, lenders typically charge you interest. So, what is interest?
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Modified Cash-basis Accounting: How Does it Differ From Other Accounting Methods?
As a small business owner, you need to track your income and expenses. And to organize your business finances, you must select an accounting method. One method you can choose is modified cash-basis accounting. Learn the ins and outs of the modified method, how it differs from other accounting methods, and its advantages.
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Month-end Closing Procedure and Checklist: Keep Your Books Shipshape
As a small business owner, you may find yourself struggling to keep up with your business’s books. As soon as you know it, another month has passed and you’ve fallen behind recording transactions.
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How’s Your Small Business General Ledger Lookin’?
Your business’s general ledger plays a significant role in forecasting the financial health of your company. But if you’re slacking on your general ledger entries, your business could suffer the consequences.
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Do You Know How Temporary vs. Permanent Accounts Differ?
As a business owner, you are likely familiar with certain accounting accounts, like your assets or expense accounts. But did you know that each account can also be labeled as a permanent or temporary account?
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