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 […]Read More The Three Golden Rules of Accounting You Should Always Follow
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The Basics of Single-entry Bookkeeping
As your small business begins to make transactions, you need to record them in your books. If you want an easy way to track business finances, consider using the single-entry method. Single-entry bookkeeping lets you record transactions quickly so you can get back to running your business.Read More The Basics of Single-entry Bookkeeping
Use Correcting Entries for Mistakes in Your Books
Even with automation and easy-to-use accounting tools, bookkeeping mistakes can happen. Journal entry errors can end up costing your small business time and money. Learn how to get your books back on track with correcting entries.Read More Use Correcting Entries for Mistakes in Your Books
Master the Basics of Petty Cash Accounting
Thinking about providing petty cash to employees? Before establishing a petty cash fund at your small business, be prepared to create a petty cash accounting system.Read More Master the Basics of Petty Cash Accounting
Accounting for Intangible Assets
When you own and operate a small business, you build up a collection of tangible and intangible assets. Tangible assets include valuable things you can touch, like your business’s building, vehicles, equipment, furniture, etc. Intangible assets are the opposite—they are not physical items. As a result, accounting for intangible assets can get tricky.Read More Accounting for Intangible Assets
What Is Chargeback Fraud, and How Will it Affect My Online Business?
Without sales, your business’s bottom line would be in the negatives. But if a customer issues a chargeback after you make a sale, you might have to pay up. And sometimes, customers falsely make a chargeback claim. Chargeback fraud is a hassle nobody wants to deal with, but it could happen when you own an […]Read More What Is Chargeback Fraud, and How Will it Affect My Online Business?
Your Go-to Guide to Understanding Tangible Assets
Business assets are items of value that significantly contribute to your small business net worth. You need to properly calculate, take care of, and record your business’s tangible assets. Learn about tangible assets below.Read More Your Go-to Guide to Understanding Tangible Assets
Wrap up Your Accounting Period With Closing Entries
When you manage your accounting books by hand, you are responsible for a lot of nitty-gritty details. One of your responsibilities is creating closing entries at the end of each accounting period.Read More Wrap up Your Accounting Period With Closing Entries
What Is Bad Debt?
Extending credit to customers is a great way to encourage impromptu purchases, boost sales, and increase profits. But sometimes, customers don’t pay you, resulting in a bad debt. What is bad debt?Read More What Is Bad Debt?
Learn All About Allowance for Doubtful Accounts (Aka Bad Debt Reserve)
When it comes to your small business, you don’t want to be in the dark. Your accounting books should reflect how much money you have at your business. If you use double-entry accounting, you also record the amount of money customers owe you. But, what happens if they don’t pay? To protect your business, you […]Read More Learn All About Allowance for Doubtful Accounts (Aka Bad Debt Reserve)