Accounting errors are inevitable, especially if you’re rushing to add information into your small business accounting books. To detect accounting errors sooner rather than later, learn which ones to keep an eye out for and how to find them in the first place.Read More Top 5 Accounting Errors You Might Be Making [+ Tips to Find Them]
All companies need to record business activities to avoid an IRS tax notice or penalties, and to track progress. But, do seasonal companies have the same rules for small business recordkeeping as year-round companies?Read More Small Business Recordkeeping for Seasonal Companies
The lifeblood of any business — large or small — is financial integrity. Efficiently managing your small business accounting can help determine your success. If you don’t know where to start, consider leveraging accounting software. By getting your finances in order, you will save a lot of hours, headaches, and dollars.Read More How to Organize Your Business Finances
As a small business owner, paying close attention to your finances is vital to the survival and growth of your company. You can handle much of your accounting program on your own with some time and resources. But when you look at your books and feel lost, it might be time to call an expert.Read More Bookkeeping vs. Accounting: What Is the Difference?
If you’re like many small businesses, you account for company assets that you can see and touch. But, what about the items of value that aren’t physical? You may be undervaluing your business by forgetting your intangible assets. What are intangible assets?Read More What Are Intangible Assets?
To keep your small business’s finances on track, reconcile your books and bank account statement. Sometimes, transactions are only recorded in one financial record when you reconcile the balances. If your books and bank account balances don’t match, you might have an outstanding deposit.Read More Outstanding Deposit: The Basics for Small Business
To protect your business and operate under the law, you might obtain licenses, trademarks, patents, and other intangible assets. These items can be costly to a small business. You can use amortization to reduce your taxable income throughout the life of intangible assets. What is amortization?Read More Amortization Meaning: Definition and Examples
No matter what kind of business you run, you probably own property that helps you provide products and services. Your company’s assets are a valuable part of your operations and need to be carefully maintained. Use a fixed asset management system to organize information about your business property.Read More Fixed Asset Management for Small Business
When you buy assets for your small business, you need to account for them in your books. Recordkeeping for assets doesn’t need to be difficult. The cost principle is a simple method for managing the value of your long-term assets.Read More What Historical Cost Principle Is, and Why it Matters
Fifty-seven million U.S. workers are freelancers, representing a shift toward self-employment. But the freedom of freelancing comes with one big disclaimer: you are responsible for everything, including your accounting books. Bookkeeping for freelancers might seem overwhelming, but it’s doable with the right knowledge and tools.Read More Bookkeeping for Freelancers: Tips for Managing Your Accounting Books