Account reconciliation is the process of comparing financial records or account balances against records obtained from internal or external sources to check if the figures are correct and consistent in the two documents. Importance of Account Reconciliation Account reconciliations are
Identifying the Different Types of Ledgers and How They Are Used
Bookkeeping and accounting are crucial administrative tasks that businesses need to accomplish to manage their finances adequately. Enterprises incur many kinds of business transactions; they earn revenues and incur expenses, among many other transaction activities. The different natures of business transactions
6 Best Practices for Small Business Invoicing – Infographics
Invoicing plays a fundamental administrative task that every business needs to put extra interest and effort on. It is one of the many ways an enterprise can ensure a healthy cash flow for their company. You need to prepare professional and
How Can Accurate Accounting Increase the Value of Your Business?
Your bookkeeping and accounting systems help you record and keep track of your financial transactions to be used during tax time and enable you to improve your business’s value, not only in the economic sense but also to your customers. Here
Bookkeeping 101: Everything You Need to Know About The General Ledger
For business owners to succeed in running their businesses, they not only need to market their products and services but also maintain a healthy cash flow. To do so, they need to establish their bookkeeping and accounting systems. Record-keeping and accounting
Causes of Cash Flow Problems and How to Solve Them ( Infographics )
Establishing your small business is exciting, particularly when you market the products and services you have conceptualized for many months to consumers. But as wonderful as it is to see your offered commodities being bought by your customers, you need to
5 Ways Invoicing Software is Better than Invoice Templates
An invoicing system is among the indispensable tools that help businesses keep track of their finances. An invoice issued to a client is a conclusive document that acts as a record of the sale or purchase of commodities or services. Businesses
Single Entry vs Double Entry Bookkeeping: Which Is the Better Choice?
Accounting and bookkeeping processes allow business owners to keep track of every transaction they make, monitor the money that comes in and out during business operations, and evaluate their company’s financial stability. Businesses need to establish their accounting and record-keeping systems
Smart Financial Wellness Habits to Improve Your Business Finances
When running a business, staying on top of your finances by maintaining a positive cash flow and financial stability allows you to keep your operations running smoothly. Consequently, if you are lost with your accounting and business fund management, you will
Top 6 Most Commonly Overlooked Tax Deductions for Canadian Small Businesses (Infographics)
Business owners in Canada can maximize various tax deductions to bring down their tax liability or even get a tax refund. Often, these write-offs require a valid reason and must meet the criteria set by the Canada Revenue Agency (CRA). To