Budget reports are formalized statements that businesses use to achieve financial success. These are typically created to establish budget projections and enable a company to create financial goals they want
Bookkeeping vs Accounting: What is the Difference? (Infographics)
There are many terminologies entrepreneurs must familiarize themselves with to gain a better understanding of their business operations. Among them are bookkeeping and accounting. Both encompass the financial aspect of
Everything You Need to Know About Account Reconciliation
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
Factors to Consider When Evaluating Your Small Business’s Financial Health – (Infograhics)
Understanding their small business’s financial health is crucial for entrepreneurs and other stakeholders. It enables them to determine future actions that are beneficial for the company in the long term
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
The Benefits of Up-to-date Accounting and Bookkeeping Records
For many entrepreneurs, record keeping and accounting are the backbones of a smooth business operation. These administrative tasks require recording source documents for business operations and financial transactions, which is
Types of Errors in Accounting and How to Prevent Them
The bookkeeping and accounting records play a vital role in helping you evaluate your small business’s financial health and performance and prepare for your taxes and other government compliance obligations.
How to Conduct a Mid-Year Accounting Review – Infographics
The middle of the year is an ideal period to conduct a check-up on a business’s finances. Activities that transpired in the past months can provide significant data about the
Accrual Accounting vs. Cash-Basis Accounting: What is the Difference? – Infographics
Accrual accounting and cash-basis accounting are the two most commonly used accounting methods by businesses. These accounting methods comprise certain rules and procedures that companies follow when reporting their finances.
Small Business Bookkeeping Tips: How to Set Up and Manage Your Own Books – Infographics
Bookkeeping is an essential part of running a business. It is the process of recording and managing all financial transactions made throughout business operations. The collated data is then used