It’s a new year and with a new year comes New Year’s resolutions. If you have creating and launching your business on this year’s bucket list, this post is for you. In this post we are taking a deep dive and outlining the 7 steps of pricing services for your service-based business. Are you afraid to start […]
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Starting your journey of understanding the accounting world can feel like stepping into a complex maze of numbers, ledgers, and financial reports. Fear not! The accounting cycle is the roadmap that simplifies the journey, providing structure and clarity to the back end of your business. In this beginner’s guide, we’ll unravel the accounting cycle, step
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Cash VS Accrual for Your Small Business **This post contains affiliate links. All products recommended are tools/software I use daily! When it comes to managing your small business’s financial transactions, selecting the right accounting method is crucial. Two methods of recording financial transactions are cash basis and accrual basis. In this blog post, we’ll explore
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Deep Dive to Understanding Financial Statements for Your Small Business Financial statements are the backbone of assessing a company’s financial health. These documents provide a clear snapshot of a business’s performance, position, and cash flows. In this post, we’ll dive into the different types of financial statements, discuss their importance, and examine how they work
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In the crazy world of entrepreneurship, small business owners often find themselves juggling multiple roles to keep their ventures afloat. Amidst the hustle, it’s easy to overlook the foundational aspect that can significantly impact a business’s success: bookkeeping. In this blog post, we’ll jump into the importance of bookkeeping for small businesses and uncover why
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Reconciling your bank account is an essential part of bookkeeping. It involves comparing the balances on your bank statement with the balances in your bookkeeping records to ensure that they match. This process helps you identify any errors, discrepancies, or fraudulent activities, and ensures that your financial records are accurate. In this post, we will
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Bookkeeping errors can have serious consequences for a business, such as inaccurate financial statements, tax problems, and even legal issues. Here are five common bookkeeping errors and how to avoid them: Data Errors Data entry errors can occur when numbers are typed incorrectly, transposed, or omitted altogether. These errors can lead to inaccurate financial statements
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What is bookkeeping? You are here to understand bookkeeping essentials for beginners. After reading this you should have obtained enough knowledge to understand the basics and better run your small business. Bookkeeping is a fundamental component of any business, big or small. Bookkeeping involves the process of recording and organizing financial transactions such as sales,
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The backend of your business sometimes feels like it is filled with daunting tasks–with your bookkeeping being one of them. The fact is, while it usually is not fun for business owners, bookkeeping is an integral part to a small business’s success. Without keeping the books, you as a business owner are not able to
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