What Goes Into the General Ledger

Maintaining a general ledger is one of the most important tasks of bookkeeping. The general ledger is a complete record of a company’s financial transactions, since its inception. It plays the role of a tracker, helping managers to keep accurate financial records and prepare tax sheets. It is useful to track a company’s assets, liabilities, equity accounts, and other financials …

Smart Strategies for SMBs to Maximize the Efficiency of Accounting & Bookkeeping

Accounting and bookkeeping are important tasks that business owners need to carry out, irrespective of company size. It comprises processes that record a business’s financial activity and is usually carried out on a fixed schedule to avoid an IRS tax audit. When done accurately and efficiently, they help save time and reduce costs. Some of the financial statements that need …

3 Factors That Determine Invoice Payment Terms for New Businesses

Setting appropriate invoice payment terms is an important part of ensuring seamless cash flow to the business. For entrepreneurs and new businesses to get paid faster and establish cordial relationships with customers, it is important to understand the invoice terms to be provided for the customers. An important rule of invoicing is trying to get paid at the earliest. Usually, …

6 Tips to Handle Common Accounting Challenges

Many small business owners are not qualified accountants, but they have to handle the accounting for their business anyway. This does not have to be an uphill struggle when you know what to keep an eye on. Here are 6 tips to handle some common accounting challenges for small businesses.    1. Payroll Management If your business has employees that …

Accounting Done Timely: an accounting checklist for small businesses

When you are running a business your attention gets pulled in many directions leaving you always stretched for time. But in the midst of all that if you don’t pay a little attention to properly maintaining your accounts and book-keeping, it will come back to bite you hard. If you are a tad careful taking measures to keep your accounting …

Bookkeepers. What does this financial breed of people do?

Whatever kind of business or enterprise you run, if there is money involved then there is accounting involved. And unless you’re doing it yourself, it usually is your bookkeeper who handles this part of the business. So what do they actually do? Who is a bookkeeper? Essentially, your bookkeeper will track and document the daily financial transactions of the company. …

The 7 Basics About Business Budgeting

In business, you keep hearing the word ‘budgeting’ and it really sounds so wonderful to think that with a little planning all your finances will be smooth-sailing. Prioritise, allocate, and done! Theoretically speaking, true. But in truth, making a budget isn’t as simple as you would like to imagine. It is a crucial part of the success of any business …

10 Historically Common Mistakes Small Business Make When They Set Out To Grow

Most businesses start out small and hope to grow over the years. In fact, growth is imperative if a business wishes to continue. However, there are some typical mistakes that small companies make in their attempt to expand their enterprise, that actually cause the business to tank. Take a look to see if you have been making some of these …

Are You Using QuickBooks’ 5 General Features to Its Full Potential for Everyday Accounting?

QuickBooks is the go-to accounting software for small and medium businesses. It’s been designed to make accounting easier for SMBs, helping them automate routine tasks, order and manage files, offer easy and secure access to data, and sync bank updates with accounts, thereby reconciling data faster and keeping everything up to date. Now these are all features that QuickBooks offers. …

What Does Your Business Need: A Controller Or A Treasurer?

The controller and treasurer are both financial managers. However, their roles and skills in a business organisation differ. To help you decide which professional you need to hire, it is good to understand what each position entails.   The Controller: The controller in a company is the head of accounts, supervising other accountants and overseeing the preparation of financial reports …