This Easter, learn how to record cash sales with a discount

With the Easter season around the corner, all stores would be exploding with all kinds of sales! Having sales and offering discounts are a big part of any shop – from the little bakery down the road to the biggest retailers having global presence. While this is an excellent idea, how do small and medium businesses record these discounted prices …

When a Virtual Firm Meets Face-to-Face

Many small to medium businesses are going the way of virtual firms. While this type of organization has several advantages, there are also a few pitfalls. Interestingly, periodic face-to-face meet-ups can address these issues and spur the organization to innovate achieving new milestones for further success. Advantages of a Virtual Firm Employee Flexibility At a virtual firm, the flexible work …

One Conclusive Approach to Help Your Business Perform Better

You own a small business. You run it. You run all its operations. You are master and slave, and employer and employee, and taker-outer-of-the-trash, too. Then you do your accounts. And bungle it up. And give yourself a miscalculated account of what fuel your business is running on.   Small and medium businesses usually see one person running the show, …

A Guide to Paying Bills in QuickBooks Online

For years, QuickBooks has changed a lot in Business Accounting. It has advanced features that make it highly useful even for non-accountants. QuickBooks enables users to manage each of their accounting tasks, including accounts receivable, accounts payable, financial reporting, credit card management and lot more. Apart from these essential accounting tasks, QuickBooks also can be efficiently used to pay bills. …

7 Tips for Managing Stress While Running an SMB

Stress is one of the inescapable aspects of life, especially modern digital life, and sometimes it can get the best of you. This is especially true for entrepreneurs, including those with SMB. Saying stress is bad is a bit of an oversimplification as stress is often a necessary driving force in our lives. However, when stress gets out of control …

Bad Debts Expense: What You Need to Know About Uncollectible Accounts

Bad debts expense occurs when a customer does not pay the amount owed for goods or services received. Typically, when a customer invoice is more than 90 days overdue, it will be written off as uncollectible bad debt. It is obviously a loss to the company and related to the company’s current asset accounts receivable. While the time period before …

Guide to Bank Reconciliations in QuickBooks

Reconciling accounts consists of matching account transactions (from your bank statement) to your records in QuickBooks. As with your personal accounts, it is good practice to reconcile your business accounts every month. Your business accounts include your bank and credit card accounts that you use for your business. The benefits of periodic reconciliations in QuickBooks are: Timely resolution of discrepancies …

How Outsourced Accounting Service prevents Fraud?

“Prevention is better than the cure”   Accounting is one of the most important departments in any organization that needs attention to details. More successful the business is, more arduous the accounting gets. Maintaining in-house accountant can sound favorable for small businesses. But as the business grows, the accounting team needs to grow as well. Since accounting is complex in …