Forty percent of small business owners agree that bookkeeping (the process of recording transactions) and taxes are the worst part of the job. Although it might be taxing (no pun intended!), bookkeeping is a key part of business. But, that doesn’t mean you have to make things unnecessarily difficult. For simple bookkeeping, you may consider […]

The IRS suggests that you keep receipts and other records for gross receipts, purchases, expenses, assets, and any deductions you want to make (entertainment, travel, gift expenses, etc.). And as your business grows, tracking receipts can be a difficult task indeed. But, it’s getting easier with e-receipts. Want to go paperless? Read on for a […]

Did you structure your business as a sole proprietorship? Do you want to move beyond your sole proprietorship status? If your business structure just isn’t cutting it, one of your options is to change sole proprietorship to LLC. And here’s the thing—you’re not alone. Although sole proprietorships are the most popular type of entity for […]

When you extend credit to customers, you deal with something called accounts receivable. To ensure your company gets paid and your books are all up-to-date, you need to have a solid accounts receivable process in place. Here’s your step-by-step guide on accounts receivable processes and procedures to live by. Accounts receivable overview What are accounts […]

When it comes to running a business, you take on the role of decision-maker. And, one of your biggest decisions is if you should use cash or accrual accounting. What’s the difference? How in the world does accrual or cash accounting impact your books? We’re gonna break it all down for you. Your accounting software […]

In accounting, there’s one thing you can’t ignore: how debits and credits work. To keep accurate books, you need to learn and understand the difference between a credit vs. debit. Otherwise, your books will wind up unbalanced and sloppy (and no business owner wants that!). To get to know debits and credits in accounting like […]

Accounting deals with many different types of accounts. One account you may stumble across in your accounting journey for your business is a nominal account. But, what are nominal accounts? We’re here to help you understand just that. This article goes over: Nominal account definition Types of nominal accounts Nominal account examples Nominal account definition […]

Your books say one thing, but your bank statement says another. Sigh (why isn’t anything ever easy?!). But don’t stress—bank statement reconciliation is here to help. Sure, managing your business bank account may not be the first thing on your to-do list. But, bank statement reconciliation helps you catch and correct errors before they damage […]

Thinking about offering your employees a 401(k) plan? Already offer a retirement plan to your team? Either way, you’ll want all of the juicy details about the 401(k) tax credits for employers. Get the scoop on the 401(k) tax credit and how you can use it to lower your tax liability. How tax credits work […]

AI (artificial intelligence) has been a game-changer for everything from speech recognition to language translation and … accounting? Yes, AI in accounting continues to transform the process of bookkeeping. How so? Many accounting software platforms use AI to streamline tedious accounting tasks like data entry and bank statement reconciliation. Want to learn more about it? […]