Bookkeeping Articles

Accounting » Bookkeeping | By Debby Jones @ Monday, 29th September 2008 @ 7:47 AM

The Profit & Loss Statement describes you how your business is performing at that particular time and the Balance Sheet is the statement that tells you about the long-term health and strength of your business. The balance sheet shows whether you can meet your obligation as they come due, how much you are indebted to others and your prospects for staying in business. Assets = liabilities + equity. This is the accounting equation. Assets = your stuff. Liabilities and equity = how you paid ... more...

Accounting » Bookkeeping | By Debby Jones @ Saturday, 27th September 2008 @ 5:13 PM

The Cash Flow Statement is made up of three sections. The first section is operating activities. Operating activities include your companies profit or loss and non-cash items that affect your profit without affecting cash. Examples of these types of non-cash expenses are depreciation and bad-debt expense. Also included in this section are changes to your operating assets and liabilities. Operating assets and liabilities include accounts receivable, prepaid expenses, accounts payable and accrued ... more...

Accounting » Bookkeeping | By Jordan McPelt @ Friday, 19th September 2008 @ 11:27 AM

Money is an issue on everyone's minds: from the CEO sitting at the top to the entry level employee living paycheck to paycheck. This is why it is so important for those who are struggling in these hard economic times to be able to afford the basic essentials. In order to do that, you must create a budget you can stick to. Creating a budget is probably the easy part. Sticking to it make take getting some used to, because many people on a budget will have to cut out many of the little ... more...

Accounting » Bookkeeping | By Cheow Yu Yuan @ Monday, 15th September 2008 @ 11:44 AM

In this article, we will discuss some of the most common bookkeeping mistakes made by small business owners that you absolutely need to avoid if you want grow your business: 1. Handle all bookkeeping work by yourself. Especially for a small business, it is very common for the owner to have a self-employed mindset. The owner will try to do it all by himself because of budget constraints. Although it does not seems like there are a lot of bookkeeping to be done at the beginning, you must de... more...

Accounting » Bookkeeping | By Laurie O'Neil @ Saturday, 6th September 2008 @ 12:40 AM

We've all heard of the phrase "Death and Taxes." Ben Franklin gave this timeless small business advice when he proclaimed that they are the only two things in life that are certain. But you don't have to let your tax responsibilities drive you and your business to an early grave. As a business coach, the one problem I see many entrepreneurs running into is failing to budget enough money to set aside for their taxes. Then, when it comes time to file their taxes, they d... more...

Accounting » Bookkeeping | By Scott Miscall @ Thursday, 4th September 2008 @ 9:43 PM

Although you may have never heard the term web based invoicing software it may be the answer to some of your time efficiency problems especially if you own a small to medium sized business. If you were to add up all the time that you and your employee's spend each month chasing invoices and payments and making follow up calls. And marking a date in the diary to be sure to call back when the accountant gets back from his break, it would be a very large amount of time that electronic invoicin... more...

Accounting » Bookkeeping | By Scott Miscall @ Thursday, 4th September 2008 @ 7:58 PM

Online appointment scheduling technology is bringing new opportunities for time saving especially for small to medium sized businesses. This is basically a time-saving shortcut that avoids staff having to deal with making appointments in the traditional manor. Web based appointment making is a fast and highly efficient online appointment Tool that removes the need to speak to customers to allow them to schedule an appointment. Your appointment calendar can now be easy controlled with a we... more...

Accounting » Bookkeeping | By Laurie O'Neil @ Monday, 1st September 2008 @ 1:07 PM

Almost any small business can use advice on how to improve its collection cycle. The first line of defense against late payments is a complete invoice. Your bills should be accurate, detailed and easy to understand. If difficult to understand, then your client will need to call for additional information. That translates into "you have been added to their to-do list," which increases the time of your collection cycle. Include on each invoice: - Your company's contact informat... more...

Accounting » Bookkeeping | By Laurie O'Neil @ Monday, 1st September 2008 @ 1:05 PM

My least favorite thing is 'selling' my services to potential new clients. It makes me uncomfortable. Then a few years ago, Beth my business coach said, "Linda, why not describe the reasons why someone needs good bookkeeping? Talk about that during your initial meeting." I was skeptical; I didn't believe it would work. She encouraged me to try the approach at my next meeting with a potential bookkeeping business client. Well, I did, and much to my surprise her bookk... more...

Accounting » Bookkeeping | By Zacharias Allred @ Monday, 25th August 2008 @ 9:41 PM

Starting your own business can be a very rewarding experience. You will enjoy freedom and flexibility you never imagined. You will also work harder than you ever have before but it feels completely different when you are working for yourself. Here are some tips to help you get off on the right foot with your record keeping. 1. Keep Receipts For All Transactions From The First Day Onword. If you pay for everything with a check, debit card, or credit card this may not seem necessary. ... more...

Accounting » Bookkeeping | By Christine Harrell @ Friday, 22nd August 2008 @ 4:34 AM

Company owners are often confused by the tangled web of business and financial regulations. To simplify the complicated financial part of the business, many of them choose to protect themselves by contracting for outsourced accounting services. On the other hand, some companies are still trying to handle their own bookkeeping or hiring non professionals to tackle the job in an attempt to save time or money. However, not using a professional is one that can cost a business owners more ti... more...

Accounting » Bookkeeping | By Christine Harrell @ Friday, 22nd August 2008 @ 4:33 AM

Running a business involves attention to a wide variety of company functions. Whether you are a one-person business run out of a spare bedroom or a large organization with hundreds of employees one thing is true: if you don't know where your money is then you are doomed to fail. Studies Show Good Accounting is Good Business: According to The Small Business Book, the frequency and quality of a company's internal accounting services directly correlates to the organization&... more...

Accounting » Bookkeeping | By Peter Johnson @ Thursday, 21st August 2008 @ 10:26 PM

Essentially bookkeeping is the act of monitoring and recording the various financial transactions which are made by an individual, business or company. Bookkeeping has been around for a long time, and there has been a great deal written on what is essentially the ideal bookkeeping system. This article will demonstrate 2 examples of what are in my mind, the most ideal bookkeeping systems ever documented. Obviously the exact path to follow in forming your ideal bookkeeping system will vary dependi... more...

Accounting » Bookkeeping | By Christine Harrell @ Wednesday, 13th August 2008 @ 10:51 AM

It can be difficult for a business to give up control of important functions such as accounting services to an outside agency. Although the argument in favor of outsourcing may look good on paper, there is always the worry that some inept or even dishonest bookkeeper could damage the business. Once a company has made the decision to contract outsourced bookkeeping services, the decision of which company to work with is more than a matter of throwing a dart at Yellow Pages listings. Findin... more...

Accounting » Bookkeeping | By Laurie O'Neil @ Sunday, 27th July 2008 @ 12:58 AM

Goal setting is crucial to the success of any business, but is particularly important for entrepreneurs in the bookkeeping service business who can become distracted with multiple priorities. Goal setting allows us to be proactive, instead of just being reactive. We've all had days where we leap from one crisis to another, but we know that's not a preferred mode of operation for our bookkeeping services! Goals direct actions, give us something to aim for, and serve as a yardstick for m... more...

Accounting » Bookkeeping | By Caleb Anderson @ Thursday, 26th June 2008 @ 2:39 AM

Book Keeping and Accounting is something foreign to many, maybe because they never cared to learn it thinking it is just a dull game of recording transactions using unnecessarily complicated terms and methods. Far from it, book keeping and accounting is a logical way of recording transactions in a professional manner so that the information could be used in the ascertainment of many other vital business criteria such as the profits or losses made, who owes you and how much; how much you owe othe... more...

Accounting » Bookkeeping | By Christine Harrell @ Sunday, 20th April 2008 @ 9:20 PM

Company owners are often confused by the tangled web of business and financial regulations. To simplify the complicated financial part of the business, many of them choose to protect themselves by contracting for outsourced accounting services. On the other hand, some companies are still trying to handle their own bookkeeping or hiring non professionals to tackle the job in an attempt to save time or money. However, not using a professional is one that can cost a business owners more time and m... more...

Accounting » Bookkeeping | By Art Gib @ Sunday, 30th March 2008 @ 9:10 PM

The times we live in are quite convenient in terms of communication whether you hail from a cubicle dwelling or man an oil rig in the gulf. Communication happens at the speed of a key click and the office vernacular these days typically revolves around abstract virtual talk. When someone means folder, typically they're speaking of something found on a computer hard drive rather than on a shelf. Yet we still find the need for hard copies though. And some artifacts simply can't be stored... more...

Accounting » Bookkeeping | By Michael Sack Elmaleh @ Thursday, 31st January 2008 @ 9:05 PM

The basic advantages of a computerized accounting system are efficiency and speed. In a manual system receipts and disbursements are initially recorded in registers. This can involve writing a check and then writing a description in a register or this can be done on a one-write system. Either way the transactions in the registers must be manually posted to the general ledger and then compiled into financial statements. This manual transfer of information is time consuming and subject to error (s... more...

Accounting » Bookkeeping | By Derek Both @ Wednesday, 16th January 2008 @ 10:36 AM

Customer relationship management (CRM) is an important part of any business in order to keep clients happy. It is imperative to ensure that customers are happy otherwise you will not have a business. Customer relationship management is the strategies, processes, people and technologies that are used by companies in order to successfully attract and retain customers. If this is achieved then a company can enjoy maximum corporate growth and great success. Obviously this is what any busine... more...