For any business, bookkeeping can be a hectic and challenging process. It involves dealing with all the various financial records and documents pertaining to a business. Since this can be a challenging job, but a job that must be done correctly, it is highly recommended that one hire the services of a professional to deal…
Mishandling your business receipts is one major accounting mistake that could be costing you money. To avoid losing crucial information about the transactions your company makes, it is important for you to keep every receipt that you receive. By keeping your receipts organized, you will be able to assess your spending more easily and accurately.…
Whether you have a small or large company, there are so many ways you can make mistakes when it comes to handling your bank accounts and everything pertaining to them. Many businesses do not properly keep track of the transactions they make through their bank accounts until something goes wrong. By doing so, you will…
Cash Isn’t King? How Cash Causes Problems Having a petty cash fund in your business is somewhat necessary. However, this cash fund must be accounted for and you should be able to justify where the cash is coming from and where it is going. Accounting for cash helps prevent your money from being mishandled. It…
Avoid These 5 Traps of Business Credit Cards As convenient as credit cards are for businesses, it is easy for business owners to fall in the trap of misusing them and lose money. This is why it is very important for businesses to utilize their credit cards in the correct manner. Credit cards are meant…
Accounting Secret: Isolating Properties for More Profits It is very common for companies to make the mistake of not keeping their properties separate within their business. If you are a business owner with more than one property, you might find this article interesting as it lays out the reasons of separating your properties. One of…
When it comes to accounting, keeping your finances organized is the key to success. However, it is still something that a lot of business owners lack. The reason is that they do not keep a proper chart of accounts (COA) and, as a result, fail to properly track their finances throughout the year. The COA…
Everyone starting a business, no matter what kind, hopes to see it succeed as early as possible. However, it usually takes a while before a company can see profits and unfortunately not all businesses make it in this competitive world. Things can rapidly become hectic and overwhelming after you open your business so you must…
Can you confidently say that your business’ records are properly organized? Whether you are running a small business or a large venture, maintaining organization is an essential part of the accounting process. This is an aspect that many businesses neglect and can be detrimental to your business’ success. Keeping your business records organized makes it…