Tag: Online Bookkeeping
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Guide to Tax Returns for Small Business Owners
Tax season may come as a challenge if you’re a small business owner and most will find it to be such a headache. If this is your first tax season, you will need to check out this guide to tax returns. Prepare your documents to be filed accurately and in a timely manner so that […]
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Top 7 Accounting Mistakes to Avoid for Your Small Business
Most small business owners don’t have a background in accounting. But understanding the basics of how to manage your finances is crucial to the success of your business.
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10 Tips for Better Budgeting
…and how QuickBooks Online can help you with the mechanics. If you already have a budget, it’s probably been difficult for you to stick with it for the last several months. Unless you provide products and/or services that have been in great demand since the COVID-19 pandemic took hold, you’ve had to adjust your budget […]
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If you’re not using QuickBooks Online, you’re missing out
If you dread every minute of the time you spend on accounting, you should know how QuickBooks Online can change your outlook. How long would it take you to determine: What your total expenses for this quarter are? Whether or not your business is profitable as of today? How much you’ve sold every month this […]
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Fundamental Accounting Principles
Generally accepted accounting principles (GAAP), are common standards and procedures issued by the Financial Accounting Standards Board (FASB). It encompass the details, complexities, and legalities of business and corporate accounting. Although there are plenty of guidelines that make up GAAP, these 10 basic principles are the most commonly practiced by any business accountant. Basic Accounting Principles 1. […]
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Accounting Terms: Profit VS Profitability
Are they the same? What is the difference between Profitability and Profit? Two accounting terms that every business owner encounters. Although they may look similar, they are not entirely the same. Both are accounting metrics used in analyzing the financial success of a business. Accounting Terms Definition Don’t confuse the two accounting terms. Profit is […]
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Accounting Basics for Small Businesses
Managing finances can be daunting and time consuming but don’t let yourself be overwhelmed by the numbers. Small business owners struggle with this on a daily basis but if you make sure to set aside time to do some of these accounting basics, you’re well on your way to lightening the load on your reports. […]
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QuickBooks Online: Journal Entry
Simply put, a Journal Entry is a record of all accounting transactions made by the company and entered in a General Ledger. QuickBooks Online takes in these transactions automatically and inputs the collected data into the general ledger for them to be prepared into reports. Transactions like bills, checks, invoice, etc. will be posted as […]
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Sales Tax for Small Business
As your business grows in the e-commerce market, know that QuickBooks Sales Tax is here to help you remain tax compliant. When you are responsible for filing, remember the 4-STEPS to help make sales tax filing a success: know where, when, how to file, and pay and do not pay more than you have to […]
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Accounting Reports for Your Small Business
Business owners rely on financial reports to monitor the company’s status and use it as a guide to make important operational decisions. As a small business owner, you should start asking which reports are most important and how often they should be created and compiled. See which reports are critical for when starting up your […]