Articles

Every business owner needs to maintain financial records. They are legally required to keep accounting records and store them for a specific period. Bookkeeping and accounting can be carried out in a variety of ways – a business owner can hire..

When you have a business, it is crucial to stay organized. The organization is key not just for the business, but also for the personal life of the business owner because business owners can be very busy and not staying organized..

Bookkeeper Definition A bookkeeper is an individual who maintains company books and makes them correct and accurate. This person helps to protect a business from costly filing errors and helps to keep it compliant with the tax laws and regulations. The..

Payroll can be complicated and time-consuming. There is also a possibility of making mistakes that can result in an employee being under or overpaid. Luckily, there is a number of online and desktop software solutions that can simplify the process. They..

Expenses have a direct effect on how much tax you end up paying, so you want to track all company’s eligible expenses. If there is not adequate support from business records, you cannot deduct even allowable tax deductions.  For an expense..

Gross profit is the amount of revenue after you deduct the cost of goods. In other words, it is the difference between the Sales Revenue and Cost of Goods Sold. It is important to note that you do not subtract the costs..

Deferred revenue is revenue that a company received but has not yet been earned. It normally arises when not all the risks and rewards of the sale have been transferred to a customer. Therefore, we classify deferred revenue as a liability..

When you started your business, did you imagine you’d be spending so much time slaving over your financials? You are not alone. There are many services that exist just to make these tasks simpler and less time-consuming for small businesses. Today,..

Your time as an entrepreneur or a business owner is very valuable. Every single minute of your day, you need to be doing something that adds value back into your company. Doing your books yourself, even if you have “easy” accounting..