Articles

FreshBooks is an ideal choice for small businesses, freelancers, and people who want to focus on expenses and receipt management. Entrepreneurs can benefit from clean invoicing, automated reports, and time tracking features. It will save you on bookkeeping costs, and an..

One of the steps in the accounting cycle is balancing off the accounts. You can do this after all the financial data has been posted to the ledger accounts. What does it mean? Balancing off means matching figures of debits and..

Cash Disbursement Journal is a special journal used to record all payments of cash, also called Cash Payment Journal. This is a journal that we could use if we were to set up the accounting process by hand rather than having..

To ensure successful decisions and actions of companies in the dynamic market, it is necessary to quickly obtain information, including detailed financial data and indicators. As an entrepreneur, you most likely don’t really like doing bookkeeping or simply do not have..

What is the meaning of accounting? The fundamental concept of accountancy is the gathering of the financial data of records, analyzing, and classifying the firm’s operations. A comparison of the current data with the previous year’s activity to find the weak..

Businesses around the world make millions of payments every day. Every business that conducts business as a legal entity makes a large number of financial transactions that it has to keep under control. Therefore, the law requires all state and commercial..

Credit sales are very popular in the consumer market and quite common even in small businesses, often exceeding cash sales. This is because, with this method of trading, the buyer receives the goods immediately and pays for them for several months..

Use of Control Accounts A control account summarizes a set of subsidiary accounts. Large businesses use it to minimize the summary postings in the general ledger. Instead, enterprises record all the transaction details in a separate subsidiary ledger. Such actions mean..

Businesses need to know what contra accounts are to keep accurate accounting records. They also allow us to follow the matching principle. Expense accounts have a normal debit balance, which means they increase with debit entries. A contra account reduces an..