Blog

September 09, 2019

Charles Lutwidge
Is Unearned Revenue a Current Liability?
Is Unearned Revenue a Current Liability?

Businesses are complex systems made up of many components that all need to work together to succeed. With no marketing, sales won’t be made, and without staff, a product won’t be developed, etc. Business relationships can be challenging to track and..

Blog

September 09, 2019

Charles Lutwidge
The Accounting Equation May be Expressed as Assets = Liabilities + Owner’s Equity
The Accounting Equation May be Expressed as Assets = Liabilities + Owner’s Equity

The main goal of any business is to maximize profits, and how well a business thrives depends on what economic resources are available to it. A simple equation can be used to represent these resources (assets) and show where they came..

Blog

September 09, 2019

Charles Lutwidge
The Accounting Equation – Your Guide to Important Accounting Equations
The Accounting Equation – Your Guide to Important Accounting Equations

The accounting equation can have many forms and a variety of uses in bookkeeping. You should not ignore any accounting equation if you want your business to be successful, as this equation is the foundation of your company’s balance sheet, which..

Blog

September 09, 2019

Charles Lutwidge
How to use the Retained Earnings Formula to track the profits your business has earned and kept
How to use the Retained Earnings Formula to track the profits your business has earned and kept

As a small business owner, you’re focused on providing a profitable product or service and achieving business growth, meaning more cash for you now plus a higher sale price in the future. Having accurate financial data is a priority for long..

Blog

August 08, 2017

Charles Lutwidge
The Difference between Daybooks, Journals, Ledgers, and Other Record-Keeping Documents
The Difference between Daybooks, Journals, Ledgers, and Other Record-Keeping Documents

Should you record the sale you just made in accounts receivable, your daybook, or a general ledger? All? None? You can document financial transactions in a number of different records. Read on to clear up the confusion on which is which...

Blog

June 06, 2017

Charles Lutwidge
How to meet your bookkeeping needs: employee, contractor, or firm?
How to meet your bookkeeping needs: employee, contractor, or firm?

Every business (and every nonprofit) needs bookkeeping services. There are a lot of options: you could hire a bookkeeper as an employee, contract the work out to an independent bookkeeper, work with a bookkeeping firm, or some combination of these options...

Blog

June 06, 2017

Charles Lutwidge
What’s the difference between accounting and bookkeeping?
What’s the difference between accounting and bookkeeping?

What exactly is the difference between accounting and bookkeeping? These two labels are sometimes used interchangeably, so it’s no wonder the matter can be confusing. Let’s briefly explore the two jobs to clarify their roles in business finance. Bookkeeping, for its..

Blog

May 05, 2017

Charles Lutwidge
How to choose an accounting method for your business
How to choose an accounting method for your business

One of an accountant’s basic goals is to keep accurate and useful records of financial transactions. Individuals, small firms, large corporations, and even whole countries faced with this task have two major methods from which to choose: the cash basis of..

Blog

March 03, 2017

Charles Lutwidge
A rundown of the new I-9 form for 2017
A rundown of the new I-9 form for 2017

The I-What?  Since 1986, the federal government has required employers to certify the identity and legal employment status of their workers. This is done by use of the Employment Eligibility Verification Form — or as you may know it, the I-9..

Blog

A Step-By-Step Guide to Starting Your Own Bookkeeping Business.Coronavirus Aid, Relief, and Economic Security (CARES) Act promises help for small businessesCares act - Step-by-Step Guide for Small BusinessesPandemic Relief Loans: A Quick OverviewWhy should you pay attention to the retained earnings line on the balance sheet?What is a Contra Asset Account?What is a contra revenue account and why is it important to my small business bookkeeping?Normal Balance of AccountsNegative Retained EarningsIs Unearned Revenue a Current Liability?The Accounting Equation May be Expressed as Assets = Liabilities + Owner’s EquityThe Accounting Equation – Your Guide to Important Accounting EquationsHow to use the Retained Earnings Formula to track the profits your business has earned and keptThe Difference between Daybooks, Journals, Ledgers, and Other Record-Keeping DocumentsHow to meet your bookkeeping needs: employee, contractor, or firm?What's the difference between accounting and bookkeeping?How to choose an accounting method for your businessA rundown of the new I-9 form for 2017Bills vs. invoices: do you know the difference?What does "accounts receivable" mean?A short primer on accounts payable.What is cash flow and why is it important?Bank reconciliation: a simple explanation.

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