Coronavirus Aid, Relief, and Economic Security (CARES) Act promises help for small businesses.
Here are relief options of CARES Act (S. 3548) that businesses can apply for right now. With the global pandemic wreaking havoc on the economy, few businesses are unaffected or will remain so. And as is generally the case in downturns,..
Cares act – Step-by-Step Guide for Small Businesses
There are a few programs that small businesses can apply for that were authorized by the CARES Act. In most cases, a business can apply for more than one. Below are the steps for some of the main programs. You will..
Pandemic Relief Loans: A Quick Overview
Pandemic Relief Loans: A Quick Overview What’s going on? In response to the pandemic, the government is providing many types of financial assistance, including low-interest loans for businesses and non-profits. What are my loan options? The two main relevant options are..
Why should you pay attention to the retained earnings line on the balance sheet?
Your balance sheet is a snapshot of your business’s financial data at a specific point in time. It provides a detailed list of your assets, liabilities and the value of your shareholders’ equity. In short, it’s indicative of the overall financial..
What is a contra revenue account and why is it important to my small business bookkeeping?
If you are a small business owner and you sell a product, you likely have instances of returns/refunds on items or you may provide reductions for items that are defective or damaged. If you provide either a product or a service,..
Normal Balance of Accounts
Accurate record-keeping plays a vital role in managing your finances and making informed business decisions. However, setting up and maintaining your accounting books requires a basic understanding of accounting terminology. What is a normal balance of accounts? Which account has a..
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..
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...
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...