What to Expect from Bookkeeping Services
Proper bookkeeping is critical for every type of business. This information can help shed light on how a business is doing, and where improvements need to be made. While many small business owners take on this task on their own, there are times when hiring bookkeeping services may be more practical. Before rushing out and hiring just any bookkeeping services firm, it is important to have an understanding of what you should expect from these professionals. Below are some of the most common duties. Read more
Benefits of Double Entry Bookkeeping
There are two main systems used by businesses when discussing bookkeeping: single entry and double entry. While both systems are quite adequate, choosing which one to use in your business is for the most part, up to personal preference. That being said, unless your business is small, and only handles simple transactions, double entry bookkeeping will provide the most benefit. Read more
Advantages to Outsourcing Your Bookkeeping
Bookkeeping is the practice of maintaining a company’s books, as well as keeping adequate records for all business transactions. General bookkeeping responsibilities include: recording income, expenses, assets, liabilities, keeping daily journals and ledgers, and handling paperwork and statements for tax filings. While many people believe bookkeeping is easy, it is actually quite complex, and requires a bit of specialized knowledge and training to carry out properly. Add to this issue the matter or having to run everyday operations and overseeing a business and office, and you have a very full plate. Read more
How to Book Keep Using Microsoft Excel
Anyone looking for a simple, inexpensive way to keep their books should consider using Excel. Excel is a common computer program that is often found as standard equipment on many computer systems. This program allows individuals to set up spreadsheets in any way necessary to track the day to day operations of a business. Read more
Difference Between Assets and Income Accounts
When any business begins the process of bookkeeping it is important to understand how to establish the records as well as what the different types of accounts mean. A balance sheet is laid out to track several different accounts and includes: assets, liabilities, owner’s equity, income, and expenses. Two accounts that typically cause a bit of confusion are the assets accounts and the income accounts. In order to help you understand how the two differ, it is first important to understand the definition of each. Read more
Common Bookkeeping Mistakes – Dos and Don’ts
There are several common bookkeeping mistakes that business owners make. These mistakes can not only cost you money, they can cost you a great deal of time as well. In order to help you avoid these mistakes, let’s take a look at what they are, and how they affect a business.
Reconciling your Bank Accounts with Your Books
Typically a business should have a Cash account in their general ledger that tracks all of the transactions within a business. These transactions include income from customers, payments made for business expenses, and the like. Similarly, when a business opens a business checking account with a bank, the bank will record all of these transactions on a bank statement. At the end of each month, the bank will close out this list of transactions and mail a statement to the business. This will show every detail for all of the activity for that account, as well as a total balance. Read more
Understanding Profit and Loss Statements
When running any type of business it is important to understand basic accounting methods as well as the associated accounting statements. Perhaps one of the most important statements is profit and loss. Without a firm understanding of this document, you will not be able to completely track the progress of your company. Read more
Bookkeeping Software for Small Business
Bookkeeping is a necessary component for any type of business, yet it is often neglected or done quickly or improperly because it is a tedious task. While traditionally bookkeeping was always done by using a paper ledger and pencil, today there are many bookkeeping software options that help to make the process a bit more user friendly. That being said, the number of choices on the market may cause your head to spin even more than the process of keeping the books itself. In order to help you sort through all of these options, here a couple of things to consider when choosing bookkeeping software for your small business. Read more
Bookkeeping Basics
Record keeping is an essential part of every company. Knowing how to keep accurate financial records, along with possessing the ability to understand the information contained in those records can make or break any type of business. This is precisely why it is important to have a general understanding of bookkeeping basics. Even if you have chosen to have a professional handle your records, you still should understand some basic principles as it will help you track what is going on with your finances. Read more
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About
Welcome to FINOS, the BooksonSite Business Blog. Here we provide bookkeeping advice for small business owners.
Are you an SME with a turnover of between $500k-$15 million and are finding bookkeeping a bit too challenging?
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