Remote Quality Bookkeeping

APRIL 14, 2025

It involves tracking every dollar that goes in and out of your accounts, ensuring your financial records are accurate and up to date. While bookkeeping and accounting are often used interchangeably, they are different. Bookkeeping focuses on recording financial data , while accounting involves interpreting and analyzing that data.

Bookkeeping 52

Bookkeeping Small Business Bookkeeping General Ledger Accruals 52

Counto

MARCH 20, 2024

Cash vs Accrual Accounting: Which is Better? The choice between cash and accrual accounting can significantly impact how businesses manage their finances. Cash Basis Accounting Cash basis accounting revolves around timing – recording revenue and expenses based on when money exchanges hands.

Accruals 52

Accruals Accounting Accounting Accounts Payable 52

AvidXchange

JUNE 20, 2018

If you need to log in and out to process accounts payable invoices or payments for more than one company, then your accounting software is not multi-entity aware or designed for today’s modern organization – where a consolidated view of finances should be at your fingertips.

Accounts Payable 52

Accounts Payable Accounts Payable Accruals Accounting 52

Accounting Tools

JULY 12, 2023

Related Courses Accountants’ Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook What is Accrual Accounting? Accrual accounting is the recording of revenue when earned and expenses when incurred. Accrual accounting results in the most accurate picture of how well a business is actually performing.

Accruals 40

Accruals Accounting Accounting Financial Statements 40

Accounting Tools

JUNE 9, 2024

What is an Over Accrual? An over accrual is a situation where the estimate for an accrual journal entry is too high. This estimate may apply to an accrual of revenue or expense. Thus: If there is an over accrual of $500 of revenue in January, then revenue will be too low by $500 in February.

Accruals 40

Accruals Accounts Payable Accounts Payable Billing 40

AvidXchange

NOVEMBER 16, 2023

First, Grafals recognized the accounting department didn’t have an accounts payable automation solution that allowed for centralized access and visibility to accommodate all employees across the country. Accruals in particular posed a hurdle, requiring a day and a half to gather data via paper purchase orders (POs).

Accounts Payable 52

Accounts Payable Accounts Payable AP Accruals 52

Accounting Tools

MARCH 31, 2023

Related Courses Bookkeeping Guidebook Closing the Books The Year-End Close What is an Under Accrual? An under accrual is a situation in which the estimated amount of an accrual journal entry is too low. This scenario can arise for an accrual of either revenue or expense.

Accruals 40

Accruals Financial Statements Accounts Payable Accounts Payable 40

Accounting Tools

MAY 21, 2023

Under the cash basis of accounting , transactions are only recorded when there is a related change in cash. This means that there are no accounts receivable or accounts payable to record on the balance sheet , since they are not noticed until such time as they are paid by customers or paid by the company, respectively.

Accruals 76

Accruals Accounts Payable Accounts Payable Accounts Receivable 76

Accounting Tools

JUNE 11, 2023

Related Courses Accountants' Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook What are Accrued Expenses? The journal entry is normally created as an automatically reversing entry , so that the accounting software automatically creates an offsetting entry as of the beginning of the following month.

Accruals 75

Accruals Accounts Payable Accounts Payable Invoicing 75

Nanonets

SEPTEMBER 21, 2023

When it comes to managing your business finances, it's essential to understand crucial accounting terms like accrual and deferral. Accrual accounting  and  deferral accounting  are two methods used to record financial transactions.

Accruals 40

Accruals Financial Statements Accounting Accounting 40

Accounting Tools

SEPTEMBER 7, 2023

Related Courses Bookkeeping Guidebook How to Audit Receivables New Controller Guidebook Accounts receivable is the amount owed to a seller by a customer. Accounts receivable is listed as a current asset on the balance sheet , since it is usually convertible into cash in less than one year.

Accounts Receivable 75

Accounts Receivable Accounts Receivable Account Receivables Accounting 75

Accounting Tools

APRIL 8, 2023

Related Courses Bookkeeper Education Bundle Bookkeeping Guidebook A journal entry is a method used to enter an accounting transaction into the accounting records of a business. This is because every transaction involves a change in at least two places in the accounting records, and the total of all debits and credits must balance.

Accounting 73

Accounting Accounting Accounts Payable Accounts Payable 73

Accounting Tools

JULY 8, 2023

Related Courses Optimal Accounting for Payables Payables Management How is a Voucher Used in Accounting? If vouchers are used for all payables , their totals can be aggregated to determine the total amount of accounts payable outstanding. Also, vouchers are not used in the payroll process.

Accounts Payable 75

Accounts Payable Accounts Payable Purchase Order Accruals 75

Accounting Tools

JUNE 7, 2023

Related Courses Bookkeeper Education Bundle Bookkeeping Guidebook Closing the Books Posting in accounting is when the balances in subledgers and the general journal are shifted into the general ledger. An accounting manager may elect to engage in posting relatively infrequently, such as once a month, or perhaps as frequently as once a day.

General Ledger 75

General Ledger Accounting Accounting Financial Statements 75

Accounting Tools

AUGUST 6, 2023

Related Courses Accountants’ Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook What is the Dual Aspect Concept? The dual aspect concept states that every business transaction requires recordation in two different accounts. The offset to the entry increases the accounts payable liability in the balance sheet.

Accruals 75

Accruals Financial Statements Bookkeeping Accounts Payable 75

Accounting Tools

OCTOBER 19, 2024

A reversing entry is a journal entry made in an accounting period, which reverses selected entries made in the immediately preceding period. The reversing entry typically occurs at the beginning of an accounting period. Simplify accounting. This is done by clicking on a "reversing entry" flag.

Accruals 75

Accruals Account Reconciliation Invoicing Billing 75

AvidXchange

JULY 14, 2022

The credit union’s senior accountant was spending 60-75% of her time managing AP. READ THE BLOG The post Here’s How a Leading Credit Union Streamlined Accounts Payable Processes and Divorced Paper appeared first on AvidXchange. McHale was spending 1.5 hours each week going through check registers, comparing checks to invoices.

Accounts Payable 52

Accounts Payable Accounts Payable AP Financial Services 52

5 Minute Bookkeeping

MARCH 25, 2021

As an accounting professional, you may have been trained to use journal entries liberally (I know I was), but in QBO there are some situations where journal entries help, and some where they can really mess up the books ! Many accountants and bookkeepers have been trained to do journal entries to fix the books. I know I was.

Bank Reconciliation 98

Bank Reconciliation QuickBooks Accounts Payable Accounts Payable 98

MineralTree

OCTOBER 5, 2023

Read on to learn the benefits of streamlining and optimizing the accounts payable month-end close process, including information on best practices and the role of automation in achieving operational excellence. Getting Invoices Posted Invoices need to be accurately recorded in the accounting system.

AP 76

AP Reconciling Accruals Accounts Payable 76

Accounting Tools

JULY 18, 2023

When goods or services are sold on credit, debit accounts receivable and credit sales. If a sale is for cash, then the debit is to the cash account instead of the accounts receivable account. Allowance for doubtful accounts entry. Example Expense Journal Entries Accounts payable entry. Payroll entry.

Petty cash 75

Petty cash Accounts Payable Accounts Payable Accounts Receivable 75

SMB Accounting and Consulting

MARCH 6, 2024

Accounting operates within its own language, a system of terms and conventions that serve as the backbone of financial communication and analysis. Cash vs. Accrual Accounting Cash accounting records transactions only when cash changes hands, providing a real-time view of cash flow.

Accruals 52

Accruals Accounts Payable Accounts Payable Accounting 52

Accounting Tools

MAY 21, 2023

Related Courses Accountants’ Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook What is a Journal Entry? A journal entry is used to record a business transaction in the accounting records of a business. For example, when you generate a sale for cash, this increases both the revenue account and the cash account.

General Ledger 75

General Ledger Financial Statements Accruals Payroll 75

Less Accounting

SEPTEMBER 25, 2023

Of all the hats you wear as a business owner, finance and accounting expert can be the most difficult to get right. there’s still accounting that must done. So whether you’re a newbie looking to learn the basics or need a quick refresher course, let’s look at what elements go into successful accounting for small businesses.

Small Business Accounting 52

Small Business Accounting Accruals Bookkeeping Accounting 52

Remote Quality Bookkeeping

MAY 15, 2025

DIY Bookkeeping Without Proper Training Trying to manage your books without understanding basic accounting principles can be more damaging than neglecting them altogether. Keeping separate bank accounts and credit cards for your business isnt just good practiceits essential for clean, compliant financial records.

Small Business Bookkeeping 52

Small Business Bookkeeping Business Bookkeeping Bookkeeping Outsourced Bookkeeping 52

Accounting Tools

JUNE 16, 2023

An adjusted trial balance is a listing of the ending balances in all accounts after adjusting entries have been prepared. The adjusting entries are shown in a separate column, but in aggregate for each account; thus, it may be difficult to discern which specific journal entries impact each account.

General Ledger 74

General Ledger Financial Statements Accruals Bookkeeping 74

Billah and Associates

APRIL 15, 2022

Journal entries are utilized in accrual bookkeeping to record payroll expenses that have been brought about, at the time the cost becomes payable. Unlike cash bookkeeping, which records installments when they are really made, accrual bookkeeping costs as they are committed. What is payroll accounting?

Payroll 52

Payroll Accruals General Ledger Bookkeeping 52

Accounting Tools

JULY 13, 2023

The unadjusted trial balance is the listing of general ledger account balances at the end of a reporting period, before any adjusting entries are made to the balances to create financial statements. The unadjusted trial balance is used as the starting point for analyzing account balances and making adjusting entries.

General Ledger 74

General Ledger Financial Statements Accruals Bookkeeping 74

AvidXchange

SEPTEMBER 30, 2015

Automation adds important value to accounts payable, including real-time visibility into performance and cash flow and increased reporting accuracy. Cash management, accounts receivable, prepaid expenses, fixed assets, accounts payable – there are countless activities that must be accounted for before closing the books for the month.

AP 52

AP Accruals Accounts Payable Accounts Payable 52

Accounting Tools

SEPTEMBER 7, 2023

This differs from an account payable , where there is no promissory note, nor is there an interest rate to be paid (though a penalty may be assessed if payment is made after a designated due date). An example of a notes payable is a loan issued to a company by a bank.

Accruals 75

Accruals Accounts Payable Accounts Payable Auditing 75

Nanonets

APRIL 4, 2023

Even if you’re not a math whiz or an accounting expert, Excel allows you to keep detailed, accurate business records. Excel can also be used to create a full accounting system, complete with financial statements, for a complex business with lots of expenses, income streams, assets, and debts. Start your free trial today.

Small Business Accounting 52

Small Business Accounting Accruals Accounting Accounting 52

Accounting Tools

APRIL 19, 2023

Related Courses Accounting Controls Guidebook Accounting Information Systems Accounting Procedures Guidebook The Design of Accounting Systems The accounting system is essentially a database of information about business transactions. The key factors in accounting system design are noted below.

Accruals 40

Accruals Accounting Accounting Record Keeping 40

Billah and Associates

JULY 19, 2023

In this guide, we will explore the essential accounting principles every small business owner should know. Bookkeeping Basics: An Overview of Essential Accounting Principles for Small Business Owners Understanding the fundamental bookkeeping concepts is crucial to maintaining financial stability and success.

Bookkeeping 52

Bookkeeping Financial Statements Accruals Bank Reconciliation 52

Accounting Tools

DECEMBER 23, 2023

Related AccountingTools Courses Bookkeeper Education Bundle Bookkeeping Guidebook Cost Management Guidebook Accounting for Expenses Under cash basis accounting , an expense is usually recorded only when a cash payment has been made to a supplier or an employee. Debit to expense, credit to accounts payable.

Accruals 75

Accruals Bookkeeping Accounts Payable Accounts Payable 75

Counto

FEBRUARY 22, 2024

Accounting Basics Every Startup Should Know Launching a business is thrilling, yet demands crucial financial decision making. Mastering accounting basics is vital for steering your startup towards success. What is Accounting? Let’s dive into the essentials together!

Accounting 52

Accounting Accounting Accruals Accounting Software 52

Accounting Tools

JUNE 12, 2023

Audits have become increasingly common as the complexity of the two primary accounting frameworks , Generally Accepted Accounting Principles and International Financial Reporting Standards , have increased, and because there have been an ongoing series of disclosures of fraudulent reporting by major companies. Accounts receivable.

Financial Statements 76

Financial Statements Auditing General Ledger Bank Reconciliation 76

AvidXchange

OCTOBER 1, 2024

AvidXchange allowed Speedway Motorsports to make its accounts payable (AP) process more efficient across locations. • Creating an environment where your team can give constructive and respectful feedback can help you grow as a leader. Had no initial passion for accounting, but it was easy. It came easy.

Accounts Payable 59

Accounts Payable Accounts Payable Accruals Payroll 59

Accounting Tools

AUGUST 31, 2023

A key source of cash flow uncertainty is the timing of cash receipts from accounts receivable. There can be substantial differences between the cash flows and profits reported by a business, especially when it uses the accrual basis of accounting.

Accruals 75

Accruals Financial Statements Accounts Payable Accounts Payable 75