Remove Accruals Remove Collections Remove Financial Records
article thumbnail

Bookkeeping Basics for Small Business: What Every Owner Should Know

Remote Quality Bookkeeping

Bookkeeping is the process of recording and organizing all financial transactions for your business. It involves tracking every dollar that goes in and out of your accounts, ensuring your financial records are accurate and up to date. Timely collections improve your cash flow.

article thumbnail

Avoid These Costly, Yet Common Small Business Bookkeeping Mistakes

Remote Quality Bookkeeping

Knowing what to watch for is the first step toward maintaining clean, accurate financial records that support smart decisions and long-term success. Poor Bookkeeping Foundations Building a business on shaky financial ground makes sustainable growth nearly impossible.

professionals

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Bookkeeping Cleanup Checklist: Six Steps to Get Caught Up

Less Accounting

Take a look at this bookkeeping cleanup checklist to get all your financial ducks in a row. Collect all your financial records It’s hard to say which part of this process is the most difficult, but depending on the type of business you have, rounding up all your past financial records may be the most time-consuming.

article thumbnail

Small Business Accounting 101: Basics Every Business Owner Should Know

Less Accounting

Determine what type of accounting you’ll do There are two types of accounting to choose from: cash basis and accrual. It’s better for long-term financial planning and analysis. You can always transition to accrual accounting as you grow and your financial transactions become more complex.

article thumbnail

Understanding What is the Accounting Cycle: A Simple Guide

Nanonets

The accounting cycle is a fundamental process that plays a crucial role in ensuring the accuracy and reliability of financial information. By following the accounting cycle, you can maintain proper financial records, prepare financial statements, and make informed business decisions.

article thumbnail

GAAP: A Comprehensive Guide

Remote Quality Bookkeeping

This set of accounting principles provides standard rules and methods for businesses to collect and report financial information. In the United States, the Securities and Exchange Commission (SEC) requires publicly-traded companies to follow GAAP in their financial reporting.

article thumbnail

Free Excel Bookkeeping Templates to Keep Your Books in Order

Jetpack Workflow

For businesses using the accrual method of accounting, it means double the work, entering data twice for every transaction. It provides many benefits, including improved accuracy and efficiency in financial record keeping. However, it’s not always a smooth process with Excel templates.