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Recording daily transactions gives you a granular look at spending and income. But sometimes you need to pull back and look at the big picture; a balance sheet makes it easier. Often prepared on a quarterly or annual basis, a balance sheet outlines your business’s total assets, liabilities, and equity. A balance sheet has a […]
Your accounting department is responsible for making sure your books are balanced. But they also need to keep the pink slips from rolling in. That means paying your bills on time, and this is where accounts payable comes in. First things first: Is accounts payable an asset, liability, or equity? Accounts payable refers to the […]
An expanding organisation outgrows many things over time. This might include working out of your home, printing your own adverts, and handling your own payroll processing. You can save a lot of time and energy by handing over your payroll to a trusted partner. Once you’re large enough, you may be able to create an […]
Collecting financial data is well and good — but do you know what to do with it? Your annual reports and balance sheets won’t benefit your business’ financial health if you don’t analyse them. When used properly, your financial reports allow you to make informed decisions. Interpreting financial reports tells you when you can afford […]
Cash flow is a buzzword that gets thrown around a lot — but do you actually know what it means? Cash flow measures the money coming in and out of your business and can provide a good snapshot of your organisation’s financial health. It’s different from profit, which tracks the revenue that remains when all […]
If your organisation’s bookkeeping reveals a negative cash flow, there are a few ways to turn things around. You can find new income streams or you can slow your spending — or both. But you don’t have to be in financial distress to implement cost cutting measures. Cost controls are also a preventative measure that […]
Many people use the terms bookkeeping and accounting interchangeably. But are they actually the same? In fact, there are some nuanced yet important differences between these two finance-related fields. If you’re looking to hire some help with your finances, you should weigh the benefits of bookkeeping vs. accounting. You may only need a part-time bookkeeper […]
Your invoicing process is foundational to the rest of your business. Yet too many businesses find themselves sidelined by unpaid bills or stacks of paperwork. Without a steady revenue stream, your other core processes could come to a grinding halt — even your payroll. That’s why it’s vital for small business owners to maintain an […]
Keeping track of your expenses is an indispensable part of any small business. An expense report can help you track spending on a particular project, and your employees may submit expense reports to seek reimbursement for business-related expenses. It’s not hard to create and use an expense report in your business, but there are a […]
Good bookkeeping practices can give you a comprehensive, accurate picture of your business’ health. However, poor bookkeeping practices not only make it hard to assess your business’ current status; they can also be a tax liability. With the right tax and bookkeeping services, you can minimize your tax liability while remaining in full compliance with […]
