Monthly Archives - May 2019

What is the trial balance format in bookkeeping

What is the trial balance format in bookkeeping?

The trial balance format is a natural part of the bookkeeping process and crucial for a business to properly keep well-maintained books. This is done after a pre-set period. For some businesses that might be a monthly thing, for some, it will be quarterly. Almost all will have an annual trial balance, and it’s not unusual for a business to run their books so that there is a working trial balance monthly, quarterly, and annually. This format involves pretty [...]

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What is the Best Bookkeeping Software on the Market Today

What is the Best Bookkeeping Software on the Market Today?

Many small business owners do their own bookkeeping and accounting. This can be quite simple when you’re a new business and you don’t have a lot of staff or a particularly high turnover. Indeed, someone who is self-employed and who deals with just a few clients may be able to get by with bank statements and a spreadsheet. However, the bigger your business gets, the more important it becomes to have a systematic approach to bookkeeping. Using the right software [...]

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What are the Common Types of Bookkeeping Accounts

What are the Common Types of Bookkeeping Accounts?

Many entrepreneurs and small business owners are masters at creating exceptional products and services, winning over clients and building great teams. However, bookkeeping is far from their biggest strength. Being familiar with the different types of bookkeeping accounts is usually overlooked, but it is vital for gaining clarity on your business finances. Mastering your own books helps you prevent any potential cash flow issues before they lead to bigger problems within your business. Therefore, here are some of the common [...]

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The Differences Between Accounting and Bookkeeping

The Differences Between Accounting and Bookkeeping

Cash flow accountability and management are vital aspects of any business operation. With the precise recordings of transactions, coupled with correct assessment and processing, a business owner can have a solid foundation from which he or she can make decisions as well as plan their company’s growth. Recording and comprehending the primary financial needs of any company like expenses, sales and payments isn’t that difficult, but understanding the accounting needs of a company is not a walk in the [...]

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