Monthly Archives - August 2019

journal entry

Is Journal Entry and Double Entry Bookkeeping the Same Thing?

Bookkeeping can be a confusing task because there are so many ways to do it. It’s not easy for someone who is untrained to understand how to log transactions.  Most people have heard of double-entry bookkeeping, but what about journal entry?  What’s the difference between these two? Is there even a difference at all? Journal Entries A journal entry, in the field of accounting, is the idea of logging a transaction as a journal item.  A journal entry can be several recordings, and [...]

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small business bookkeeper

Should a Small Business Use A Bookkeeper All Year Round?

If you want your business to thrive then you need to make sure that you know exactly what is going on with your finances.  Many small business owners make the mistake of assuming that they don’t need to pay much attention to their finances until they need to do their accounts.  This leads to long workdays and sleepless nights as they try to get their accounts together, and then they find themselves struggling to figure out where the money went. Hiring a [...]

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recording business transactions

Understanding the Process of Recording Business Transactions in Your Accounts

When you balance your personal cheque book, you record transactions as a single line when they happen, with a description of what the transaction was, and whether it was income or an expense.  With a business, you will usually need something more detailed than that. The Flow of Transactions in Your Accounts While some small businesses do simply take a cash payment for a product or service, often, the work is done in a more complicated way.  For example, you might buy some [...]

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outsourcing a bookkeeper

Can I Outsource A Bookkeeper?

Can I outsource a bookkeeper? This is a common question among entrepreneurs because of the many advantages associated with the concept.  And it is only natural for you to ask the same thing if you want to make more cost-effective decisions for your business.  When running a startup, you need to keep an eagle-eye on your expenses.  However, as a business owner, you already know there is more to numbers than just adding and subtracting.  Things need to happen in a certain way [...]

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