A balance sheet is an important financial statement. It gives a bird’s eye view of the financial situation of a company at a given point in time, which is usually the end of an accounting period. It comprises of Assets, Liabilities and owners’ equity. At any given point in time, assets must equal liabilities and […]
Financial forecasts help you estimate how your business will perform going forward. It helps you to plan for and achieve your business’s financial goals as well as to set future goals. What are financial forecasts? Financial forecasts, as the term suggests, is a budget for your business. It is a financial plan that gives an […]
QuickBooks is the software of choice for a lot of small and medium-sized companies when it comes to bookkeeping, taxes and financial reports. QuickBooks has some really good report formats that can be customized as per your requirements. You may be using many of these report formats and running them from time to time. But […]
QuickBooks is the accounting software of choice for many small and mid-sized companies when it comes to financial accounting for businesses. It can be used even by those having little accounting experience. These are some quick tips to help use QuickBooks more effectively: Use keyboard shortcuts: There are some nifty keyboard shortcuts that help you […]
Are you struggling to keep up with your company’s bookkeeping chores? Is your staff unable to cope? Are you feeling the need to employ more and better qualified financial hands to keep up with the tasks? Then it is time that you considered outsourcing your bookkeeping department. You can get the benefits of full-time accountants […]
A company has two records of its financial transactions – one is its bank statement and the other is the bank balance as per the company’s accounting records. Sometimes, you will find that these two statements may not match. A bank reconciliation statement attempts to clarify and support the difference between the above by giving […]
Most businesses in their infancy try to concentrate on their core business activity. Hence financial and accounting activities often get pushed to the periphery. Most times owners take on the onus of accounting and even tax-related responsibilities and may hire a person or two to assist them. As the business grows, the number of employees […]
As the business expands, so do the accounting processes. Your bookkeeping systems and financial processes may need to evolve as you add more products, services and employees. Often business owners do not have accounting on their radar when they scale up their operations. It is possible to slip up and make accounting errors that can […]
Expanding the scale of operations often goes hand in hand with employing more people. As exciting as the process of expansion often is, hiring employees comes with its own responsibilities. The employees must be paid correctly and all the required taxes must be withheld and then deposited appropriately. Records have to be maintained in specific […]