Category Archives: Accounting

  • records

    Electronics Records: Some tips to bear in mind

    Accounting software packages offer a great deal of convenience and ease of usage as far storing Electronic Records are concerned. Most documents are scanned and allocated a specific spot in the large repository of information within the software. But, when it comes to answering any question from the IRS, there are some specifications which need […]

  • checkbook

    The advantages of bank reconciliations

    What is bank reconciliation? Bank reconciliation is a tool for managing financial transactions. Simply put, a procedure performed by businesses that matches the balances in the company’s cash account records against the corresponding entries in a bank statement. This process is generally done on a  daily basis. It helps in finding discrepancies and making adequate […]

  • Tax tips for small businesses

    it is often found that many small businesses end up overpaying taxes. This can be because they are ignorant about many deductions. Tax deductions are legal and allowed by tax laws. You do not break any laws as per the IRS when you claim deductions. Here are some tax tips for every small business owner: […]

  • Bookkeeping

    Choosing the right accountant: Some advice from small business owners

    Keeping your finances in order is absolutely crucial for the health of a business say many small business owners. Often small businesses either have a skeletal in-house workforce to take care of bookkeeping and financial tasks or outsource their bookkeeping and accounting needs. Either way, it is important that the accountant is chosen after much […]

  • Balancing accounting

    The basics of a Balance Sheet

    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 […]