Tips For Doing Your Own Bookkeeping

Tips For Doing Your Own Bookkeeping

This information is for those of you who have decided to purchase a bookkeeping program, like Quickbooks, and to go ahead and do your own bookkeeping. Congratulations! You are on your way to becoming more organized with your business finances.

Taking a break from the excitement you are feeling, let’s consider that doing your own bookkeeping can be an intimidating project especially if you have never done it before. Read more

Why Should You Purchase Sofa Sets Online?

Why Should You Purchase Sofa Sets Online?

Building a home is not an easy task, and definitely not something that can be accomplished overnight. It is a process that takes time and effort. This is especially tougher if you are a new homeowner who just moved into your newly built, unfurnished house. For those who can hire a professional interior designer, putting together a home will most likely be relatively painless compared to those who need to build a home from scratch and have to work at the same time. Read more

CPA License Requirements for Professionals

CPA License Requirements for Professionals

    Education matters

      The Bureau of Labor Statistics explains that a CPA candidate presents with a bachelors or masters degree in accounting or business administration (with an emphasis in accounting). The next step is hands-on training as a junior accountant or bookkeeper. Read more

The Important Role of University Accounting Software

The Important Role of University Accounting Software

University accounting software has been a part of what has made the lives of countless college kids, university faculty, college staff members and others much simpler. Why, could you imagine if university administrators had to record each business expense by hand, sans computers, sans accounting software in this day and age? It would, no doubt, be an absolute nightmare as they tried to remember who paid for what, who needs to be paid and who still hasn’t received payment yet.

Thank goodness for management software. Read more

How to Make a Financial Statement

Financial Statements are used to find the financial health of a company or of an individual. Financial statements for companies and firms are usually prepared by Certified Public Accountants (CPAs). It does not hurt to understand what goes into the work for a financial statement to give you a good idea of your company’s financial health. There are four basic statements to be considered, Balance Sheet, Income Statement, Statement of Retained Earnings, and Statement of cash flow.

The Balance Sheet also referred to as statement of financial position or condition, reports on Assets (anything of value), liabilities (anything owed to others) and Owner’s equity. Read more

Two Reasons Your Company Should Implement a Fleet Card Program

Two Reasons Your Company Should Implement a Fleet Card Program

If your company is in a business that requires you to have drivers on the road at all times, then you need to create a system that will allow you to not only keep track of your drivers, but also reduce cost. In today’s economy, you need to cut costs any way you can. Most businesses, however, have trouble finding areas where expenses can be reduced. Read more

The Need for Creating Contra Accounts Between Payables and Receivables

The Need for Creating Contra Accounts Between Payables and Receivables

    What Is a Contra Account?

    Basically, contra accounts in financial accounting can be any two accounts that offset one another. While these accounts work against one another, and often show up in balance sheet accounts, they dont follow the same rules as double entry bookkeeping entries , and in effect, are utilized to balance books.

    For example, an asset may also be a liability, especially if the business owner and customer are one and the same.

    Contra Accounts for A/R and A/P

    As I mentioned previously, because I am the owner of more than one business, I often utilize the services of one business that should be paid by the other business. Read more