accounting for businesses

Building a Business Budget in 5 Easy Steps

There are many considerations you need to take into account when you start a business. Things such as marketing, finding new clients, building websites, and possibly finding a brick and mortar location. But the most fundamental component that you need to give your utmost attention to is developing a good, solid business budget. What exactly …

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online payroll service benefits

5 Online Payroll Service Benefits for Small Business

We live in a digital world. Pretty much everyone, especially since the pandemic, has become very acclimated to using technology to facilitate many tasks in their daily lives. In the past few weeks, you likely used technology to order your favorite restaurant food, buy groceries, and purchase day to day items. You also probably spent …

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accounts receivable

Accounts Receivable and Effective Collections Best Practices

Many people get confused with the terms accounts receivable and accounts payable. Accounts receivable is basically money that is owed to you, and accounts payable is what you owe. We are going to cover accounts receivable and ways to improve collections in this article.  In a perfect world, you would hand your customer their bill …

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cash basis versus accrual basis accounting

The Difference Between Cash Basis and Accrual Basis Accounting

It is all about the timing, baby! In a nutshell, accrual basis accounting simply means that revenue and expenses are recognized when they occur. Cash basis accounting means these items are not recognized until the actual cash exchanges hands. However, the decision on which method to use is a very important one to make for …

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basic accounting

Three Basic Accounting Financial Statements Every Businessperson Should Know

Starting and running a business can be a daunting, albeit often rewarding, task. One of the most confusing parts being a small to mid-sized business owner can be getting your brain around the accounting terms your CPA throws at you. I am going to condense some basic accounting terms for you. This will allow you …

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