In many businesses, there is the tendency to want to hang on to profits and simply reinvest them back into the business. While this is a valid approach to some extent, it often results in the owners seeing very little of their hard-earned profits. In fact, some businesses find themselves holding …
How to Record Prepaid Expenses, and Why You Need To
On the surface of it, it seems like it should be pretty simple to keep your books as a business owner. After all, you're really just keeping track of your income and expenses. But once you realize the importance of accrual-based accounting, there are some complications that can arise. One such …
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You and Your Business Should Not Have Joint Finances
In a certain sense, your business is a very personal thing. Especially if you’re a sole owner, your business is a manifestation of your vision, beliefs, values — not to mention hours upon hours of work. So it’s normal to see your business as an extension of yourself, or to feel like you are your …
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Are You Ready for the End of the Year?
Well, it’s December again — the time of last-minute shopping and otherwise preparing for the holidays. (Do you think I’ve done any shopping yet? I’ll leave that to your imagination.) But as the year winds down, there’s something else you should be thinking about as well: the end of the financial …
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Cash vs. Accrual Accounting: What’s the Difference?
I wanted to start a new series of videos about key financial terms you should know. I believe it’s important to know at least the basics of finance in order to manage your own situation more responsibly. The first term I’m discussing today is the difference between cash and accrual accounting. …
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How to Enter Vendor Refunds in QuickBooks Online
Many people find QuickBooks Online to be confusing. Once you understand how it works, most of it is pretty clear, but admittedly a few processes can be rather convoluted. One such process is the way to add vendor refunds. It's 3 separate steps and they don't seem intuitive initially. So, I …
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How Soon Does a New Business Need a Bookkeeper?
So you've started a new business or will be in the near future. It seems like there are a million things to do: And depending on the industry, probably a dozen other things on top of that. It makes sense that in the midst of all this, hiring a bookkeeper is the last thing on your …
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