Bookkeeping

If financial management is your top priority, you’re better off bypassing FreshBooks and Sage completely. FreshBooks completely lacks budget and forecasting tools, and Sage only offers cashflow projection options on its pricier, Standard tier. On the other hand, Xero’s accounting software offers a wider range of features, which makes it better for small business owners […]

The use of names rather than numbers is becoming increasingly popular among small business software solutions for managing COA. The numbers – represent assets, – represent liabilities, – represent owner’s equity, – represent revenue, and – represent expenses. It might not be necessary for you to open a parent account, depending on the type of

Accurate income tracking is crucial for businesses as it ensures financial stability and helps in budgeting and forecasting. It enables businesses to understand the profitability of different products or services, identify areas where costs can be reduced, and make strategic decisions to maximize profits. From small businesses looking for a simple way to manage their

Positive changes indicate improved liquidity, while negative changes may suggest financial strain. For instance, suppose a retail company experiences an increase in sales, resulting in higher accounts receivable (A/R) due to credit sales. At the same time, the company effectively manages its inventory levels and negotiates favorable payment terms with suppliers, resulting in slower growth

Basically, ASC 606 stipulates that you recognize internally and for tax purposes revenue as you perform the obligations of your sales contract. While you have the money in hand, you still need to provide the services. This requires special bookkeeping measures to make sure you don’t forget about your customer and to keep the tax