Every buck count, especially for business owners taking a new venture off the ground. At such times, entrepreneurs turn into a one-man army, attempting to do as much as they can on their own. Among the responsibilities they embrace as their own is bookkeeping, which ultimately transforms into DIY bookkeeping. Typically, the DIY approach works…
Subchapter S Corporations, also known as S Corps, are called ‘pass-through’ entities. All their profits and losses get passed to the members. Many small and medium businesses opt for S corporation status as it is more beneficial than partnerships and help business owner protect their liabilities. In this article, we’ll explore S Corp bookkeeping and…
Running a business is tough, and it feels tougher when only one person is at the helm. Thus, it is essential for business owners, especially sole proprietors, to keep their finances structured and balanced. Bookkeeping lies at the core of small business finances. Not an arduous task to do, but it takes up a lot…
Small and medium businesses have limited resources. Often the owners have to do a million things at once. Besides running day-to-day business operations, they even have to do their own bookkeeping. What’s the harm in it? Put simply, it steals your focus from things that need your utmost attention. Managing books isn’t the most complicated…
Payables, receivables, depreciations, ledgers, and remittances… have you ever googled fancy terms you find on a balance sheet? Not every business owner has a background in accounting and neither is it mandatory. As a business owner, your job is to manage, delegate, and supervise. So, you don’t have to be a finance expert to build…
Not many businesses can claim that their payroll is free from errors or discrepancies. In reality, the payroll problem is a common issue many employers face. However, most don’t care much about it. As a result, employees get disengaged and lose the motivation to give their best to the employer. So, what can you do?…
Among the three most pivotal financial statements, an income statement or the profit & loss (P&L) statement entails all essential details about your revenues and profits over a fiscal year. Coupled with a Cash Flow Statement and Balance Sheet, it provides investors, stakeholders, and executives with a complete 360 view of a business’s financial health,…
Record keeping is a must-do for every small business. Keeping & maintaining records help you stay on top of your finances and make timely and informed business decisions. More so, up-to-date business records help file return and ensure your business stays tax-compliant. Here are ten best practices for small business record keeping you must start…
NOTE: This post originally appeared on forbes.com. On a breezy evening in spring, John and Kevin, two handsome young men, graduated from the same medical college. Twenty-five years later, these two doctors visited their alma mater for a reunion. A distinction between them became apparent. John was not living up to his potential. He managed…
Variables are part and parcel of every business, and successful business owners know how to manage these variables like a pro. From managing staff to maintaining bookkeeping ledgers, business owners must oversee a hundred things to ensure their business doesn’t go belly up. Safe to say, managing cash flow tops the list of essential things…
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