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…
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…
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…
A bookkeeping spreadsheet is more than a document with numbers; it is a magic mirror to see where the business stands, how far it has come, and where it ought to be. As you may have heard, you can’t judge a book by its cover, but you can certainly judge a business by its books….
A single thread that ties all business departments is accounting & finance. The finance department records and reports every business financial activity to executives and stakeholders, helping the decision-makers make timely and informed decisions, mitigate risks, and stay compliant. What is Financial Reporting? Financial reporting is an unavoidable chore every business must do to…
Most businesses use the accrual-based accounting technique for its manifold benefits and industry-wide acceptance. All its perks aside, accrual accounting makes it a tad bit difficult to manage finances as it counts income as soon as the invoice comes and factors expenses once the bill is received days, months, and sometimes years before cash changes…
The bottom line on a company’s income statement is often the best way to gauge its financial health and foresee a profitable future – if any. The net income indicates whether your company is on track, and heading towards better prospects and long-term viability. To know whether your business is making a profit or incurring…
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