In accounting, the terms “debits” and “credits” might get confusing at times. This gets even trickier if you are a small business owner with no prior accounting experience and are tasked with managing your books as well. Even if you have an in-house bookkeeper, it is important to understand the basics of accounting so that…
One of the frequently asked questions with regard to business spending is whether the Cost of Goods Sold (COGS) and operating expenses are the same thing. The short answer is: No. How are they different and what impact does it have on your operational efficiency? Let’s take a closer look to identify the key differences…
Bookkeeping and accounting are normally used interchangeably, but they are quite different. While their processes are much different, they both work to support a business throughout various stages of its financial cycle. For one, bookkeeping covers the transactional and administrative side of business finances than accounting. Bookkeeping involves recording financial transactions daily and making sure…
Bookkeeping is undoubtedly, one of the most critical business functions that help drive a business towards success. This is one of the reasons why hiring an in-house bookkeeper may prove to be a costly investment, especially for small businesses, as they are highly specialized professionals. Nowadays, most startups and small and medium sized enterprises, SMEs,…
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