Pro Tips for Effective Restaurant Bookkeeping
Are you a restaurant owner struggling to keep your finances in check? Trust us; you’re not alone. Restaurant bookkeeping can be a real challenge, but with the right know-how and tools, you can turn your financial management into a piece of cake. Get ready to discover a fresh perspective on the restaurant industry and bookkeeping […]
Signals That Tell You Need A Bookkeeping Service
Running a business can be challenging, especially when it comes to managing finances. If you’ve ever felt overwhelmed by paperwork or struggled with tax issues, it’s a sign that you might need a bookkeeper or a financial expert. In this article, we’ll discuss what bookkeepers do, the benefits of hiring a bookkeeping service, and what […]
What is Real Estate Bookkeeping?
Real estate bookkeeping refers to the process of recording, organizing, and managing the financial transactions related to real estate properties. It involves tracking property income and expenses, recording property acquisitions and sales, managing mortgages and loans, calculating property depreciation, handling day-to-day operating expenses, and ensuring accurate tax records. Proper bookkeeping plays an important role in […]
Single Entry Bookkeeping: An Essential Guide For Beginners
Navigating the world of bookkeeping can be daunting, especially for beginners. Whether you’re a budding entrepreneur or someone looking to understand the financial side of a business better, understanding the basics of single entry bookkeeping is crucial. This guide aims to shed light on the single-entry system: how it works, its advantages and limitations compared […]
Close the books in bookkeeping: The basics and quick guide
Navigating the financial landscape of a business requires meticulous attention to detail, especially when it comes to bookkeeping. One of the most crucial aspects of this process is “bookkeeping closing the books“. This guide delves into the basics of how to close books in bookkeeping, the steps involved, and common mistakes to avoid. Whether you’re […]
Double Entry Bookkeeping: A Method to Keep Your Books Balanced and Perfect
When it comes to managing your finances, there’s one method that stands out for its simplicity and effectiveness – double entry bookkeeping. You might have heard of it, but don’t be daunted by the jargon; it’s a straightforward way to keep your financial records in check. In this guide, we’ll break down the basics of […]
Understanding Cash Flow Statements in Bookkeeping
Companies can create hundreds, if not thousands, of monthly transactions, which can overwhelm many owners and investors when they look at the ledgers. As a result, accountants have created high-level statements that report on the company’s activities and allow managers to make decisions based on these reports. One of the most significant is the cash […]
What is Bookkeeping: Understanding the Basics for Business Success
What is Bookkeeping? The process of tracking and recording a company’s financial transactions is known as bookkeeping. These business actions are recorded using the accounting rules and accompanying documentation of the company. Examples of these documents include: Bills Receipts Invoices Purchase orders Business transactions might be manually recorded in a journal or on an Excel […]
Loan to Shareholder on Balance Sheet: How It Works
Key Takeaways Short-term loans usually cover unexpected expenses or cash flow shortages, while long-term loans are used for larger purchases. If shareholder loans are not correctly documented and repaid, they can create tax problems. Shareholder loans can cause tax problems if the Canada Revenue Agency (CRA) deems the loan was not used for a legitimate […]
Outsourced Bookkeeping: The Smart Way for Small Businesses
Running a small business is no easy feat. Between managing the day-to-day operations and keeping up with the latest trends, there’s often not enough time to take care of even the most basic financial tasks. Outsourced bookkeeping can help alleviate these stresses on small business owners by taking care of their bookkeeping needs quickly and […]
