Understanding Basic Accounting for a Partnership
Accounting for a partnership business follows similar fundamentals to accounting for a sole proprietorship. However, when crunching the numbers, there are a few significant differences that are important to be aware of. A partnership is different from a sole proprietor because it is made up of various sole proprietors. A partnership between multiple sole proprietors […]
When Is It Time for Your Small Business to Outsource Accounting?
As the owner of a small business, you are accustomed to wearing multiple hats. It takes a great deal of effort and resources to keep your firm operating efficiently. Accounting for a small firm is a large undertaking for a single individual. Consider the complexity of tax filing, payroll processing, and day-to-day accounts receivable, and […]
How to create a Journal Entry in QuickBooks
To create a Journal Entry in the QuickBooks Desktop: Select “Company” from the toolbar. Select “Create Journal Entries”. Fill out the entries to generate your journal entry. Select Save and new or Save and close. To create a Journal Entry in the QuickBooks Online: Choose the key “+ New”. Pick the option of “Journal Entry” […]
The Importance of an Accountant in the Corporate World
Around the world, certain job tenants are very perceptive, highly paid and considered as the backbone of any federation, organization or business. The Accountant of an assembly or business is one of them. Typically, you can’t drive your ship to the shore in hurricanes without a captain. You can’t win a football or baseball rivalry […]
Praising QuickBooks – The Ultimate Business Solution
QuickBooks – both Online and Desktop versions – is not less than a blessing for any type of business. Whether you’re a start-up or an established company having multi-currency, various departments and line of operations, inventory tracking, budgeting and advanced reporting, QuickBooks by Intuit, has the solution to all as it says, “There’s a QuickBooks […]
Social Accounting and its Impact
The idea of ‘Social Accounting’ has picked up significance because of elevated level industrialization which has brought success just as numerous issues to the general public. It has required the corporate part, with immense measures of assets available to them, to put generous sums in social exercises in order to invalidate the unfriendly impacts of […]
How to Sniff out Ghost Workers causing you Financial Loss in your Business?
You are perusing through your financial statements at the end of your financial period and you keep seeing the name Bob in your Employee payroll accounts. He has consistently been paid for 12 months, but you don’t know and have never heard of any Bob in your company. Keep in mind that your company may […]
Should you Hire your Spouse?
The answers to this question will probably come up 50/50 among many respondents. Some will be like ‘Yeah, I can totally do that’. Others would swear on their grandpa’s grave never to do that. Of course, looking at celebrity family businesses such as Cake Boss on TLC, starring Buddy Valastro Jr, his wife, sisters, sisters’ […]
How fast will Banks give you a Loan?
Sounds like a difficult question, doesn’t it? This is because banks are quite notorious for not giving out loans to just anybody that walks in through their doors, and with good reason too. Yearly, different kinds of loans are applied for globally. According to the Guardian, between 2011-2016, there have been over 100% increase in […]
Making Profits from your Small Business 101: Signs that you are Ready
So you’ve started a small business and you’re excited and anxious to break-even and start making the cool cash. Well, according to a study done by Bloomberg, it was discovered and is a well known fact that 8 out of 10 small businesses fail at the end of the first year. That’s an astounding 80% […]