A Closer Look at the Difference Between Bookkeeping and Accounting
Maintaining a successful business requires an understanding of its finances. To ensure the financial health of your business, you must understand the difference between bookkeeping and accounting. Both services are related to managing finances, but they serve different purposes. So let’s take a closer look to understand better how they differ. Bookkeeping vs. Accounting: What’s […]
Financial Statements – an Overview for Business Owners
Financial statements are one of the most important tools any business owner or manager has at their disposal. They provide insights into a company’s overall financial health. They can be used to make informed decisions about where to allocate resources. There are three main types of financial statements: the balance sheet, the income statement, and […]
Why Reconciling Your Business Accounts Matter
If you’re a business owner, you know that keeping your finances in order is critical to your company’s success. One important way to ensure the health of your business finances is to reconcile your business accounts regularly. What is reconciliation? Reconciliation is the process of comparing two sets of financial records to ensure they match. […]
Top 15 Bookkeeping Mistakes by Small Businesses
Small businesses are the backbone of the American economy. They create two out of every three new jobs and account for half (49.2%) of all private-sector payrolls. Yet too many businesses fail because they don’t have a good bookkeeping system in place or they do their own bookkeeping. In fact, according to a study by […]
