Category: Bookkeeping

However, to improve your cash flow forecast, the best practice is to try and update it whenever there is a significant change in either your profit or loss. That will give you either a positive cash flow figure (when you have more cash coming in than you’re spending) or a negative cash flow figure (you’re…

Some examples of outflows are accounts payable, materials payable, and operating expenses, as well as all cash purchases and disbursements to a petty cash fund. On a regular (daily) basis, the line items in the cash disbursement journal are used to update the subsidiary ledgers. Normally most cash payments are to suppliers for credit purchases…

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Sadly, as the investigations following bounced check reports demonstrate, too many experienced lawyers are still unfamiliar with the rules on escrow accounts and record-keeping. Many believe that if they don’t “steal” their clients’ funds, they are not at risk. Many lawyers in law firms believe that because someone else is responsible for managing the firm’s…

A liability can be considered a source of funds, since an amount owed to a third party is essentially borrowed cash that can then be used to support the asset base of a business. Properly managing a company’s liabilities is vital for maintaining solvency and avoiding financial crises. By planning for future obligations, understanding the…

High levels of debt can lead to increased interest expenses, impacting profitability and potentially leading to insolvency. It is essential for businesses to effectively manage their liabilities and maintain a healthy balance between debt and equity. A company may take on more debt to finance expenditures such as new equipment, facility expansions, or acquisitions. When…

Beyond this, having a clean, organized financial infrastructure makes things significantly easier for your business come tax season. If you’re aiming to raise additional funding or are targeting a potential exit, well-organized financial record-keeping will significantly streamline the due diligence process. Outsourcing your bookkeeping tasks can make a significant difference in the day-to-day operations of…

Among all these day-to-day activities, it can be difficult to find time for your accounting, even though you know how important it is to your business. Maintaining accurate, timely financial information is vital in enabling you to make better decisions for your business. But for many businesses, the process of arriving at that point of…

No matter the size of your company, you want the best set of hands to handle your financial records. Outsourcing your bookkeeping to an accounting firm ensures that your business’s financial data is organized according to best practices. Outsourced accounting firms tend to use cloud-based bookkeeping technologies that provide business owners with a real-time overview…

You can then share the invoice with clients through the mail or take a printout and send a hard copy. It allows you to run and view reports easily like the number of outstanding invoices, total amount due from clients and details of each invoice (paid or due). QuickBooks comes in different versions to meet…

With everything business owners have on their plates, Bill Pay cuts down the time and effort required to pay bills and balance books. No more going to the bank, waiting on hold to pay over the phone, or signing in to separate accounts to access invoices. Bill Pay lets you do it all at once,…

Robust inventory and project management for product-based businesses. Send to clients for online what is a setup charge payment or record when paid outside QuickBooks. This comprehensive guide will explore what QuickBooks offers, highlights of the various editions, how it works, top features, pricing, and ideal user profiles. However, creating a solid accounting database in…