Building Cash Reserves

Building Cash Reserves

How is a small business owner to begin a savings program? Realizing that your business needs to create a savings plan is the beginning step for better management. Building a savings allows for you to plan for future growth and the extra cash can often help a business...
Depreciation

Depreciation

Most business owners have heard the term, but many do not truly understand. However, depreciation is an important component of accounting. Fixed assets are those operating assets that are not for sale or that you may lease or rent. These fixed assets are your...
Making a Profit

Making a Profit

Accountants prepare three of the primary financial statements every business needs. These reports are known as the, Income Statement, Balance Sheet and Statement of Cash Flow. The income statement provides the bottom-line profit or loss for a specified period of the...
The Accounting Equation

The Accounting Equation

Are you thinking of going into business for yourself, or do you already own your own business? If this is you, then you must know about the most fundamental concepts in accounting. Accountants process data into documents known as financial statements. This is the...
Bookkeeping Basics

Bookkeeping Basics

Many people believe bookkeeping and accounting is an interchangeable term, but bookkeeping is a function of accounting, as accounting comprises of many functions which includes managing the financial affairs of a business.  Additionally, accountants prepare the...
What is Accounting Anyway?

What is Accounting Anyway?

If you have ever balanced a checkbook – you have performed an accounting procedure! Saved money to put a down payment on a new car – you have performed an accounting procedure! All business perform some form of accounting procedures, pay and send out bills, invoice...