Bookkeeping 101 - All You Need to Know About Inventory Transactions
When it comes to checking inventory, it is crucial that you be as accurate as possible with all the details. The slightest misinformation could lead to a loss of profits, on top of additional fees that you may be charged for when it comes time to file for taxes. Therefore, keeping track of your inventory transaction should always be your priority. In this article, we’ll talk about how you can use bookkeeping techniques to minimize errors and failures when it comes to inventory transactions.
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Totally Booked - Choosing Between Single and Double-Entry Bookkeeping For Your Business
Bookkeeping is one of the most important parts of every business. A good bookkeeping system is necessary to help keep track of financial transactions and other important financial documents, all of which are essential to the survival of your business. Even if finance is not your strong suit, you still must make certain decisions in order to set up a good accounting system for your company.
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Why Your Business Needs Profit & Loss Statements
Reaching your revenue goal for the period may feel like an achievement, but is it enough to indicate that your business is doing well? The answer is no. You still need to work out the profit and loss of the business in order to see if there’s anything you should be worried about. Before you take any action, it is important that you truly understand what a profit and loss (P&L) statement is, and how to analyze it.
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4 Things To Consider When Hiring A QuickBooks ProAdvisor
If you’ve just launched a new startup, chances are that your method of tracking your financial accounts is a spreadsheet document with a basic accounting template on it. However, as the business grows and you begin to expand to e-commerce and other channels, the rapid movement of money from one account into another will be too much for a simple spreadsheet to track. You will need a more advanced system to record payments, orders, and other business-related things. This is what QuickBooks allows you to do.
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Deciding Between Bookkeepers or Accountants
When it comes to the financial upkeep of your business, the lines can be a little blurred when you need to decide between an accountant or a bookkeeper. Since either of them will use cloud accounting software, the one that you choose will depend on what your needs are.
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A Basic Guide to Bookkeeping For Your E-Commerce Business
The beauty of an online e-commerce store as compared to a traditional one is that it can remain open 24/7 and all year round. This allows both local and international customers to browse and purchase your products whenever it is convenient for them, ensuring that you are maximizing your opportunity to sell. While the maintenance costs for your e-commerce business can be relatively inexpensive due to not having to rent a physical store or pay utility bills, proper financial planning is still required to track sales and expenses. You will also need to keep track of your stock levels and the orders you’ve processed. QuickBooks is a service that allows you to track all these things and is something you should consider using.
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