Bookkeeping for your small business can be extremely time consuming, so here is a quick bookkeeping tip to make life easier. Bookkeeping Tip #1: Keep your books up-to-date by entering your business receipts daily! We know that entering your receipts daily sounds like it would be a lot of work, but it does not have to be if you…
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Most small business owners would agree that their Profit and Loss or P&L report is among the easiest financial documents to understand. Two parts of your P&L report The top half of the P&L report lists the income the business has received for the period covered. After subtracting the cost of producing your goods or services,…
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Running your own business can give you flexibility and control, but it can also be challenging. If you are like a lot of small business owners, accounting is one your least favorite business tasks! Did you know that good bookkeeping is crucial to business success? You can both protect your business and reduce your stress by avoiding these ‘4 Costly…
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What is a Chart of Accounts? The chart of accounts a system for categorizing all of a company’s financial accounts. A chart of accounts is usually divided into five categories: assets, liabilities, equity, income, and expenses. Why do photographers need a Chart of Accounts? The categories on the chart of accounts feed directly into the financial…
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As an entrepreneur, you know the importance of good financial management. It’s just that dealing with all those numbers can be so daunting. Nonetheless, you sense that not keeping track of those digits can, or has, cost you. Don’t let it get you down. Below are 5 common bookkeeping mistakes and some simple tips to avoid them.…
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