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Types of Liabilities and How They Affect Your Small Business
For many small business owners working to expand, you must first know what the three types of liabilities are, and how it affects your business. So what is a liability? According to the International...
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Types of Assets For Your Small Business
Last week, we discussed the topic of liabilities—and the type of liabilities that could affect your small business. This week, let’s explore the topic of assets, including the three properties that...
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6 Major Mistakes Small Business Owners Make at Tax Time
Small business owners wear multiple hats. From market research and client meetings to managing their books accurately, there is too much to do beyond even the thought of tax time. By the time it’s tax...
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Profit vs. Cash Flow: The Difference
Profit and cash flow are both fundamental for a healthy, growing, and sustainable businesses. However, it’s important to note that they are not the same thing. Although most accounting mistakes are...
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Tips to a Less Painful Tax Season For Next Year
Smart business owners plan and execute a tax strategy throughout the year. It avoids the painful situation of waiting until tax season is right around the corner, preparing your taxes, and only then...
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The History of Double Entry Accounting
We’re always on the lookout for interesting accounting content (I swear that’s not an oxymoron), and NPR’s Planet Money often gives us just that. In episode 407 of Planet Money, David Kestenbaum and...
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Accounting Best Practices for Small Businesses
There are good accounting best practices and there are some poor ones. When it comes to your small business’ money situation, don’t neglect the warning signs for the path to negative cash flow. Utilize...
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Understanding Basic eCommerce Accounting Debits and Credits
Learning accounting basics is no easy task for small business owners. Whether you’re running your own eCommerce business or a brick-and-mortar shop, you’ve likely tripped up over overwhelming...
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Track Your Small Business Expenses Daily (and how to’s)
Spending money for the sake of your business can be a far too accessible and mindless task. It’s easy to forget that money comes in slower than it leaves; however, successful businesses have one thing...
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Accounts Receivable: How to Optimize it for Small Business Growth
Although a technical accounting term, many (if not all) of us have received accounts receivable at some point in our lives. Ever received a paycheck from your high school serving job or dog walking...
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The Ultimate Small Business Guide: the General Ledger
Yet another ancient-sounding accounting term, the general ledger (GL) can come off sounding a bit dull. Worse yet, you might even picture an image of a large, dusty book filled with numbers you don’t...
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Guide to Fiscal Year-End Checklist For Small Business Owners
Pumpkin spice lattes turn into eggnog lattes while colorful leaves fall to the ground… yep, it’s definitely year-end. Which calls for a much-needed fiscal year-end checklist. For many business owners,...
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Basic eCommerce Accounting Principles Small Business Owners Should Know
It’s day one of your eCommerce business on Amazon, Shopify, or a similar selling channel. At this time much of your efforts are focused on research, managing inventory, shipping, marketing, and...
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Chart of Accounts: What Is it & Why It’s Important
Small business owners record numerous business transactions a day. From purchasing a new office desk, applying for a new bank loan, to invoicing a customer—you have to record it in the right account....
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The Benefits of Cash Accounting for Canadian Farm Businesses
Canadian farm businesses have an advantage when it comes to taxes. If you can convince the Canadian Revenue Agency (CRA) that your farm business falls within the definition of farming, then you’re in...
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Choosing an Accounting Method: Accrual vs. Cash-Basis
Small business owners manage a lot on their plate. From writing a bookkeeping business plan to figuring out how to pay themselves, there’s a lot to consider when first starting out. But one of the...
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Managing a Small Business Accounts Payable During a Crisis
The global pandemic has sparked major shifts across every facet of life. Businesses, in particular, are facing a bleak outlook, with over 100,000 American small businesses likely to close down forever...
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Understanding Capital: A Guide to Knowing Your Finances
Increasing sales, improving customer service, developing your brand, and maintaining your bookkeeping. These are all seemingly mundane small business activities. If your company has employees, then...
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What is Cash Flow and Why is it so Important?
Many a new business owner has asked, “What is cash flow and why is it so important?” The short answer is cash flow is the amount of money coming into a business and the amount of money going out. Think...
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Billing in USD 101 for Canadian Businesses
Are you a Canadian business with customers in the United States? If so, you really need to consider billing your American clients in US dollars. Why, you ask? There’s two simple answers: make your US...
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