Bank reconciliations are a great way to double check your books. It provides accuracy and completeness, allowing management to have a true picture of the business.
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Form 1099: Q&A About Tax Forms
The 1099 tax form can be daunting and lead many business owners to avoid itself. Avoiding it can bring many penalties and interest fees. This should help you figure out what to include and how to fill it out. Continue reading “Form 1099: Q&A About Tax Forms”
Cost of Bookkeeping and Accounting
There are a lot of costs bookkeeping needs to take care of. If we try to classify them, either by their nature, behaviour or control ability, we will come up with more common terms: direct costs vs indirect costs, fixed costs vs variable costs, and the ones that are more or less controllable.
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Bookkeeping, QuickBooks®, & Tax: Glossary/Definition of Terms
Bookkeeping is confusing for business owners who didn’t major in accounting. This glossary of terms will help out with some key bookkeeping, QuickBooks, & Tax terminology. This list will evolve over time, so feel free to ask questions below that we can respond to! Also, check out our separate accounting definition of terms. Continue reading “Bookkeeping, QuickBooks®, & Tax: Glossary/Definition of Terms”
Accounting: Glossary / Definition of Terms
Accounting is confusing for business owners who didn’t major in the subject. This glossary of terms will help out with some key accounting terminology. This list will evolve over time, so feel free to ask questions below that we can respond to! Also, check out our separate Bookkeeping, QuickBooks, & Tax definition of terms article. Continue reading “Accounting: Glossary / Definition of Terms”
Bookkeeping is necessary every month. Don’t just wait until tax season.
Bookkeeping is essential for any small business or self-employed business throughout the year. It’s really necessary every month. There are many benefits of staying on top of your bookkeeping/accounting and not making it just a ‘tax season panic’ activity.
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What ALOE Stands For (Assets, Liabilities, Owner’s Equity)
The name ALOEwerx comes from the basic accounting equation: Assets – Liabilities = Owner’s Equity. These are the basic elements of the balance sheet that all your accounts fit into. The equation must balance for your books to be correct. Now, if you’re not an accountant, this still might not describe what ALOE truly is. Continue reading “What ALOE Stands For (Assets, Liabilities, Owner’s Equity)”
Small Business Accounting: The Common Errors Committed
Small Business Accounting can be confusing which leads to many errors that can be subject to audit. Make sure the common errors stay out of your books. Continue reading “Small Business Accounting: The Common Errors Committed”
How To Start Your Freelance Journey
Picture this: no more 9 to 5, no more commuting into the office every day, no more traffic on your drive to work, no more depressing working conditions, and you are in charge of yourself. This sounds nice, but starting a freelance practice isn’t quite this easy. It can be a difficult road and without anyone to bounce ideas off, you might find yourself stuck. Using this guide can make it a little simpler. Continue reading “How To Start Your Freelance Journey”
Seven Deadly Sins of Small Business Bookkeeping & Accounting
Avoid sending your small business into a downward spiral by committing these bookkeeping deadly sins. Accounting procedures are crucial to the life and success of any small business, make sure these sins are avoided in your business. Continue reading “Seven Deadly Sins of Small Business Bookkeeping & Accounting”