Cash basis and accrual basis are two different methods of accounting used to record and report financial transactions. Cash basis displays income when cash is received. Accrual basis displays income when it is earned. What is cash basis accounting? Cash basis accounting is a straightforward method that recognizes transactions only when cash is received or …
The Internal Revenue Service (IRS) defines business expenses as the costs of carrying on a trade or business. We, as small business owners, know how important it is to keep track of and record our expenses for tax liability purposes. For this reason it’s of most importance to have a process in place for categorizing …
Do you know you need to spend more time organizing your bookkeeping process? We all know that keeping up with our business books is a necessity, even though at times it may seem to be a daunting task. There are so many areas of running a business that depend on proper financial record keeping, which …
As the close of the year approaches and we begin looking ahead to the start of a new one, here are a few areas to add to your list of review items. Marketing Plan ~ To ensure your marketing dollars are being well spent and giving you the highest ROI possible, take a review of …
