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Below are 7 tips on small business budget planning. But first things first… What is a budget? The Merriam Webster dictionary defines a budget as “…a plan for the coordination of resources and expenditures. So a budget is sort of like a road map for you small business. Creating your small business budget shouldn’t be …

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There are four basic accounting principles, four accounting assumptions and four accounting constraints in accounting rules that businesses use to record and report their financial transactions.  These set of rules is called GAAP (Generally Accepted Accounting Principles) GAAP is the foundation we use to help in handling the different accounting concepts we face as business owners. …

Top Basic Accounting Principles | Summary | GAAP Read More »

Deleting or adding extra lines (rows) in the income and expense accounts is not too difficult. See step-by-step instruction below: Deleting rows in income or expense accounts in the general ledger : Highlight the rows you would like to delete. Hint: Don’t delete the first row in each account—it’s what connects it to the row …

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Accrual basis accounting is one of two accounting methods of keeping track of your business’s income and expenses. Cash basis accounting is the other commonly used accounting method. The third method is a combination of the two and appropriately called theHybrid method. Most small businesses (with sales less than $5 million per year) are free to choose which …

Cash or Accrual Basis Accounting Method? Read More »

An accounting balance sheet shows the financial position of your business at any given point in time. It is like a picture of your small business at that moment. Accounting Balance Sheet Format: It is usually prepared at the close of a period such as quarterly, semiannually, annually, or even monthly. It consists of assets, …

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