A bank reconciliation is an important process that every small business owner should perform to ensure that the company records and bank accounts are correct and corresponding. Cash on the balance sheet illustrates a company’s ability to pay debts and fund operations, but how do you know the bank statement balance is accurate? Bank reconciliations help bookkeepers, …
Balance sheets along with income statements are statements that are not only used to evaluate the health and financial position of a business but are the primary statements that lenders and investors will look at. In our previous article, we talked about creating an internal income statement to analyze our financial data. Here we will discuss the …
Adjusting entries are an important and often necessary part of your accounting! As any small business owner knows, keeping the books by recording all transactions and putting together financial statements can be a complicated procedure. Still, it is crucial that it is done accurately to ensure that you stay on top of income and expense …
How to Set Up and Properly Administer an Acceptable Reimbursement Plan Accountable reimbursement plans are an excellent way to reimburse your employees. Set up properly, accountable expense reimbursement arrangements can be a great tax benefit for your small business as well as your employee. A Reimbursement Plan is an employee reimbursement arrangement or method for reimbursing employees’ …
Choosing an accountant can be one of the most challenging important decisions you will make as a small business owner. You are not just looking for someone do your accounting…you are looking for someone that will be a key adviser to your small business. A good one can help grow your business. A bad one …