Understanding When to Use Single vs. Double Entry Bookkeeping
The bookkeeping system you utilize for your company will help streamline your financial tracking methods. You must pick between single and double entry bookkeeping methods by determining which one would best support your Missouri company size and configuration. Here’s what you need to know while deciding between these two options. Singe Entry With single entry bookkeeping, you keep a running tally of your income, expenses and other transactions in a single ledger. You record
4 Sources of Revenue Used to Balance Your Books
When your sales figures dip lower than expected, or your funds remain tied up in owed invoices, you must find alternative ways to balance your books. Without balanced books, your business could face difficulties in maintaining operations or facilitating growth. Thankfully, you can use your existing company to pursue alternative revenue methods and keep your finances in the black. Here’s what you need to know. Equipment Sales If you have outdated or excess equipment on hand, y
Exploring Periodic and Perpetual Inventory Systems
The way you track your inventory directly influences your company’s perceived cash flow status and ability to invest in continued growth opportunities. While running a small business, you can choose between periodic and perpetual inventory systems, which both have their own benefits and drawbacks to consider. Here’s what you need to know about these two systems. Periodic The periodic system utilizes the ending balance from the prior term to start off the new month. The adjust
4 Accounting Tips for Independent Contractors
When you operate as an independent contractor, you must keep tight financial records to meet your yearly targets and reduce your annual tax obligations. Since you are on the hook for the total owed amount for social security and Medicare taxes, you must keep your records straight to take the credits and deductions that will offset your obligations the most. Furthermore, good accounting practices allow you to improve your contractor operations year to year to maximize your pro
Top Bookkeeping Tips for Small Business Owners
As a small business owner, your time may be spent networking, marketing and operating your company. You may not have a lot of time for bookkeeping tasks in your workday, causing this important task to fall to the wayside. Unfortunately, without the proper approach to bookkeeping, your company could fail to hit growth expectations in the coming years due to the lack of capital for major expenses and upgrades. Here are four tips you can use to integrate bookkeeping into your da
