Bookkeeping is often perceived as a boring task for most business owners and often neglected and left at the bottom of their to-do list. Although bookkeeping may seem boring, it is an essential aspect in running a successful business. I

Small Business, AccountingDavid BazileSeptember 24, 2019bookkeeping, entrepreneur, business, accounting, finance, financial tips

9 Small Business Accounting Best Practices to Consider

If you want to be successful in business, you’re going to have to learn how to keep the books in order. According to the Small Business Administration, learning accounting is important for business owners because sound financial information enables them to make informed business decisions.

Don’t be left in dark about your company’s money situation. Use these nine accounting best practices to help get your bookkeeping on the right track.

1. Determine your accounting method.

There are accounting two methods: cash and accrual. Accrual accounting is a method in which a business puts transactions on the books as soon as the transaction is made. Cash accounting — the more common of the two methods, according to the SBA — occurs when a business records transactions once payments have been received or made. Each method has advantages and disadvantages.

AccountingManny AlmonteMarch 12, 2019Accounting, financial tips, money management, small businessComment