Tag: quickbooks bookkeeping
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Bookkeeping 101: Recording and Matching Expenses
Managing your small business’s finances effectively is key to maintaining a healthy bottom line. QuickBooks Online (QBO) simplifies the bookkeeping process by allowing you to record expenses and match them to transactions in your bank feed. Here is a Bookkeeping 101 tip with a step-by-step guide to mastering this essential task. Step 1: Recording an… Read more
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Grow Your Service Business: How Bookkeeping Helps You Scale
Growing your service business is an exciting yet challenging journey. Whether you’re a consultant, a designer, or a tradesperson, scaling up means more clients, more opportunities, and—yes—more complexity. That’s where good bookkeeping comes in. A well-maintained financial record system isn’t just about tracking income and expenses—it’s a vital tool for driving growth and supporting expansion.… Read more
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Common Bookkeeping Mistakes Service Businesses Make (and How to Avoid Them)
Accurate bookkeeping is essential for small service businesses. It provides the financial clarity needed to manage cash flow, pay taxes, and make informed decisions. Yet, many small businesses fall into common bookkeeping traps that can hinder growth. Let’s explore these pitfalls and, more importantly, how to avoid them. 1. Mixing Personal and Business Finances Pitfall:Using… Read more
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The Importance of Financial Reporting for Small Businesses
Financial reporting is the backbone of informed decision-making and sustainable growth for small businesses. These reports provide a snapshot of financial health and help businesses comply with regulations, attract investors, and plan for the future. What Is Financial Reporting? Financial reporting refers to creating standardized documents that summarize a business’s financial performance over a specific… Read more
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Understanding Bookkeeping and Financial Accounting
Bookkeeping and financial accounting are foundational aspects of managing any business’s finances. Read more
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Setting up Finances for a New Nonprofit
Setting up a new nonprofit is an inspiring journey focused on positive change, but building a sustainable organization also requires a solid financial foundation. Read more
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QuickBooks Online vs Wave Accounting for your Small Business
Finding the right accounting software can be pivotal to small business success. Read more
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Job Costing for Service-Based Businesses with QuickBooks Online
When it comes to managing a service-based business, keeping track of expenses, labor, and overall profitability for each job is crucial. Accurate job costing helps ensure that your business stays on track financially and allows you to make informed decisions. If you’re a small business owner or looking for bookkeeping services, understanding how to implement… Read more
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Nonprofit Bookkeeping: Tracking Functional Expenses
Learn how to track functional expenses in your nonprofit bookkeeping. Read more
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Advantages of Hiring a Bookkeeper vs an Accountant
Both bookkeepers and Certified Public Accountants (CPAs) play crucial roles in managing a company’s financial records, but they have distinct roles and functions. The decision to hire a bookkeeper or a CPA depends on the specific needs and requirements of the business. Here are some advantages of hiring a bookkeeper instead of a CPA: Cost-Effectiveness:… Read more