The distinction between an accountant and a bookkeeper lies in the scope and depth of their roles within the financial landscape. A bookkeeper primarily focuses on the day-to-day financial transactions of a business. They meticulously record and organize financial data such as sales, purchases, receipts, and payments. Bookkeepers play a crucial role in maintaining accurate…
A lot of people think of small business and entrepreneurship as a highly risky venture. Everyone knows someone – maybe even someone in their family or circle of friends – who went into business and it didn’t work out. There are all kinds of stats floating around on the internet about how 1 in 5…
This is the time of year when a lot of people are trying out goals they set at the end of last year. Some may have already given up and others may be going strong. But usually, these goals are personal in nature and for some reason, most people don’t carry this idea over to…
What Is Your “Year-End Inventory Value”? This is the total dollar value of all products in your warehouses as of the end of your fiscal year. We adjust your inventory account in QuickBooks to ensure the balance in your warehouse matches the balance in QuickBooks. Why Do We Do This? We do not have direct…
Company culture is a term you hear thrown around a lot but usually in reference to larger businesses. The reality is though that every business has a culture even if there is only one person there. The culture is generally determined by the owner because they determine what the business is, how it operates, who…
Cost of Goods Sold (COGS) refers to the direct costs incurred by a business in producing its goods or services. These costs typically include materials, labor, and direct overhead related to the production process. Understanding COGS is crucial because it paints a clear picture of how much it costs a company to produce the goods…
Maverick spending represents a significant concern for businesses of small sizes due to its potential to disrupt financial management, compromise operational efficiency, and undermine organizational integrity. The term “maverick” implies a sense of independence or deviation from established norms, and in the context of business spending, it signifies actions taken without proper oversight or control…
Negotiation skills are integral to law practice as they empower attorneys to advocate zealously for their clients and achieve outcomes that align with their objectives. As such, honing negotiation skills is a continual endeavor for legal professionals seeking to excel in their practice and deliver exceptional value to those they serve. Considering the legal industry…
Having a comprehensive understanding of tax jargon is not merely a technical requirement but a strategic asset that can significantly influence a business’s success and sustainability in a complex economic environment. The problem is that for many business owners, discussing taxes is quite challenging because of the complex terminology involved. Our comprehensive guide will ensure…
Credit scores and insurance premiums are intricately linked in many parts of the world, especially in the United States. Insurance companies often use credit-based insurance scores to assess the risk associated with insuring an individual. The rationale behind this practice is the belief, supported by statistical data, that there’s a correlation between a person’s credit…