As an accounting firm, we’ve seen our fair share of bookkeeping mistakes. But some are worse than others. While some mistakes are relatively minor and can easily be corrected, others are far more egregious and can have devastating consequences. In this article, we’ll be talking about the more serious offenses; the ones that can…
In business as in life, there are tasks you enjoy doing and others that are pure drudgery. It’s safe to say that for most entrepreneurs, bookkeeping falls into the pure drudgery category. The good news is, you don’t have to do it. Wait. Let us rephrase that, because what we really mean to say is…
Confused about what bookkeeping is and what exactly it entails? You’re not alone. Every year, hundreds of entrepreneurs come to us with little to no knowledge of bookkeeping—and that doesn’t make them any less intelligent or capable of running a business. So don’t feel stupid for asking questions like, “What is bookkeeping?” and “Should I…
If accounting makes your head spin, you’re not alone. Many entrepreneurs feel this way—and rightfully so! It’s a complicated field, after all. But don’t worry, in this article, you won’t actually be doing any math (whew!). Instead, we’ll teach you some basic accounting terms you need to know in order to talk shop with…
Are you a struggling entrepreneur on the brink of giving up? Read these inspirational quotes before you make a decision you may regret for the rest of your life. “I’m convinced that about half of what separates successful entrepreneurs from the non-successful ones is pure perseverance.” — Steve Jobs, co-founder of Apple Inc. “Tough…
Being a small business owner comes with a lot of challenges, especially if you are new to being in business. One of those challenges is learning the terms that go with running a business which includes learning about accounting and bookkeeping. In this article we’re going to cover the concept of net income, which…
Nobody wants to see their dream go up in flames, but that’s precisely what can happen to small business owners who burn money on unnecessary expenses. In this article, we go over 5 big ways small businesses waste money so you can avoid making these costly mistakes. 1. Office Space We get it; having…
So you’re tired of the 9-5 grind and you want to be your own boss. Welcome to the club of over 31 million American entrepreneurs! But before you make that leap, you should be prepared for the reality of entrepreneurship, because truth be told, it’s a lot different than what’s shown on TV. The…
Did you know that poor inventory management is one of the top eight reasons why businesses fail? Furthermore, did you know that 43% of small businesses do not track their inventory or use a manual process? Statistically speaking, that’s a lot of small businesses that are doomed to fail. We don’t say this to…
“I love doing my own bookkeeping!” said no entrepreneur, ever. Enter: virtual bookkeeping—the easiest, quickest, and cheapest way to offload this loathsome task onto someone else. Best of all, you’ll never even have to look that poor soul in the eye. In all seriousness, virtual bookkeeping has a unique set of advantages that differ…