Tag: bookkeeping

Q & A and Tips on Accounting, Taxes and Personal Finance.
Why “Bookkeeping by Download” is Bad Practice

Why “Bookkeeping by Download” is Bad Practice

There are so many products, including QuickBooks, that allow a user to do what I call “bookkeeping by download”; the process of linking a bank account to QuickBooks and downloading those transactions automatically, bypassing the manual entry method. While this may seem like a timesaver, it’s not a good practice. Income and expenses that have […]

June 30, 2017 | By More
Good Business Performance Starts with Good Record Keeping

Good Business Performance Starts with Good Record Keeping

Good financial record keeping is vital to the success of any business. Good records help plan for the future, prepare accurate financial statements and tax returns, and enable business owners to create sensible budgets and cash flow projections. How keeping good records is good business – Your bookkeeping records help you make smarter and well-informed […]

June 14, 2016 | By More
Are your books well adjusted?

Are your books well adjusted?

Keeping accurate financial records means more than recording every sale and expense and bookkeeping adjusting entries. You may think that as long as someone is recording every sale you make and every expense you pay, you’re doing well. But some important items don’t get into the books simply by recording daily transactions. Appropriate adjusting entries […]

March 29, 2016 | By More
Receipts – The Foundations of Proof

Receipts – The Foundations of Proof

Some people keep and guard receipts as if they were pieces of precious memorabilia. Many other people leave them on the store counter, toss them away, or roll them up in a ball and shove them in a pocket on the way out the door intending to throw them away later. If you’re a business […]

March 14, 2016 | By More
Bookkeeping and Accounting – what are the differences?

Bookkeeping and Accounting – what are the differences?

Business owners often feel there is little difference between bookkeeping and accounting. Popular accounting software like QuickBooks allows business owners to produce their own P&L and balance sheets, but is this all there is to it? Tu Dao, a CPA in Houston, Texas discusses the differences between bookkeeping and accounting, and how the evolution of […]

September 18, 2014 | By More
Bookkeeping – the actual process of gathering, organizing and recording the transactions of a business

Bookkeeping – the actual process of gathering, organizing and recording the transactions of a business

Bookkeeping is a key element of the accounting information system. Tracking expenses, recording sales, paying bills are daily functions crucial for the business owner who runs a solid company. Detailed record-keeping and financial records are essential for tax preparation, payroll and getting a small business loan. As your business grows, payroll questions may arise, especially the […]

June 9, 2014 | By More