Category: Bookkeeping Tutorials
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A Chart of Accounts for Your Online Business
When you first set up a business’s accounting software, you’ll want to make sure there is a template for online retail. QuickBooks Online does a good job asking what kind of business you have when setting up an account. It’s hard to go wrong with them. Personally, I find it easier to categorize income and Read more
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5 Ways to Keep Your Business Finances Organized
1. Use a business bank account and cards for all business transactions. Keep a business bank account and only make purchases and accept payments there. If you combine business and personal funds in the same account, the first question you need to ask yourself every time you see a transaction is: Is this for my Read more
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How to Enlist Your Bookkeeper to Track Your Business Goals
How to enlist your bookkeeper in helping you track your goals A three-step process for your bookkeeper to help you track your business goals. Pursuing your goals alone has many challenges, so you want other people helping you. Even a second set of eyes looking out for your best interest can make a big difference. Read more
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How to Calculate Break-Even and Know When Your Business is Working
It’s important to know what point your sales will cover all your goals. However, it’s not always easy because there are two types of costs: fixed costs and variable costs. To see my earlier KPI post, check it out here. Fixed costs stay the same, whether you sell well or terribly. For instance, a real Read more
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How to Make Cash Flow Projections Easily!
Cash flow projections are incredibly useful for a number of reasons. First, 60% of business owners have cash flow problems. This affects their ability to meet payroll, buy products for resale, and handle surprises. Making cashflow projections is also helpful for securing bank loans or investment. It’s pretty simple to do. Just follow these steps. Read more
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Understanding Sole Proprietorships and Corporations Equity Accounts
The biggest differences between sole props and corporations in their chart of accounts have to do with Equity. Equity is what the owners put into the business. It is whatever is left after liabilities are paid off using the assets (or Assets – Liabilities = Equity). On a ledger, equity works the same way as Read more
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Mistakes Retail Business Owners Make with their Chart of Accounts
Mistakes retail business owners make with chart of accounts It’s the last thing you probably want to think of with your business. However, if you’re making mistakes with your chart of accounts, you could end up with many preventable problems. Here are the five top mistakes retail business owners make with their chart of accounts: Read more
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Master KPIs Using QuickBooks – Income per Service
To track what matters with your service-based business, you need KPIs. But KPIs aren’t immediately obvious using accounting software like Quickbooks Online. Let me show you one – income by service. For other tutorials about QuickBooks, see the category here. Ignore KPIs at your own expense. If you do, not only are you failing to Read more
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How to Track Business Receipts
It’s important to know how to track business receipts. If you gather and keep your receipts like a bookkeeper would, you’ll save yourself a lot of unnecessary time. Gathering receipts is very important. Here’s why: Saving Your Receipts Digitally I recommend saving your receipts in two to three different places digitally. One copy can be Read more
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A Service Business Chart of Accounts For You
This is a tutorial for people starting a new business. For more business tutorials, see the tutorials section. If you’re just starting a service-based business, a proper chart of accounts will help you: Let’s figure out what you really need to get started. I’ll first address the number code systems and then present to you Read more