Basic Accounting

QuickBooks is probably the most popular accounting software used by small and middle sized businesses in the world today. It is available in many countries and can be configured for many industries. This software package features a full-blown double-entry accounting system designed principally to be used by small, for-profit businesses with operating budgets of less than one million dollars.

QuickBooks is a great tool that can facilitate a variety of transaction recordi Read more

Adpoting proper accounting record keeping is a must for any business. Using good accounting practice make the overall management of the business very easy and also help in complying with regulatory authorities. Accounting is based on certain basic rules and principles. Adopting these rigid rules and principles make accounting practice consistent for all business transactions. There are seven major books of accounts. They are as follows :

1. Cash Book - Records all cash re Read more

Like a small kid requires extra care and papering so as a small business/company. If you are a small business/company owner then you are the one who will have to struggle the most in making a better market position. Small businesses/companies have to manage every aspect of their operation, most of the time by the business owner themselves.

This is what defines the perfect tactic of doing business i.e. more profit with fewer resources. Business owners that start business w Read more

While going through the setup process in QuickBooks, the program prompts users to select their industry. Sometimes, a user’s industry is not clearly listed. For example, “Computer Service & Repair,” is not one of the choices. I’m sure there are many other businesses that are not clearly listed in the “Select Industry” section of the QuickBooks setup screen.

QuickBooks asks for your industry for two reasons:

• So it can load a Chart of Accounts that closely mat Read more
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Ever heard of the saying that a sale is not a sale until the cash is in your bank account?

If we you were paid for your sales the moment that you made them, you would never have a cash flow problem.

Unfortunately, that does not always happen in many businesses. Credit is a privilege (not a right) and too many customers seek to abuse this trust and often never pay for the service or product you have supplied.

However, you can still improve your cash flow by ma Read more

Do the tax sessions pester you a lot just because your organization is not having a good financial management system? As accounts are the information sheets that are needed on daily basis in order to conduct business, every organization needs to take care of its financial section for better results. There are many things that need to be tracked such as salaries of staff, sales, credit and debts, asset and liabilities, inventory etc. To track those day to day or occasional finan Read more

So you are a merchant, and you want to accept electronic check payments for your business. This is commendable. It’s a step in the right business direction. You give your customers ease, convenience, and more flexibility in payment options. In turn, they will patronize your business. When done correctly, echeck processing will definitely improve your sales and widen your customers base.

However, you should follow established echeck processing protocols and avoid those Read more

When my daughter asked me if I would be interested in helping her in her online business I jumped right on it. What a way to make some money. Then I thought okay, that’s great, but how would I get that money. She told me about PayPal.

She showed me the way to the site. At first I thought there was no way I could do this. It was easy to understand and simple to set up. I didn’t feel the least bit unsure about starting my account.

Next I began to wonder how I was g Read more

From time to time, you hear of a business loosing a lot of money because one of the workers has embezzled some money. This normally does not occur in one day. In fact most of the time the worker starts taking the money in small amounts when he runs into financial difficulty. He may have the good intention of repaying the money in the account. The owner of the business may not realise it at the beginning as he may be very busy handling other business issues. As time goes on, t Read more

Free accounting software is available that may very well meet all of you accounting needs! Be sure that any products used for business purposes will create suitable audit trails to help avoid trying to recreate data at a later date. Also make sure that any accounting software used whether free or paid, will meet all of your needs both today and in the near future to avoid having to go through a possibly cumbersome upgrade down the road.

The following are so Read more