accounting basics

Accounting basics are at the heart of any business large all small. There are many reports that assist businesses in making financial decisions.

Small Business Accounting

Small Business Accounting

Small Business Accounting does not just entail maintaining the daily books for tax purposes; it is also a vital device for business reporting, identifying theft, fraud, and wastage. Accounting mistakes can result in penalties or fines, especially for submitting accounts late. Many small businesses don’t keep accurate records because they don’t have the knowledge or time. However, accounting errors made over several years can lead to…

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Difference between Bookkeeping and Accounting

What is the difference between bookkeeping and accounting? All businesses will use both bookkeeping and accounting to produce financial reports. Depending on your time and ability will depend if you need to hire a bookkeeper or accountant. Bookkeeping is the process of recording the transactions of the business. It may include posting sales and purchase invoices, recording bank transactions and other items in the general ledger….