Category: Bookkeeping Practices

How to Organize Your Business’ Bookkeeping Records

How to Organize Your Business' Bookkeeping Records

The first step in effective bookkeeping is staying organized. Considering all of the documents that you need to store and prepare, keeping it all organized will save you a lot of time and effort in the long run. It can also cut down on errors that could potentially cost your business a great deal in… Read more »

Tips for Keeping Business Tax Records and Receipts

Tips for Keeping Business Tax Records and Receipts

Your business has likely collected a lot of financial records over the years. So much so that you’re likely wondering—when can I throw this all away? This is a normal question to ask, and it can be tempting to throw it away at the end of each financial year. Nevertheless, while there are huge differences… Read more »

Trial Balance vs. Balance Sheet: What’s the Difference?

Trial Balance vs. Balance Sheet: What's the Difference?

As a small business, you’ll likely have several forms, sheets, reports, and statements concerning your finances. Two reports that you’ll likely be dealing with are trial balances and balance sheets. Both of these are essential to understanding your finances, but there are many business owners who don’t understand the differences. Trial Balance Simply put, a… Read more »