Cash flow is one of the most important aspects to consider when starting a business. How will you pay your employees? What about taxes? One way to ensure cash flow is never an issue for start-ups is by outsourcing accounting. Working with an outsourced accountant can help relieve some of the stress that comes with …
Where is accounting information stored? The central database for accounting transactions is the ledger. The primary storage area is the general ledger, but information can be fed into the general ledger from subsidiary ledgers too, in situations where a large amount of information must be stored. To understand how information storage works in the accounting …
The financial statements are used to present the results of operations, financial position, and cash flows of a business. They are used by the shareholders, management, and lenders of a business, and could be perused by a large number of people. The bookkeeper is responsible for the financial statements since they essentially aggregate the results …
The concept of closing the books refers to summarizing the information in the accounting records into the financial statements at the end of a reporting period. Many steps are required to do so. In this article, we give an overview of closing journal entries and the most prevalent closing activities that an organization is likely …
The chart of accounts specifies how accounting data is organised. Because a properly constructed chart of accounts makes it much easier to collect and report data, the account structure is something that the bookkeeper is quite interested in. In this tutorial, we’ll go over the chart of accounts and the most typical accounts, as well …
The Chart of Accounts – Included sample to download Read More »
Introduction Before a bookkeeper can engage in accounting activities, it is first necessary to understand the basic underpinnings of accounting, as well as the general flow of accounting transactions. In this article, we describe the concept of an accounting framework and accounting principles, on which all accounting activities are based. We then give an overview …
Introduction The bookkeeper position covers an exceptionally broad range of activities. It requires a person to be able to shift rapidly between many activities during a typical business day. In this article, we discuss the main requirements of the position, the qualifications needed by a bookkeeper, interactions with advisors, and related topics. The Bookkeeper Position …