Cloud Accounting

What is Cloud Accounting One of the latest trends in small business accounting is the use of cloud accounting software packages rather than in-house software programs. The main feature of cloud accounting is that your accounting software and data are hosted by a remote server, as opposed to being stored on your in-house computer. Your…… Continue reading Cloud Accounting

Understanding the Balance Sheet

Most financial statements include a balance sheet, an income statement, and a statement of cash flows. In this blog I will discuss the balance sheet. Winnipeg, Manitoba The balance sheet shows a company’s assets, liabilities and equity at a specific point in time, usually at the year-end or at a month-end. All the numbers on…… Continue reading Understanding the Balance Sheet

Understanding Financial Statements

Importance of Financial Statements Most businesses must file financial statements to satisfy lenders and to file annual tax returns. However, an understanding of financial statements also provides business owners with the ability to determine the financial state of their business and how it is performing. Financial statements are a valuable management tool. They provide a…… Continue reading Understanding Financial Statements

Accounting vs Bookkeeping

Bookkeeping Although the terms bookkeeping and accounting are often used interchangeably, bookkeeping is generally referred to as the basic recording, often routinely, of initial daily transactions into some form of ledger.  Transactions are entered into ledgers such as a general ledger, cash ledger, sales ledger, purchase ledger, or payroll ledger. True bookkeepers will not take…… Continue reading Accounting vs Bookkeeping

The Importance of Accounting

Why Do Businesses Need An Accounting System? All businesses and organizations need an accounting system so that they can measure how they are doing financially. By using an accounting system, businesses can determine how successful they have been and are provided with a reliable basis from which to make future decisions. This information is essential…… Continue reading The Importance of Accounting

Why You Need Professional Accounting Services

Written by – Julie Morris  julie@juliemorris.org    www.juliemorris.org Your Small Business Can’t Do Without Professional Accounting Services You’re thrilled about realizing a dream and having your own small business, but could you unintentionally impede your success? Having the right products and marketing strategy can elevate your reach and business capabilities, but working with an experienced…… Continue reading Why You Need Professional Accounting Services

Smart Tips to Help You Simplify Your Online Business

Written by – Julie Morris  julie@juliemorris.org    www.juliemorris.org Image via Pixabay There is no single formula for success that can elevate every company to greatness. However, there are a few important things that you can do to give yourself a little boost. When you’re starting your first online shop, you have to do a little…… Continue reading Smart Tips to Help You Simplify Your Online Business