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
Category: Accounting
Understanding the Income Statement
While the Balance Sheet is a snapshot showing a company’s assets, liabilities, and equity at a point in time, the income statement presents the financial results of a business over a stated period of time, usually for a month or a year. It shows revenues and expenses for this period, and the resulting profit or…… Continue reading Understanding the Income Statement
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
Balance Sheet vs Income Statement
The two major components of a financial statement are the balance sheet and the income statement. The balance sheet shows a company’s financial position at a set point in time, usually at a year end or month end. It lists the company’s assets, or what it owns, and its liabilities, or what it owes. It…… Continue reading Balance Sheet vs Income Statement
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
The History of Double Entry Bookkeeping
History of Double Entry Bookkeeping – All Entries Are Recorded Twice Florence, Italy Double entry bookkeeping is a system of recording transactions where each entry is recorded twice, as a debit and a credit. Debits are on the left and usually show where the money in the transaction went. Credits are on the right, and…… Continue reading The History of Double Entry Bookkeeping
Bookkeeping Services
Having trouble keeping accurate accounting records? Don’t have enough time to do your own accounting? My bookkeeping services can help you. Bookkeeping is the initial recording of financial transactions and is the start of the accounting process, which ultimately leads to your financial statements. Therefore, it is very important that bookkeeping is done accurately and…… Continue reading Bookkeeping Services
QuickBooks Online Cloud Accounting
Manage Your Business From Anywhere with QuickBooks Online Great News – Quickbooks is now offering QuickBooks Online cloud accounting software and services. By allowing you to enter date online from any device, entering transactions is now more convenient and makes it easier to keep your accounting up-to-date. QuickBooks Online frees you up to focus on…… Continue reading QuickBooks Online Cloud Accounting