Every business requires accounting to keep track of its earnings and expenditures. Furthermore, it provides the basis for financial analysis that stakeholders like management and investors can use to make business decisions. Accounting systems are primarily divided into two categories: Single-entry and Double-entry systems. Saved Templates In the accounting world, double-entry systems are most… Continue reading What Is Double Entry Accounting and Bookkeeping?
The amount of money you receive and send out is one of the most important aspects of running a business. As a rule, more should flow in than out, but it doesn’t always happen that way. You may have to pay your staff and suppliers until you receive your cash. Whatever your situation, understanding… Continue reading What is a Cash Flow Statement? How to Read It and Examples
Since the dawn of time, the general ledger has been an essential part of good accounting. Before digitization, accountants had been manually recording every transaction in ledgers, and it was the way organizations of all sizes kept track. However, digitalization simplified the process of recording transactions. With the advent of excel sheets and… Continue reading What is a General Ledger? Definition and Examples
The long-term success of a business depends on the management of income, expenses, cash flow, and other vital financial statistics. Though all businesses need to keep track of their finances, Amazon businesses especially require close monitoring of their Amazon bookkeeping to survive. Whether you are a well-versed eCommerce expert or are just starting… Continue reading The Ultimate Amazon Bookkeeping Guide for Sellers
When it comes to bookkeeping, have you ever wondered if you’re “doing it right?” Keeping track of inventory, refunds, and other moving parts can be challenging for eCommerce sellers. Whether you’re running a brick-and-mortar or any eCommerce business, you should keep and refer to many financial statements, and one of which is your ― profit… Continue reading What Is a Profit and Loss Statement?
In the case that your company needs to retrieve a specific dollar amount from a 12-month-old invoice, what would you do? There might be a moment of panic before you begin sorting through paperwork. And to find the exact number, you might have to sift through months’ worth of invoices. In the worst-case scenario,… Continue reading What Is a Chart of Accounts? Examples, How Tos, and Tips