Category: Accounting

  Introduction   Accounts payable is a type of accounting transaction that tracks the amount of money owed to suppliers and vendors for goods and services. It can also refer to the actual invoice, or bill, that is sent out for payment. Understanding what account payable is and how it works can help businesses better… Continue reading What Is Accounts Payable? Definition & Examples

  Introduction   Businesses of all sizes must handle their finances carefully and accurately in order to remain competitive. One of the most important financial tools is known as account receivable, which is essentially a company’s ability to collect money owed by customers or clients who have purchased goods or services on credit. Account receivable… Continue reading What Is Accounts Receivable? Definition & Examples

  When you hear the term “accrued expenses,” it’s important to know that this refers to any type of business expense that has been incurred but has not yet been paid. For example, if your company enters into a contract to have work done next month, the cost of that work would be considered an… Continue reading What Are Accrued Expenses? Examples, Definition, How to

  Deferred revenue is an important concept that many businesses overlook due to a lack of understanding. In its simplest form, it is money received by a business for goods or services that have yet to be delivered. This blog post will explore what deferred revenue is, how it should be recorded, and provide some… Continue reading What Is Deferred Revenue? How to Record & Examples

  If you’re like most people, the mere mention of a cash flow statement probably sends you running for the hills. But trust us, it doesn’t have to be that way! A cash flow statement is one of the most important financial statements for a business, yet it is often one of the most misunderstood.… Continue reading How to Read & Interpret a Cash Flow Statement

  As a business owner, one of the most important things you can do is set up a budget. A budget will help you track your expenses, understand your cash flow, and make informed decisions about where to allocate your resources. There’s no one-size-fits-all approach to setting up a budget, but there are some general… Continue reading 6 Tips to Set Up a Business Budget With Ease

  Profit First accounting — or Profit First bookkeeping — is a relatively new concept in the business world. Usually, business owners would think about how to spend money on the business before ever thinking about what they were going to take home. This sounds great for the business, but it may not actually be… Continue reading What Is Profit First Accounting? Definitions, How Tos, and Examples

  The Shopify marketplace is home to over 500,000 businesses, ranging from home decor to apparel brands. The ease of ecommerce, as well as fraud analysis and abandoned cart recovery, are game changers for many sellers in this place. And a particularly useful feature of Shopify is the report feature, specifically its — sales tax… Continue reading How to Handle Shopify Sales Tax for your Online Store