Patriot Software

NOVEMBER 2, 2022

Understand the difference between tangible vs. intangible assets to keep your accounting books and financial statements accurate. All businesses have assets. Assets can be broken down into two categories: tangible and intangible. But, tangible assets are physical while intangible assets are […] READ MORE.

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Patriot Software

OCTOBER 28, 2022

Having accurate accounting books is essential for making financial decisions, securing financing, and drafting financial statements. But sometimes, you find gaps in your records, either from making mistakes or carrying out transactions from one accounting period to another.

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accounting books accounting and finance financial statements Finance 52

Patriot Software

OCTOBER 28, 2022

When you run a small business, one error in your accounting books can result in inaccurate financial statements, poor cash flow management, and even an IRS audit. To make sure your records are accurate, familiarize yourself with account reconciliation. What is account reconciliation?

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xendoo

FEBRUARY 25, 2022

If that is not the case, you will need to take steps to clean up accounting records or use a catch-up bookkeeping service. . When and Why You Need to Clean Up Your Books. There are many reasons to have clean accounting books each month. Here are a few: Ensure Financials Are Up-to-Date.

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Accounting Seed

JANUARY 4, 2023

Even in the 21st century, it’s still possible to do your bookkeeping with paper spreadsheets or account books. If manual accounting works for you, nobody can force you to change. Accounting standards are the same whether you use ledgers or laptops. What is Automated Accounting?

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Account accountant accounted bookkeeping 52

Accounting Seed

NOVEMBER 23, 2022

You debit the $12,500 to AR and credit the same amount to your sales account. This is known as balancing your accounts/books. You recognize this in your accounting with a “bad debt” entry. When the customer pays, you credit $12,500 to AR and debit cash.

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Snyder

JANUARY 8, 2023

Financial plan – present the financial situation of your business, usually by producing 3 main financial statements i.e. a balance sheet, income statement, and cash flow statement. This ensures accurate data imports and that there are no duplicates in your accounting books.

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E-commerce Non-Profits Start-ups Maine 98