Why is Bookkeeping Important? Nicole Fende, the author of How to be a Finance Rock Star, said, “Many small businesses would rather face an angry barbarian horde than tackle their cash flow statement.” This might even be you. However, “no matter what business you’re in, the ability ...
Using the double-entry method for bookkeeping makes more sense if your business is large, public, or buys and sells on credit. Enterprises often choose the double-entry system because it leaves less room for error. In a way, it ‘double-checks’ your books because each transaction is record...
Why customer service is important has many answers. However, it often boils down to the fact thatyour customers expect good customer service. If your business doesn’t deliver, customers will find an alternative no matter how innovative your product is. “Customers remember the service a lot lon...
One of the most amazing reasons why accounting is important for your business is that it helps track and manage transactions. It tracks and manages transactions using a system ofdouble-entry bookkeeping. Here is how accounting tracks and handles transactions: Recording transactions: When a financial...
Why Is Accounting so Important to a Business? Accounting is an important function of a small business and often is referred to as the “Language of Business”. The financial recording, summarizing, analyzing and recording of financial transactions help owners, managers and investors evaluate a compa...
Why Is a Purchase Requisition Important? Every company always has a need for goods and services. It’s a continuous process of constantly needing to resupply and restock. The purchase requisition therefore plays an important role in the process of buying within any business. ...
It’s also more cost effective than hiring a dedicated employee, especially for small businesses or startups that may not need a full-time bookkeeper. Professional bookkeeping services can easily scale their services up or down based on the business’s needs. This flexibility is particularly help...
Explain why are credit cards not considered a bookkeeping liability. If there are "costs" why are they recorded in asset accounts and not in expense accounts? Why is cost accounting so important to the success of the firm? What are the various metho...
If you don’t live in, or do business in Delaware, you may want to reconsider. Learn the reasons why you shouldn't form an LLC in Delaware.
Bookkeeping is complex, but the accounts receivable definition isn’t. It’s the balance owed to a company for goods or services provided but not paid for. So, is accounts receivable an asset? The answer is yes. These balances are short-term debts easily converted to cash. They should con...