While it is the large businesses who make the news when there’s financial fraud, the greatest amount of wire fraud happens to small business owners. Recent research indicates that 78% of small businesses suffer some kind of wire fraud each year. In fact, all businesses lose at least 5% of their earnings to fraud every…
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QuickBooks Online is the software-as-a-service (SaaS) or cloud version of QuickBooks, one of the most well-known accounting tools available to businesses. QuickBooks has been around since the early 80s, but the online version was launched in 2001. As one of the most widely-used accounting tools, many businesses use QuickBooks on a daily basis. There are…
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Bookkeeping is a time-consuming skill, and not one you can neglect. In fact, over 40% of small businesses managers and owners say their bookkeeping tasks are often pushed into the background. This is understandable, because small business owners have so much on their plates. From a business perspective, however, you must keep up to date…
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Understanding profit and loss is important for any business, but it’s especially vital for small businesses with tight budgets. Spending too much can quickly put these small businesses in danger, while miscalculating profits can lead to overdrawn accounts. That’s why as a business owner, you need to know exactly where your accounts stand. Opting for…
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Your accounts receivable is essentially a list of all the money your clients or customers owe you. While retailers typically receive payment for their goods when the customer purchases them, this isn’t always true. Companies that provide services often don’t receive full payments when those services are rendered. Instead, they invoice their clients. This creates…
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One important thing a business owner has to do when setting up their business is determine how they are going to handle their accounting. Many people operate their business accounting like a checkbook, but that’s not always the best option. A checkbook typically follows the cash accounting method, but for a business, using the accrual…
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