Basic Accounting and Bookkeeping Principles Defined
- Written by Intuit
- Hits: 2016
Every small business owner should have at least some understanding of daily record-keeping practices and principles. Even if you hire an accountant to manage your books, you need to have a basic knowledge of how things work to ensure they’re being processed correctly.
Here are some of the basic accounting and bookkeeping principles defined in simple terms.
Accounting Methods: Cash vs. Accrual
With the cash basis of accounting, income is recorded when it’s received, and expenses are recorded as they’re paid. The cash method does not take into account any accounts receivable or accounts payable. It strictly applies to payments from clients or sales once you receive the cash in-hand and when an expense clears your bank account.
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How to Deal With the 4 Types of Bad Clients
- Written by Intuit
- Hits: 2077
Freelancers and small business owners might not have to deal with demanding bosses on a daily basis, but that doesn’t mean their work lives are always pleasant. In fact, many self-employed persons struggle with difficult or downright bad client relationships.
As tempting as it might be to sever relations with every client who tries your patience, this strategy won’t help you grow your business. Instead, small business owners need to learn how to identify tough clients, and resolve any problems that may arise in the most efficient manner possible. Here are some of the most common types of bad clients, along with tips for managing them.
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Four ways you might be keeping your business from growing
- Written by Financial Post
- Hits: 2040
Whether you own a small business or run a multinational corporation, entrepreneurs are in endless pursuit of more: more clients, more staff, more sales, more space, and more revenue. So when your company finally reaches the point where it can sustain itself, it can be all too tempting to step back and let your staff take over. After years of hard work, you’re entitled to put your drive on cruise control, right?
This can be a fatal mistake. When you stop forward thinking, the company often follows suit. As a result, sales begin to drop and steady growth becomes stagnant. While there may be a number of factors at play preventing your business from success, what you’re doing (or not doing) could be the game changer to turn things around.
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Improved QuickBooks reports
- Written by Intuit
- Hits: 1991
Access the improved QuickBooks reports
- Click Reports in the left navbar, followed by the name of a report (like Profit & Loss).
- If your screen doesn’t look like the screenshot below, click Gear > QuickBooks Labs and turn on Redesigned Reports.
Explore the improvements
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Small Business Basics of Social Media for Beginners
- Written by Small Business BC
- Hits: 2272
Small Business BC recently published a blog written by the GoDaddy Canada Vice President, Jill Schoolenberg. In her post, “Don’t-Miss Tips to Getting Your Small Business Online,” Jill outlines the necessity for small businesses to have an online presence. As she says, “failing to have your business online risks losing a lot – your customers, your competitive advantage and your success.”
She’s absolutely right because not having a digital presence for your small business is akin to hanging a sign on your door and hoping that people will notice it and walk in. But while having a website, even a basic one, is a necessity for a small business today, social media is, too.
But what if you’re not social media savvy?
How do you turn social media posts into business revenue?
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