Category Archives: Reporting

What is Depreciation?

depreciation old shed

You often hear about depreciation in reference to your taxes. What exactly is it though? Is it important? How does it affect your business? In this article, we will discuss what depreciation is and why should you care about it. Our goal is to make this mysterious accounting term easier to understand. What is depreciation? […]

When should I create a budget?

You want to operate your business with less uncertainty and stress. A budget is a simple yet effective way to plan for your company’s future. When should you create a budget? This article discusses three common scenarios where budgets can be the most useful.  When planning for the next year You may be asking yourself, […]

When should I use classes in QBO?

Classes QBO greenhouse

Most business owners do not like reading financial reports. That is why they hire us! You know your financial statements will help you make better decisions, but they are so difficult to understand. Is there a way to see the parts of the business that matter the most to you? One way to solve this […]

How can I communicate better with my bookkeeper?

communicating bookkeeper telephone can

Do you ever feel like your bookkeeper is speaking another language? Or maybe it feels like they have an endless amount of questions. What do they even do while working on your books? If this situation sounds familiar, this article will assist you to find better ways to communicate with your bookkeeper and understand just […]

Which accounting terms do I need to know?

accounting terms

If you own a business, understanding accounting terms is not likely at the top of your list. It’s understandable; you may be juggling several responsibilities at once or simply do not have the time. Besides, if you pay an accountant or bookkeeper to manage your books, why do you need to know this stuff?  A […]

Do I need to save payroll records?

small chest save payroll records

You may never have given too much thought to the saving of your payroll records. There will be many times that you need them. Here we will share with you our recommendations regarding the saving of your payroll records. We’ll consider the answers to these questions:. Why should you save your payroll records?  When should […]

Does closing my books mean that I cannot make any changes?

gate 1 closing my books

You have finalized your bookkeeping and have closed or locked your books for last year. But what needs to be done if you discover that something needs to be changed in your closed books?  Does closing the books mean that you cannot change any of the information from the past? Closing your books protects you […]

Do I need to save bank statements?

house do I need to save bank statements

You receive bank statements every month either electronically or in the mail. Saving all your statements seems unnecessary. Do you really need to save them? Keeping your bank statements is always a good idea. What are the benefits of holding onto your bank statements? Is there any way to make statement storage simpler?  We will […]

How can I create custom reports in QBO?

If you are using Quickbooks Online (QBO), you know their solution offers a wide selection of standard reports. While having the ability to create reports on-demand is great, what if you need a custom report? How can you create custom reports in QBO?  Financial reports tell the story of your business. You may want customized […]

Are your accounting reports accurate?

mismatch 1 accounting reports accurate

You know you need accurate information to make good business decisions. You have been using an accounting system and are able to generate reports. Your reports should provide you with the information you need but you are unsure if your numbers are accurate. Two of the most common accounting reports are the balance sheet and the profit […]