Tag Archives: accounting reports

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 […]

What is a suspense account?

What is a suspense account

Have you ever noticed that some transactions in your books are being categorized to a suspense account? Suspense accounts can be confusing. You may have questions such as: What is the purpose of this account? When do you use it? Why does it have a balance?  We will discuss each of these questions one at […]

What are journal entries?

What are journal entries

Understanding journal entries can be confusing. Your accountant or bookkeeper has probably let you know that these are essential for your accounting. Why do you need journal entries? What are the components of a journal entry? When would you use a journal entry? We will discuss these questions and provide examples of when journal entries […]

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 […]

What is the general ledger and why should I care?

what is the general ledger

The general ledger tells the story of your business. It’s a collection of all your accounting transactions that can then be used to create reports, answer questions, and make key decisions.  And it’s one of our favorite things here at Beyond. But it’s possible you’re thinking, “what is the general ledger and why should I […]

Using Budgets in Xero

Budgets in Xero

Setting up a budget within your accounting system is the best way to keep you on track in planning revenue and expenses. If your business uses budgets, Xero does a great job of tracking your actual expenses to your annual budget. In this article, we discuss how to create and import budgets into your Xero […]

Reports That Count

If you are wanting more information than you normally get when it comes to your monthly financial reporting, Xero delivers some quite unique numbers that you will love to look forward to. There is “life” beyond the boring balance sheet and sometimes incomprehensible income statement, and here’s how Xero delivers. Executive Summary The Executive Summary […]