Category Archives: Business Accounting

Business Accounting Basics.
Business accounting fundamentals enable you to comprehend your financial statements and make informed decisions. They also prevent commingling of personal and business funds.

The core foundation of any business accounting system lies in debits and credits. Debits increase or decrease an account’s balance depending on the type of transaction, while credits decrease it. All aspects of a business accounting system – assets, liabilities, income streams and expenses – are affected by this basic principle.

Debits and credits form the backbone of your accounting system, impacting every entry in your general ledger. When setting up your business’s accounting software or system, the chart of accounts should be your initial focus; it outlines all accounts that need to be recorded in its books.

A business accounting system is double-entry, which means for every debit entered into your system, there must also be a corresponding credit entry. This ensures that your books remain balanced.

Accounting is a fundamental element of any small business. It helps you stay organized financially, meet legal obligations, and make informed decisions about the direction of your enterprise. Accounting plays an integral role in every aspect of running a successful venture.

Understanding three essential financial reports – the income statement, balance sheet and cash flow statement – requires understanding three essential documents. Learning to read and prepare these documents with calculations can save time, money and stress in the long run. If unsure how to proceed with this task, there are numerous services that offer professional assistance.

BEST Virtual Address for Business in 2023

In today’s fast-paced world, businesses are searching for innovative solutions that enhance their operational efficiency while reducing costs. Virtual addresses have emerged as a popular alternative to traditional office spaces, enabling companies to establish a professional presence without incurring significant…

I Got $250,000 in Startup Funding – here’s my 4 biggest tips

If you’re an entrepreneur seeking to launch a startup, solid funding is essential. And while securing startup funding may seem like a daunting feat, it’s not impossible. In fact, with the right approach, it’s very attainable. In this blog post,…

LLC vs S Corp: Tax Benefits, Differences, & Strategies 2023

LLC vs S-Corp, which one is best for your business? There are many small business owners who are seriously overpaying in taxes simply because they make the wrong entity selection to start off with or because they never try to…

THE EIGHT DOCUMENTS you need for your LLC [FREE Templates]

Free Templates Below: Here are the eight essential documents you’ll need for your LLC. Whether you’re just starting your LLC or looking to formalize your existing LLC, I’ll guide you through each document and explain its purpose. With this information,…

How to File Taxes as an S-Corp Owner [Step-by-Step] | S-Corp Tax Benefits

Here’s how to file your taxes as an S Corporation in 2023, step-by-step. I run into too many people who changed their tax status to s corp, but really have no idea how what they are doing. So in this…

New IRS Inflation Adjusted Tax Bracket for 2023

The IRS adjusts tax brackets every year, but they’ve made some even bigger thresholds for 2023 which should give some relief to millions of American taxpayers. Book a Tax Discovery Call: Subscribe: Timestamps Intro (0:00) #1 – New Tax Brackets…