Welcome to the Fit Small Business QuickBooks Online training course. In this lesson, we cover how to enter business credit card transactions in QuickBooks Online manually. You can follow along on your own QuickBooks Online account. If you don’t have one already, sign up for a free 30-day trial and follow along below. To complete…
All Accounting Articles - Page 2
Accounts Payable Turnover Ratio: Definition, Formula & Free Template
The accounts payable (A/P) turnover ratio measures how fast a business pays its suppliers. The ratio is calculated by dividing total supplier purchases by the average accounts payable balance for the period. It can be used to identify payment issues, and it gives creditors a sense of your payment history with vendors. If you use…
How to Process Bank Reconciliations in QuickBooks
Welcome to the Fit Small Business QuickBooks Online training course. In this lesson, we cover how to reconcile bank accounts in QuickBooks Online. You can follow along on your own QuickBooks Online account. If you don’t have one already, click here to sign up for a free 30-day trial and follow along below. To complete…
Journal Entries: What They Are & How to Do Them
A journal entry is a record of a financial event that has occurred in your business. By recording journal entries, you ensure that your financial statements are accurate and complete. We cover basic accounting, two types of journal entries, and three simple steps to prepare journal entries manually or using an accounting software. Accounting software…
What Is Depreciation & How Does Depreciation Work?
Depreciation is an income tax deduction that allows you to recover the cost of assets like cars, furniture, and equipment that you purchase and use in your business. It can also be reported for accounting purposes so that your financial statements accurately reflect your investment in fixed assets and allocate those costs over time. If…
Controller vs CFO: Differences & Which Is Right for Your Business
A controller oversees the accounting department to ensure financial statements are accurate. The CFO takes these financial statements and formulates a strategy to meet business goals. A controller has a solid understanding of accounting principles, whereas a CFO can also analyze current performance to predict future outcomes of the business. Businesses typically hire a controller…
GoDaddy Bookkeeping vs FreshBooks: Prices & Features in 2019
We compared GoDaddy Bookkeeping vs FreshBooks on cost, features, customer support, and user reviews. GoDaddy Bookkeeping is ideal for ecommerce businesses, and FreshBooks is ideal for freelancers. GoDaddy Bookkeeping fits any budget with a starting price of $4.99 vs $14.99 for FreshBooks. However, FreshBooks offers more features for the additional cost. When to Use FreshBooks…
Units of Production Depreciation: How to Calculate & Formula
Units of production depreciation is a depreciation method that allows businesses to determine the value of an asset based upon usage. Common in manufacturing, it’s calculated by dividing the equipment’s net cost by its expected lifetime production. Multiplying this rate by the asset’s output for the year gives you the depreciation expense. You cannot use…
Bookkeeper vs Accountant: Differences & Which Is Right for You
Eventually, most small businesses will need to hire a bookkeeper and accountant. If you are struggling to keep up with daily transactions like invoicing customers and paying bills, you need to hire a bookkeeper. If you’ve got daily tasks under control but need someone who can interpret financial statements, it’s time to hire an accountant….
How to Enter a Credit Card Refund in QuickBooks Online
Welcome to the Fit Small Business QuickBooks Online training course. In this lesson, we will cover how to enter a credit card refund in QuickBooks Online. You can follow along on your own QuickBooks Online account. If you don’t have one already, you can sign up for a free 30-day trial and follow along below….
How to Manage Downloaded Credit Card Transactions in QuickBooks Online
Welcome to the Fit Small Business QuickBooks Online training course. In this lesson, we’re going to cover how to manage downloaded credit card transactions in QuickBooks Online. You can follow along on your own QuickBooks Online account. If you don’t have one already, sign up for a free 30-day trial and follow along below. To…
What Bookkeeping & Accounting Services Should Your Firm Offer?
Deciding which accounting and bookkeeping services to offer depends on your knowledge, experience, and ability to take on additional work. Accounting services are typically offered by CPAs, while payroll, tax preparation, and bookkeeping services may not require this level of certification. It’s also important to make sure you have sufficient resources to handle the workload….
