Danielle Bauter

Both Sage Intacct and QuickBooks Online are cloud-based accounting software that cater to a variety of industries. They have robust feature sets with hundreds of integrations to streamline your business processes. The choice between Sage Intacct vs QuickBooks Online depends on the complexity of your financial needs, the size of your business, your budget, and…

The inventory turnover ratio is an efficiency ratio that measures the number of times a company sells and replaces stock during a set period, generally one year. While you shouldn’t base decisions solely on it, a high inventory turnover is generally positive and means you have good inventory control, while a low ratio typically indicates…

An accounts payable (A/P) aging report provides a concise overview of all outstanding vendor invoices categorized by the due date, enabling businesses to track their payment obligations efficiently. This report is essential for maintaining financial stability and fostering positive vendor relationships. A primary benefit of utilizing an A/P aging report is proactive cash flow management….

The Profit First method, a cash management strategy for businesses, prioritizes taking profit before paying expenses. It involves using separate bank accounts for income, profit, owner’s pay, taxes, and operating expenses. A predetermined percentage of each sale is allocated to the profit account first, ensuring guaranteed profitability. This system forces businesses to manage expenses within…

The main differences between Melio vs BILL (formerly Bill.com) are the market segments catered to. Both are online payment platforms designed to streamline A/P and A/R processes for businesses, but they offer distinctive features. Ultimately, the choice between BILL vs Melio should be driven by your business’s size, complexity, and specific demands—which will ensure that…

I’ll walk you through how to ask for payment in an email, specifically in four scenarios. To ensure prompt payment, I suggest emailing the initial payment request and invoice within one to two days of completing the job, always maintaining a professional yet friendly tone in your customer communications. When sending a payment reminder, include…

Interest payable is a liability that represents the amount of interest a company owes on its borrowings as of a specific date. It’s the interest that has accrued or accumulated over time but hasn’t been paid yet. This accrual method is a key accounting principle ensuring financial statements accurately reflect a company’s financial obligations at…

A trial balance is an internal accounting tool used to verify the accuracy of the bookkeeping system. It’s not a financial statement; it’s a list of all general ledger accounts with their respective debit or credit balances at a specific point in time. The fundamental principle behind a trial balance is that the total debits…

The main difference between HoneyBook vs QuickBooks is the primary need they cater to. While HoneyBook is an all-in-one client and business management platform designed specifically for service-based businesses, QuickBooks is primarily accounting software, focusing on financial management. Rather than choosing one over the other, consider integrating HoneyBook with QuickBooks to combine the strength of…

A chart of accounts is one list of all of your company’s accounts. Similar to a filing cabinet for your company’s accounting system, it’s used to organize transactions into groups. In a chart of accounts, you’ll typically find an account number, account name, description, account balance, and account category. Account categories include assets, liabilities, equity,…

An accounts receivable aging report shows all unpaid customer invoices grouped by the number of days outstanding. Its primary purpose is to keep track of unpaid customer invoices and how long they remain unpaid. A summarized A/R aging report will have one total for each customer broken up by the age of the invoice, which…

QuickBooks Online is easier to use, is more affordable for most small businesses, and has a larger support network in the form of QuickBooks ProAdvisors than Sage 50 (formerly Sage 50cloud). Meanwhile, Sage 50 is a bit more complicated, but it offers more enhanced inventory management features and multi-company support than QuickBooks Online. Based on…