Danielle Bauter

You need accounting software if you’d like to avoid time-consuming report generation and manual data entry, improve organization, stay compliant, have a scalable accounting solution, and benefit from mobile access, among other things. The decision of whether your company needs accounting software hinges on several factors, including business size, complexity, financial acumen, and time constraints….

It is used to record small expenses paid with cash, such as office supplies, small repairs, courier fees, and small gifts for clients or customers. By implementing a petty cash voucher system, you can effectively track expenses, enhance financial control, and simplify the accounting process. Important Items on a Petty Cash Voucher A petty cash…

The report is essentially a list of the items on hand, grouped by the length of time in inventory. It helps with Identifying slow-moving and nonmoving products: The report highlights products that are either slow to move or not moving out of inventory. It helps you determine why certain products sit in inventory longer than…

Managing A/P requires finding the balance between validating and approving bills, paying them on time, and maintaining enough cash for daily operations. It is one of the most important tasks of a bookkeeper. We list 16 accounts payable best practices—from entering bills immediately and contacting vendors for discrepancies to attaching invoices and receipts to transactions…

Maintaining an effective accounts receivable (A/R) management system is an important duty of the bookkeeper that can help your business grow, even if you expose yourself to the risks of selling goods and services on account. Creating an efficient management process can be made easier by following some well-established accounts receivable best practices—and we’ll take…

To record it, debit the Owner’s Draw account while crediting the Cash or Bank account from which you took the owner’s draw. It’s essential to track all draws throughout the year for accurate financial records and, at the fiscal year’s end, transfer the total in the Owner’s Draw account to the Retained Earnings account. This…

The best QuickBooks property management software integrate seamlessly with QuickBooks’ industry-leading accounting features to include useful tools like tenant screening and automated rent payments. We evaluated QuickBooks property management integration options to determine whether they offer two-way integration and real-time synchronization. We also looked at whether they are listed in the QuickBooks App Store. We…

A general ledger, or GL, is essentially the backbone of a company’s financial record-keeping system. It functions as a centralized repository that tracks all of a company’s transactions over time, organized by specific accounts. These accounts are categorized as assets, liabilities, equity, revenue, and expenses. The GL supports the double-entry accounting system, where each transaction…

A subsidiary ledger, also called a subledger, is a specialized accounting record that groups transactions from the general ledger (GL) by something of interest, like customer, vendor, or inventory. The total of all the subsidiary ledgers must equal the total of the GL account that they support. While the GL provides a high-level overview of…

Cash on hand refers to the money a business has readily available to access and use and the cash equivalents that can easily be converted to cash within 90 days. By effectively managing your cash on hand, you can ensure your business has the financial flexibility to navigate challenges and capitalize on opportunities. Examples of…

Clients often look at certifications to verify a level of experience and expertise when selecting a bookkeeper, so we’ll walk you through how to become a certified bookkeeper. From assessing your current level of education to choosing a certification program, our guide will help you. The two top professional bookkeeper organizations—the American Institute of Professional…

A sales order (SO) is a document that confirms the customer’s order and starts the order fulfillment process. When an order is placed, the business must check if it has enough inventory to fulfill it or adequate workforce and supplies to perform the service. If it can accommodate the order, the person in charge should…