Danielle Bauter

We’ll guide you on how to find a small business accountant. You’ll want to determine what tasks you want them to perform and decide whether you want to work with them virtually or locally. You’ll also have to search for an accountant with expertise in your industry and evaluate their credentials. Step 1: Decide What…

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…

We’ll walk you through how to choose an online bookkeeper. You have to understand which accounting tasks you want to outsource now and which services you might need when your business scales. Most importantly, you have to shop around and evaluate your options based on different factors, such as the bookkeeper’s fees, the accounting software…

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…

An RR is essentially a confirmation and record of what was received against what was ordered and acts as a verification document before the accounts payable (A/P) department processes payment to the supplier. It ensures the goods were received as ordered before releasing funds. Receiving Report Example In our RR example above, Roy’s Burger House…

Quicken is a personal finance management application for creating budgets, tracking expenses, and managing investments. Its personal finance tracking solution, Simplifi, is great for managing your finances, investments, and debt; however, it lacks rental property management features. Quicken’s monthly fee ranges from $5.99 to $10.99 (billed annually), whereas Simplifi is priced at $3.99 per month…

The difference between cash and petty cash is that cash refers to all of a company’s monetary assets, including physical currency, bank accounts, and short-term investments, whereas petty cash is a limited amount of cash set aside specifically for small, routine office expenses. How Cash vs Petty Cash Works Cash and petty cash are interrelated…

The main difference between accounts payable vs accounts receivable is whether the money is flowing in or out of your business. Whereas in A/R, we track the money owed to us by our customers, in A/P, we track the money we owe to our suppliers. In other words, the seller records the invoice as A/R,…

The main difference between a perpetual vs periodic inventory system is the timing of when inventory is tracked. A periodic inventory system calculates the COGS following a physical inventory count at period-end, whereas a perpetual inventory system calculates the COGS after each sale. Most businesses would love to have updated inventory and COGS balances provided…

FreshBooks is designed predominantly for service-based businesses, whereas QuickBooks Online works well for both service-based businesses and businesses with inventory. FreshBooks is very affordable for companies with only a couple of users but becomes more expensive than QuickBooks for companies with five users. While FreshBooks has a few advantages over QuickBooks Online for project management,…