START YOUR BUSINESS Can I do my own bookkeeping? The process of bookkeeping involves four basic steps: 1) analyzing financial transactions and assigning them to specific accounts; 2) writing original journal entries that credit and debit the appropriate accounts; 3) posting entries to ledger accounts; and 4) adjusting entries at the end of each accounting Read more about How to Start a Bookkeeping Business in 8 Steps[…]

If a business records its transactions under the cash basis of accounting, then it does not use accruals. Instead, it records transactions only when it either pays out or receives cash. The cash basis yields financial statements that are noticeably different from those created under the accrual basis, since timing delays in the flow of Read more about Tax Advantages for a Small Retail Business With Cash Vs. Accrual Accounting[…]