Accounting Basics

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Filing Federal Taxes as a Corporation

Federal taxes for corporations differ, depending on whether you have an S corporation or a C corporation; each has unique federal tax requirements and practices. In fact, not even all corporations file [more…]

Paying Employer Taxes on Social Security and Medicare

In the United States, both employers and employees must contribute to the Social Security and Medicare systems. Employers share the Social Security and Medicare tax obligation equally with their employees [more…]

Essential Information to Gather in Your Customer Credit Application

When you compose a credit application for your customers, you want to make sure that application includes certain basic information about your customer. Be sure to get the following information from your [more…]

Great Financial Web Sites for Raising Capital

If you’re trying to raise capital for your business venture, you can turn to a considerable number of comprehensive Web sites for financial information. Strengthen your quest for capital by visiting these [more…]

Business to Take Care of before You Open Your Bed & Breakfast

Your bed & breakfast is a business, so you need to get your ducks in a row and necessary forms filled out and filed before you open your doors to guests. Use the following list [more…]

Explaining Accounting Equations

Accounting equations can be tricky to remember, so this handy reference gives you everything you need to do your sums easily and, more importantly, correctly. [more…]

Main Tasks of Business Accounting

As someone concerned with business accounting, you have a lot to know and to remember. To help you, this list explains the main tasks and processes. [more…]

Understanding Accounting Values on the Balance Sheet

Your balance sheet is one of three primary financial statements in the running of a business. It gives an overview of the business’s total assets and liabilities at a particular date, and is an important [more…]

The Basic Steps of the Business Accounting Cycle

This flowchart gives an overview of the business accounting cycle, mapping the entire bookkeeping process with aspects of the accounting system side-by-side. The bookkeeping stages are on the left-hand [more…]

What to Watch Out for in a Business Lease

If your business has a physical presence, you’ll most likely negotiate a business contract known as a lease for rental of space to house your business. Be aware that the landlord may use a form lease that [more…]

What Is Market Equilibrium?

Buyers and sellers interact in markets. The market equilibrium price, p*, and equilibrium quantity, q*, are determined by where the demand curve of the buyers, [more…]

Understanding Cash Flow Formulas

When studying a company report, use the following formulas to make sure a company has plenty of cash to keep operating so you can make a profitable investment decision. [more…]

Flow of Credits and Debits in Double-Entry Bookkeeping

In double-entry bookkeeping, you enter all transactions in the books twice: once as a debit and once as a credit. This chart shows you how debits and credits affect your various business accounts: [more…]

Tips for Controlling Your Business Cash

If keeping the books is your responsibility, the good news is that you can implement the following function separations to control your business cash much more easily: [more…]

Responsibilities of an Accounting Department

Most people don’t realize the importance of the accounting department in keeping a business operating without hitches and delays. That’s probably because accountants oversee many of the back-office functions [more…]

Balance Sheet Basics and the Accounting Equation

One type of accounting report is a balance sheet, which is based on the accounting equation: Assets = Liabilities +Owners’ Equity. The balance sheet — also called a [more…]

Considering Careers in Accounting

Careers in accounting are diverse and can be lucrative. In our highly developed economy, many people work in accounting-related fields. In fact, nearly 2 million people make their living as bookkeepers [more…]

Bookkeeping and Its Basic Purpose

Bookkeeping, when done properly, gives you an excellent gauge of how well your business is doing. Bookkeeping also provides financial information throughout the year so you can test the success of your [more…]

Basic Bookkeeping Terms and Phrases

Get a firm understanding of key bookkeeping and accounting terms and phrases before you begin work as a bookkeeper. Bookkeepers use specific terms and phrases everyday as they track and record financial [more…]

Organizing Bookkeeping Records for Your Business

Staying organized is critical to efficient and accurate bookkeeping. Organize your bookkeeping records by deciding what to keep, and how to find information quickly when you need it. Everything you do [more…]

Using Bookkeeping Tools to Manage Daily Finances

After you set up your business’s books and put in place your internal controls, you’re ready to use the bookkeeping systems you established to manage the day-to-day operations of your business. You’ll [more…]

The Difference between Bookkeeping and Accounting

Every business and not-for-profit entity needs a reliable bookkeeping system based on established accounting principles. Keep in mind that accounting is a much broader term than [more…]

The Multiple Meanings of “Free Cash Flow”

You'll encounter the term free cash flow in finance circles — but the term hasn't been officially defined. Furthermore, free cash flow doesn't appear in cash flow statements reported by businesses. Rather [more…]

Choosing an Accounting Method for Your Business

Different businesses make different accounting decisions. Some businesses choose conservative accounting methods while others choose liberal accounting methods. Accounting is more than just reading the [more…]

The Basics of Double-Entry Bookkeeping

All businesses, whether they use the cash-basis accounting method or the accrual accounting method, use double-entry bookkeeping to keep their books. A practice that helps minimize errors and increase [more…]


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