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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…]
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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…]
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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…]
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How Accounting Focuses on Transactions
Business accounting focuses on transactions. A good bookkeeping system unfailingly captures and records every transaction that takes place. Understanding accounting, to a large extent, means understanding [more…]
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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…]
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The Eight Steps of the Accounting Cycle
As a bookkeeper, you complete your work by completing the tasks of the accounting cycle. It’s called a cycle because the accounting workflow is circular: entering transactions, manipulating the transactions [more…]
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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…]
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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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Key Basic Accounts for Balance Sheets and Income Statements
A bookkeeper tracks all the financial transactions of a business and is responsible for identifying the account in which each transaction should be recorded. Accounting provides the structure you must [more…]
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Understanding a Bookkeeper’s Chart of Accounts
The Chart of Accounts is the roadmap that a business creates to organize its financial transactions. Essentially, this chart lists all the accounts a business has, organized in a specific order; each account [more…]
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