accounting Archives - Page 3 of 4

Setting Up a Company File in QuickBooks 2013

Thursday, September 05 2013 by Keeley Byrnes

The first thing you should do when using QuickBooks is to set up a company file. If you are new to QuickBooks, you should seriously consider setting up a company file that is not your company file, but is similar in nature: a “dummy” company. That way, you can practice creating transactions that you would be

Published in Latest, Quickbooks

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Small Business Accounting- Accounting Basics and Methods

Wednesday, July 24 2013 by Keeley Byrnes

Understanding accounting is a very useful skill to have when it comes to managing a small business. The better a manager understands financial data, the easier it is for them to make a decision. In this post, we will discuss some basic accounting terms as well as accounting methods that are relevant to small businesses.

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Published in Small Business Accounting

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Managerial Accounting- What is a Balance Sheet?

Tuesday, July 02 2013 by Keeley Byrnes

In accounting, it’s important to understand the different types of financial statements in order to be able to use them properly. The first important financial statement is the balance sheet. A balance sheet is an accounting tool that shows a company’s financial position at a certain point in time. In this post, we will discuss some

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Published in Latest, Small Business Accounting

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Managerial Accounting- Overview of Cost Behavior

Wednesday, June 26 2013 by Keeley Byrnes

Cost behavior analysis is the study of how certain costs behave in a business. Understanding cost behavior is crucial for managers so they can control costs effectively. In this post, we will give a brief overview of cost behavior and the different types of costs a manager can analyze. More information can be found on

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Published in Latest, Small Business Accounting

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Small Business Accounting- Debits and Credits

Thursday, June 20 2013 by Keeley Byrnes

In accounting, T-accounts are used to track economic activity within the business. A T-account is an individual record of an increase/decrease in an asset, liability, stockholder’s equity, revenue, or expense. Each T-account consists of three parts: the title of the account, a debit, and a credit. A debit is the left side of the account.

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Published in Latest, Small Business Accounting

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Managerial Accounting- Preparing the Operating Budgets

Wednesday, June 19 2013 by Keeley Byrnes

In previous posts, we’ve discussed how budgeting is essential to managerial control and accounting. Preparing budgets is an important step for managers to plan finances. When it comes to preparing budgets, preparing the operating budgets is usually the first step. In this post, we will explore the different components of the operating budgets.

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Published in Latest, Small Business Accounting

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Managerial Accounting- Budgeting Basics

Tuesday, June 18 2013 by Keeley Byrnes

A large part of a manager’s job is planning. Budgets are the main tool managers use for planning and for having financial control in a business. A budget is defined as a formal written statement of a manager’s plans for a time period in financial terms. In this post, we will give some tips and

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Published in Latest, Small Business Accounting

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Small Business Accounting- Unearned Revenue

Monday, June 17 2013 by Keeley Byrnes

In small business accounting, some concepts can be trickier than simply recording assets, liabilities, and transactions. Some companies receive advances in payments before actual services are performed. In accounting, this is called Unearned Revenue. Unearned revenue must be reported in order for companies to comply with GAAP* principles. When the company receives an advance, it

Published in Latest, Small Business Accounting

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