August 18, 2017
Charles Lutwidge
The Difference between Daybooks, Journals, Ledgers, and Other Record-Keeping Documents
Should you record the sale you just made in accounts receivable, your daybook, or a general ledger? All? None? You can document financial transactions in a number of different records. Read on to clear up the confusion on which is...
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June 12, 2017
Charles Lutwidge
How to meet your bookkeeping needs: employee, contractor, or firm?
Every business (and every nonprofit) needs bookkeeping services. There are a lot of options: you could hire a bookkeeper as an employee, contract the work out to an independent bookkeeper, work with a bookkeeping firm, or some combination of these...
May 02, 2017
Charles Lutwidge
Choosing an accounting method for your business
One of an accountant’s basic goals is to keep accurate and useful records of financial transactions. Individuals, small firms, large corporations, and even whole countries faced with this task have two major methods from which to choose: the cash basis...
March 14, 2017
Charles Lutwidge
New I-9 form for 2017
The I-What? Since 1986, the federal government has required employers to certify the identity and legal employment status of their workers. This is done by use of the Employment Eligibility Verification Form — or as you may know it, the...
June 02, 2016
Charles Lutwidge
Bills vs. invoices: what is the difference?
The words “bill” and “invoice” are often used interchangeably, but their meanings differ subtly. All invoices are bills, but not all bills are invoices. What is a bill? A bill is a document that indicates how much a buyer owes to a seller....
March 28, 2016
Charles Lutwidge
What does “accounts receivable” mean?
Accounts receivable definition: “Accounts receivable” refers to money owed to you by your customers for goods or services that you have already provided to them. Your customers might be individuals, corporations, governments, or any other entity. If you’ve made a sale but haven’t gotten paid for...
March 16, 2016
Charles Lutwidge
A short primer on accounts payable
Accounts payable definition: Accounts payable are your company’s short-term debts. Short-term debts are those that must be paid off within 1 year. The definition above is the one I’ll use in this article. However, “accounts payable” (abbreviated “AP”) is also frequently used to refer to the department...
February 17, 2016
Charles Lutwidge
What is cash flow
Keeping track of cash flow is critical for every business owner in every industry. What is it? The basic concept is easy to understand. A cash flow is a movement of cash into or out of your business. Net cash...
