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Accounting basics for the entrepreneur – brought to you by FreshBooks accounting software solutions

April 26th, 2017 7:37 am

At FreshBooks, part our aim is to help small business owners and entrepreneurs to manage their finances easily and accurately with the aid of our expertly-designed accounting software. But more than that, we want to help you understand exactly how your finances operate, in order for you to control them as effectively as possible.

Sure, our accounting programs will do all the hard work for you, but we also know that you want to take charge of all aspects of your business, regardless of how effective your accounting software may be.

Below, we’ve provided some tips for business owners and entrepreneurs who are eager to manage their own finances. By following the advice below while utilising FreshBooks’ accounting software, you’ll acquire a clearer understanding of your company’s finances without wasting valuable time.

Explore the tips below, and browse FreshBooks’ range of easy-to-use accounting software programmes to gain control of your business finances today.
Accounting tips for entrepreneurs

The good news for small business owners is that there is no set, legal way to do your books – they must simply reflect the business’s earnings and expenditure as accurately as possible. Most importantly, the way you run your finances must make sense to you. That said, the tips below will help you to manage your cash flow in a logical, effective manner – whatever type of business you’re running.

Create a ledger account

Begin your bookkeeping by creating a general ledger account – one of your company’s most basic, but important, financial statements.

A general ledger is one of the easiest accounts to create, and the one that most succinctly summarises the business’s income and expenses. Drawing up your ledger is fairly simple to do, particularly if you use accounting software. The ledger provides a record of your payments and receipts, and should be updated on a daily, weekly or monthly basis.

Keep your finances separate

A big mistake that many new business owners and entrepreneurs make is mixing their personal and business cash. Even if you’re the sole owner of a company, it’s crucial to keep your finances separate by maintaining different accounts for personal and business money. This is also vital for tax purposes, and will help you to keep track of your expenses and budget easily and accurately.

Speak to an accountant

Even if you intend to complete your accounts yourself, it’s worthwhile to speak to a qualified accountant, and to ask them to assist you in setting up your bookkeeping system. A professional will help you to understand accounting practices, making it easier for you to use software such as FreshBooks’ accounting packages. Moreover, he or she will show you how to do your tax reporting correctly, and will assist you when you need to prepare your income tax statements.

Maintain regular, meticulous records

Never allow yourself to fall behind on your bookkeeping. It is absolutely essential to ensure that your finances are always up to date, so if necessary, set aside a specific time each day or week to attend to your books. Keeping accurate, up-to-date records will help you to recognise trends, potential weaknesses and growth opportunities. It will also ensure that you’re never without written proof in the event of monetary disputes.

Purchase reliable, easy-to-use accounting software

Making use of an advanced accounting program such as FreshBooks’ accounting software takes the guesswork out of managing your finances – and also removes the incidence of human error.

Using this type of software saves time, increases accuracy and provides a paperless, highly effective means of maintaining your financial records. Each of FreshBooks’ accounting packages includes a demo to help you through the installation and use of the programme. Moreover, we offer telephonic and email support to all users of FreshBooks’ software, valid for 12 months from the day you register your software with us.

View FreshBooks’ 2008 range of accounting software now, or speak to our consultants today to discover which package would be ideal for your business’s bookkeeping requirements.

Small Business Accounting Software

The overall responsibilities of professional financial accountants

January 9th, 2017 3:54 am


A financial accountant performs more diverse functions than any public bookkeeper. Most financial accountants work specifically for organizations, performing internal monetary related obligations. CPAs who are deemed “public”, work for themselves or for bookkeeping firms and perform contracted ventures for different associations, while a financial accountant is a W-2 representative, working standard hours for one company. They mostly prepare the important financial statements, perform administration obligations and effectively add to their employer’s budgetary operations and vital arrangements.

Survey Money related Records and Exchanges

Financial accountants in small organizations might physically make exchanges to the books and records. But, most of the time, different workers record the transactions, while the financial accountant audits these entries for precision and appropriate record posting. If you are looking for an expert financial and accounting individual, 514 Accounting Inc is just the right place for you. Our company offers experienced professionals who not only offer a look at the exchanges but also, the accountant will survey the books and records to guarantee they precisely mirror the operating consequences of your association. Our expert accountants also sort out organization books and records in arrangement for the yearly outside audit of the association.

After looking into and completely analyzing the organization’s books and records, the accounting and finance expert offers the full feedback and recommendations to senior administration, especially identifying with resource quality, risk position, income adequacy and income/cost issues. Our financial accountants likewise give suggestion on the status and utilization of organization assets, reports on the financial backing, and possible results of projections in the strategy for success and the most recent financial news that could influence association operations. Our professionals are highly experienced and we bet this expertise shall be valuable for the senior administration on HR, strategic arranging, better control of expenses, and/or organization ventures.

Expense Issues

The accountants of 514 Accounting Inc are specialists on local, state and government taxes as they apply to organizations, irrespective of large or small. Their tax suggestions to administration incorporates recommendations for the next step that decrease the expense risk, tax conceded or tax-free speculations, non-taxable resource swaps, and cash flow plan to stay fluid at tax documenting/paying dates, which are generally quarterly. If you are facing any problem, our accounting and financial experts also either set up all tax documents and reports, or survey the work of others to guarantee that all tax filings are completely accurate.