Bookkeeping

  Canadian entrepreneurs launch new businesses by the thousands each year, while just as many close their doors due to financial struggles . A clear separation between business and personal finances stands as a significant foundation to keep financial records organized . Many business owners still find this basic practice challenging. Small business owners face … Read more

The accounting software market will expand from $19.74 billion in 2024 to $30.66 billion by 2029, with a 9.20% CAGR. These numbers tell an interesting story. A chart of accounts for small business goes beyond being just another accounting tool. It is the foundation of your entire financial system. This structured index of all financial … Read more

The choice between cash vs accrual accounting can affect your business’s financial picture and tax obligations by a lot. The cash method records income as it reaches your bank account and expenses after payment. The accrual method records revenue once earned and expenses once incurred. These methods differ in more ways than just bookkeeping. Small … Read more

The difference between bookkeeping vs accounting is significant to manage your business finances well. Bookkeepers record daily transactions and earn a median of $47,440 annually. Accountants analyze financial data to provide strategic insights, and their median salary is $79,880 per year. This difference in pay shows how their roles and qualifications vary. Most bookkeepers don’t … Read more

Bookkeeping for small business can eat up 5 to 10 hours of your precious time each month. This essential business practice will affect your financial health and ability to make decisions. Many entrepreneurs push it aside until they face problems. Small businesses that ignore proper bookkeeping basics often run into compliance troubles and risk penalties. … Read more

Did you know that bank reconciliation errors can lead to under-reporting sales and might trigger a tax inspection? Many small business owners don’t realize this until it’s too late. Bank reconciliation works like your financial health check-up. It helps you find and fix data entry mistakes, detect wrong payments, and spot potential fraud. Getting it … Read more

Cloud bookkeeping continues to evolve faster as the standard for businesses of all sizes heading into 2025. Upwork reports that 32.6 million Americans – 22% of the workforce – will work remotely by 2025. This trend forces companies to adapt their financial systems. The workplace has changed dramatically, and 98% of employees want remote work … Read more

  Becoming skilled at accounting equations can make the difference between financial clarity and confusion in your small business. These fundamental formulas might look intimidating, but they are the foundations of your business finances. The simple accounting equation (Total Assets = Liabilities + Equity) gives you a critical snapshot of your company’s financial position. The … Read more

Your small business’s financial foundation depends on choosing between double entry vs single entry accounting. Single-entry accounting lets you record transactions once, which keeps things simple. Double-entry accounting gives you a detailed view of your finances by recording each transaction twice. The way these systems differ goes beyond basic bookkeeping—it affects how well you can … Read more

Did you know you should save about 30 percent of your income for taxes as a bookkeeping freelancer? This represents just one of many financial realities we face as self-employed professionals. My early days of freelancing taught me that managing finances matters just as much as delivering quality work to clients. Many freelancers struggle during … Read more