The difference between accounting and bookkeeping can be hard to discern. Although bookkeepers and accountants share common goals, they support your business at different stages. Putting it simply, bookkeeping is more transactional and administrative, concerned with recording financial transactions, while accounting is more subjective, providing insights into your business’s financial health. The purpose of this …
Occupational fraud poses a real threat to businesses, and more than half of small and medium-sized businesses that are vulnerable to occupational fraud don’t believe they are at risk, despite the fact that one in four businesses have experienced an occupational fraud incident. That’s a real threat and you have to prepare for it. In …
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Before the accounting cycle begins over in a new period, preparing a financial statement is the last step. As soon as the accounts have been adjusted and closed, the financial statements are prepared. Preparing the financial statements follows a logical order as they build upon one another. In this process, the trial balance is the …
Your business can benefit greatly from knowing accounting speak, regardless of whether you handle your own accounting, hire an in-house accountant or hire a third-party accounting firm. In addition to helping you better understand your numbers, you will also be able to make wiser business decisions as well. The following are some basic accounting terms …