What the Heck is an Undeposited funds Account
"Undeposited Funds" is an account that helps you keep track of the money you have received but haven't yet deposited into your bank account. It serves as a temporary holding…
When to Use Match Vs Add in QuickBooks Online
This process has got to be the most common mistake I see clients make using QuickBooks Online (QBO). The "Match" option can be significantly helpful. It's quick and easy to…
What Are Some Tax Deductions That You Can Take Advantage of?
I get asked all the time. Can I take that as a business expense? Don’t leave money on the table. Take advantage of all the deductions the government allows. Ask…
What is the Difference Between Single Entry and Double Entry Accounting?
What is the difference between Single Entry and Double Entry Accounting? I’m sure you have heard these terms somewhere in your business career and have no idea what the…
Debit and Credit Cheat Sheet
I know many of you get a little confused with the whole Debit and Credit terminology in accounting. It doesn't mean the same thing as it does to a bank.…
Is your worker a 1099 Contractor or W2 Employee?
In general, if someone works for you short term + on a project basis without benefits, they are considered a 1099 independent contractor. But what happens when you have a…
How to do a Self-Audit
Why and what to look for when doing a self-audit on your books. If you are doing your bookkeeping, you need to double-check all the numbers are valid for taxes.…