Bookkeeping

Single-entry bookkeeping involves recording only one side of a transaction. For example, if you’re keeping the books for a business owner who just spent $1,500 on a new laptop, you’d record an expense account increase of $1,500. Small business bookkeeping is crucial because it allows the business to organize, analyze, …

Look at your cash balance to see whether it’s trending up or down, then check your top expense categories to understand whether they’re increasing over time. Once these steps are completed, you’re ready to generate financial statements with your finalized account balances. The second application of the adjusted trial balance …