A post-closing trial balance is the final trial balance prepared before the new accounting period begins. Used to make sure that beginning balances are correct, the post-closing trial balance is also used to ensure that debits and credits remain in balance after closing entries have been completed.
Soft skills are vital for leaders, regardless of your industry. Good business leaders today need a whole slew of skills and traits to stand out and get results, not the least of which is empathy. This characteristic can easily put you and your company on the fast track to success. But why exactly is empathy so powerful, and how can you develop it in yourself and your team?
Whether you sell baseball cards, baseballs, or tickets to a baseball game, your business still needs a bookkeeper or an accountant, or ideally, both.
Though bookkeeping and accounting are two terms frequently used interchangeably, they are different. A bookkeeper’s responsibilities are mainly transactional, gathering and entering financial transactions. By contrast,...
As an accountant, one of the skills I appreciate the most in small business owners is records management. Business owners are told to keep track of tons of records — schedules and forms, even the ones you accidentally spilled maple syrup on — and I’m here to tell you about one more: depreciation schedules.
In the old days, if someone needed their cash, they would head down to the bank, fill out a form, stand in a long line, hand the form over, wait while someone counted the money, then counted it again, before they tucked the crisp bills into a neat white envelope and handed it over.
Building a business takes money. If you’re starting a brick-and-mortar traditional business, it could take tens of thousands of dollars to get things rolling. If you’re dealing with intensive infrastructure needs, you may need even more — in the realm of hundreds of thousands or millions of dollars. At the other end...
Your postage machine just stopped working, and you need to send one of your employees to the post office fast to get some stamps. The only problem is she has no cash and her credit card is maxed out.
That’s where petty cash comes in. Petty cash is the money...