#accounting
Master accounting fundamentals and best practices for plain-text bookkeeping
Learn how modified cash basis accounting combines the simplicity of cash accounting with accrual adjustments for long-term items. Discover who should use it, IRS rules, practical examples, and how to set it up for your small business.
Learn the essentials of nonprofit accounting including fund accounting, the three key financial statements, tax-exempt filing requirements, common mistakes to avoid, and best practices to keep your organization compliant and transparent.
Learn when to outsource accounting, how much it costs, and how to choose the right provider. Includes cost comparisons, common mistakes, and a step-by-step guide to making the transition.
Learn what overhead costs are, the three types (fixed, variable, semi-variable), how to calculate your overhead rate with formulas and examples, and eight strategies to reduce overhead and boost profitability.
A US owner's draw lets sole props and partners pull profits for personal use — it is not a wage and is not tax-free.
Learn what petty cash is, how the imprest system works, step-by-step setup instructions, journal entries for establishing and replenishing the fund, reconciliation best practices, and internal controls to prevent fraud.
Learn what pro forma financial statements are, the three main types (income statement, balance sheet, cash flow), how to create them step by step, common mistakes to avoid, and when your business needs them for planning, fundraising, or strategic decisions.
Learn how to set up property management accounting for rental properties, track income and expenses, maximize tax deductions including depreciation and 1031 exchanges, and file your taxes correctly on Schedule E.
Learn how to set up property management accounting for rental properties, maximize landlord tax deductions including depreciation and repairs, handle security deposits correctly, avoid common bookkeeping mistakes, and file taxes using Schedule E.
Learn what a purchase order is, how the PO process works step by step, the four types of purchase orders (standard, planned, blanket, and contract), the difference between POs and invoices, and best practices for managing purchase orders in your business.
Learn what retained earnings are, how to calculate them using the simple formula, real-world examples, what negative retained earnings mean, common mistakes to avoid, and how to use retained earnings strategically for business growth.
Learn what revenue recognition is, how the ASC 606 five-step model works, common mistakes to avoid, and best practices for recording revenue accurately in your small business.
