SB Network

The concept of depreciation is really pretty simple. For example, let’s say you purchase a truck for your business. The truck loses value the minute you drive it out of the dealership. The truck is considered an operational asset in running your business. Each year that you own the truck, it loses some value, until [...]

There are a few (and only a few) things you need to understand in order to make setting up your accounting system easier. They’re basic (trust me), and they will probably clear up any confusion you may have had in the past when talking with your CPA or other technical accounting types. Debits and Credits [...]

By Steve Tobak It’s relatively easy to be a successful child. All you’ve got to do is learn how to be cute, get attention, and cry when you’re hurt or hungry. Learning how to be a teenager is much harder; I’m not sure anybody’s good at it. I certainly wasn’t. As for becoming an adult, [...]

ACCOUNTING: A NECESSARY EVIL? Many of the small-business managers I know view accounting this way. It’s overhead and really doesn’t contribute to the bottom line. Or does it? The people who run the accounting system speak in an unintelligible blur of debits and credits. They have little grasp of the operation that generates the money [...]

The general ledger is the core of your company’s financial records. These constitute the central “books” of your system, and every transaction flows through the general ledger. These records remain as a permanent track of the history of all financial transactions since day one of the life of your company. Subledgers and the General Ledger [...]