Accounts payable is a bill to be paid or the money owed to a creditor. But first, let me ask you a question. Who wouldn’t love the idea of cutting costs but also spending wisely? Everyone right? Managing accounts payable and receivables can help you with this idea. A real-world example of account payable is…
We have seen those movies and TV shows where the lead takes the company American Express credit card and goes shopping on her business day, and say “Put it on my card.” As a business owner who must have thought wow one day, I will too have a credit card for my business and recreate…
Running a business is not easy. With the economy on a downward spiral, it has become even more challenging to make ends meet. Every penny spent needs to be turned over twice before it is paid out. The goal of any business is to make money. Keeping tight reins on your business and the…
Certain things just dont mix well like milk in Maggie or your parents and your goal plans, and even tho you can separate your goa plans and your parents .You should separate your business and personal finances separately. On paper this might sound simple and easy, but one day to get some groceries from…
Each business incurs certain expenditure to run. They can be further divided into purchases’ and expenses’. Expenses can be either cash expenses which are paid off immediately, or credit expenses, which are incurred on a particular date but settled later. Purchase usually deals with procurement process of inventory which we require to either manufacture, or…
One of the most popular methods of financing is borrowing. Loans can be short term, long term, secured, or unsecured and should be recorded accordingly. It is important to keep track of the principle and interest amount, and record them respectively in books for correct accounting. Classification is vital as ‘interest’ paid on loan is…
You can’t control what you don’t track! So, if you want to reduce business expenses, you must start tracking them. Here is how you can track and manage business expenses with ProfitBooks. Follow these steps if you have already paid for the expenses and now want to record the transaction details : Follow these…