Bookkeeping
How to keep the books of a small business, read the reports they produce, and catch up when they have fallen behind.
30 guides in this topic
- Bookkeeping basics for small business owners4 minute readSmall business bookkeeping basics: cash or accrual, a simple chart of accounts, monthly reconciling, the key reports, and how long to keep records.
- Catch-up bookkeeping: fixing months or years of missing books3 minute readHow to bring months or years of missing books up to date: the order to work in, the documents to gather, and rebuilding from bank statements.
- Year-end bookkeeping checklist before you file3 minute readA year-end bookkeeping checklist: reconciling every account, inventory, assets, payroll, contractors, sales tax and owner transactions before filing.
- Cash vs accrual accounting2 minute readCash vs accrual accounting compared: when income and expenses count, who can use the cash method for tax in 2026, which suits you, and changing later.
- How to set up a chart of accounts2 minute readHow to set up a chart of accounts for a small business: the five account types, a starter list matched to your tax return, and mistakes to avoid.
- How to do a bank reconciliation2 minute readHow to do a bank reconciliation step by step: matching transactions, timing differences, finding errors, a worked example, and why it should be done monthly.
- How to read a profit and loss statement2 minute readHow to read a profit and loss statement: revenue, cost of goods sold, gross margin, operating expenses and net profit, with an example and the questions to ask.
- Bookkeeping vs accounting vs tax preparation: who does what2 minute readThe difference between a bookkeeper, an accountant and a tax preparer: what each does, the credentials, IRS representation, and which you need.
- How much does bookkeeping cost2 minute readWhat drives bookkeeping costs: transaction volume, accounts, inventory, payroll and catch-up work, the common pricing models, and comparing quotes.
- How to categorize business expenses2 minute readHow to categorize business expenses to match your tax return: common categories, mixed-use costs, equipment vs expenses, and items that are not expenses.
- How long to keep business records2 minute readHow long to keep business records for the IRS: the 3, 4, 6 and 7-year rules, asset and payroll records, state requirements, and how to store records safely.
- Bookkeeping for a single-member LLC2 minute readHow to keep books for a single-member LLC: separate accounts, owner contributions and draws, matching Schedule C, and extra records for foreign owners.
- How to read a balance sheet3 minute readHow to read a balance sheet: assets, liabilities and equity, current and long-term items, working capital, simple ratios and LLC owner equity.
- The cash flow statement explained for owners3 minute readThe cash flow statement explained: operating, investing and financing activities, why profit and cash differ, the indirect method and an example.
- QuickBooks vs Xero vs Wave3 minute readQuickBooks vs Xero vs Wave for US small businesses: users, bank feeds, payroll, inventory, multi-currency, and the 2026 Wave plan changes.
- Receipts: what the IRS accepts as proof of an expense2 minute readIRS receipt requirements: what proves a business expense, stricter rules for travel, meals and gifts, the $75 rule, digital copies and retention.
- Owner draws and contributions: recording money in and out3 minute readHow to record owner draws and contributions: equity accounts for sole proprietors and LLCs, partners' capital, S corp distributions and mistakes.
- Accounts receivable and accounts payable basics3 minute readAccounts receivable vs accounts payable: what each is, how they are recorded, aging reports, cash vs accrual, bad debts and cash flow.
- Month-end close checklist for small businesses3 minute readA month-end close checklist for small businesses: recording, reconciling bank, card and platform accounts, sales tax, payroll and review.
- Bookkeeping for S corporations: payroll, distributions and shareholder loans3 minute readS corp bookkeeping: recording owner salary and payroll taxes, distributions, shareholder loans, health insurance, accountable plans and basis.
- How to record loans, credit cards and interest2 minute readHow to record a business loan, repayments, interest, credit card purchases and payments, with example entries and when interest is deductible.
- Bookkeeping mistakes that cause tax problems3 minute readCommon bookkeeping mistakes that cause tax problems: mixing money, draws as expenses, missing income, equipment, inventory, sales tax and payroll.
- When to hire a bookkeeper2 minute readWhen to hire a bookkeeper: the signs it is time, what a bookkeeper does, in-house vs outsourced, cost, and keeping control of your numbers.
- Getting your books ready for a loan or an investor3 minute readFinancial statements for a business loan or investor: P&L, balance sheet, cash flow, tax returns, schedules, projections and CPA assurance.
- Multi-currency bookkeeping for businesses paid from abroad3 minute readMulti-currency bookkeeping for US businesses: the dollar as functional currency, transaction-date rates, realized and unrealized gains, and tax.
- Spreadsheet or software: when Excel stops being enough2 minute readExcel vs accounting software for small business books: when a spreadsheet works, its limits, the signs to switch, and how to move across.
- Bookkeeping for construction contractors3 minute readBookkeeping for contractors: job costing, progress billing, retainage, subcontractor 1099s and W-9s, materials, equipment and long-term contracts.
- Bookkeeping for restaurants3 minute readRestaurant bookkeeping: daily POS sales, cash handling, delivery platforms, tips and tip reporting, food and beverage cost, prime cost, sales tax.
- Bookkeeping for rental property owners3 minute readRental property bookkeeping: income and expenses by property, deposits, repairs vs improvements, depreciation, Schedule E and passive losses.
- Bookkeeping for agencies and consultancies3 minute readBookkeeping for agencies and consultancies: retainers, projects, deferred revenue, pass-through costs, freelancers, utilization and client profit.