Simplifying your bank reconciliation process →

Let’s face it: bank reconciliation is painful and tedious. It’s the accounting equivalent of going to your dentist for a cleaning; you don’t have to do it, you don’t want to do it, but it’s necessary if you want to keep your teeth…

Why are bank reconciliations so important? →

You may have heard about balancing your chequebook or reconciling your bank statements. It’s pretty much the same thing.

Before personal computers, people used to have a chequebook as their main cash management tool. This is where they would record all…

2012 Budget-Friendliness →

Chances are, you’ve heard about the published 2012 federal budget. You may have even read Globe & Mail’s beautiful infographic to see what the hoopla is about. Aside from the news about the coming loss of the…

Your Income Statement: Break-Even Analysis →

To break even in business is to reach that point where your total revenue equals your total costs (cost of goods sold plus fixed expenses). It’s that point of time when you have operating income of zero.

For starting businesses, this is a…

Your Income Statement: Percentage by Sales Analysis →

Sometimes, small businesses owners think of bookkeeping as something that’s a must-do for tax time. In actual fact, it’s a year-round must-do, because one of the biggest reasons for bookkeeping is to process business details into a readable and understandable format that can then…