Keeping accurate accounting records is an important part of running a successful small business. In addition to protecting your business in case of an audit, organized records help provide a picture ...

Businesses in the Unites States do their accounting under one of two methods: cash and accrual. The difference lies largely in when a business recognizes the revenue it earns and expenses it incurs.

Learn how accruals function in finance, the difference between accrued revenue and expenses, and why accrual accounting is crucial for financial accuracy.

Expense accounts, also called expense allowances, are plans under which companies reimburse employees for business-related expenses. These expenses include travel, entertainment, gifts, and other ...

Learn what every business owner needs to know about financial accounting, accounting software and financial statements.

The following general ledger/commitment items are used to record expenses as category 2 and 3 of the Statement of Financial Activity (SoFA) report. The categories are outlined alphabetically. Each ...

This guide was reviewed by a Business News Daily editor to ensure it provides comprehensive and accurate information to aid your buying decision. Keeping tabs on business finances – including tracking ...

As a small business owner, you typically need to spend money to make money. The upside? You can deduct qualifying business expenses on your taxes to lower your overall tax liability. But how do ...