All tagged Profit and Loss

"If It's Not Fun, Why Do It?" Ice Cream & Bookkeeping

Did you know July is National Ice Cream month? Have your kids required an ice cream stop when you finish at your favorite swimming destination?  Keeping kids happy can be a challenge, but sometimes ice cream helps. (Or it at least keeps the van quiet for 10 minutes.) I recently saw a Ben & Jerry’s bumper sticker with their tagline “If it’s not fun, why do it?” and had to weigh in on the subject. Ice cream is one reason for screaming – frustration over bookkeeping is another. Completely different emotions between the two, but the same result!

Here are 5 quick reasons why doing the “not fun” work of bookkeeping is important...

Learn the Language of Bookkeeping - 13 Lucky Terms You Need to Know

Are you intimidated by “Accountant speak”?  Have you avoided looking at your accounts because it’s intimidating? Here are some helpful definitions of the most commonly used Accounting terms.  Click here or here for websites with more detailed definitions.

Accounting - A method of recording, classifying, and summarizing financial information for your business

Asset - What your company owns or has rights to (ex. Accounts Receivable is an asset!)

Balance Sheet - A statement that details assets, corresponding liabilities on those assets and equity or retained earnings

Budget - Plan that formulates a company’s goals and objectives in financial terms