General Ledger and Trial Balance: What’s the Difference?
In this episode, we are discussing the essential elements of the general ledger and the trial balance. From the comprehensive record-keeping in the general ledger to the crucial role of the trial balance in ensuring accuracy and balance in financial statements, we explore how these concepts are pivotal in maintaining financial health for businesses. YouTube:…
Listen NowUnderstanding Contra Accounts
Contra accounts are an essential concept in accounting, primarily used to record and represent the true financial state of a business. In this episode, we will cover what contra accounts are, how to use them, and discuss some common examples. YouTube: https://youtu.be/_tlYMmTuGkk
Listen NowHow to Choose: S-Corp, C-Corp, or LLC?
Let’s discuss a crucial decision for business owners: how to choose between S-Corporations, C-Corporations, and Limited Liability Companies (LLCs). If you are starting a new business and you’ve been wondering which business structure is right for your new company, this episode is for you! YouTube: https://youtu.be/xuPaU4XOiWQ
Listen NowHow to Set Up Your Company’s Chart of Accounts
In this episode, we discuss the crucial aspects of setting up your company’s chart of accounts. We explore the fundamental principles and best practices that lay the foundation for an organized and efficient financial system. From categorizing income and expenses to creating meaningful account codes, this episode provides invaluable guidance for both newcomers and seasoned…
Listen NowCommon Tax Write-Offs for Solopreneurs
Today we’re diving into a subject that every solopreneur needs to know about – common tax write-offs. Whether you’re just starting your business or you’ve been self-employed for a while, understanding tax deductions is crucial for optimizing your finances. Today, we’ll explore the world of tax write-offs specifically tailored to all of you solopreneurs out…
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