In Pursuit of Profit - Blog

Clean Up Your Accounting Records Using These 7 Steps

9/11/2018

Business owners deal with a lot of messes every day – back room inventory overflows, scheduling problems, and invoicing errors, just to name a few. Messes cause headaches, late nights, and if left unchecked, they can ruin a business. Unfortunately, the nature of running a small business inevitably leads to some messiness.

However, accounting records should never be one of these messes.

Closing the Books for Businesses That Are No Longer Operating

8/28/2018

Closing the Books for Businesses That Are No Longer Operating

When preparing for business operations to cease, there are numerous factors to consider, including closing the books. Ensuring the final close is done accurately is crucial for protecting financial interests and complying with business regulations.

How to Prepare a Bank Reconciliation

8/21/2018

Performing a bank reconciliation can be daunting for any business owner or employee who is tasked with the job for the first time. Matching the inflows and outflows of cash from the business ledger to the beginning and ending bank balances can get complicated, especially for high-volume accounts.

Accounting Solutions PARTICIPATES WITH FOUNDATION SUPPORTING CHILDREN'S SERVICES

8/19/2018

ASP PARTICIPATES WITH FOUNDATION SUPPORTING CHILDREN'S SERVICES

As many of our readers know, Accounting Solutions Partners' close partnership with CFO Selections often brings the associates of our two firms together in client engagements. We are excited to announce that we are also joining with CFO Selections in directly funding the CFOS Foundation, a local foundation that provides time, talent, and treasure to children in need in Washington state.

Typical Bank Reconciliation Problems for Small Businesses

8/14/2018

BANK RECONCILIATION PROBLEMS

Bank reconciliations are rarely simple. Typically, accounts do not instantly reconcile, requiring at least some degree of investigative work to determine where discrepancies are originating from and which financial entries need to be booked to keep records aligned. In other cases, lingering reconciliation issues can identify the need for different business partnership payment terms, banking options, or withdrawal protections.

What do you Need to Reconcile a Bank Statement?

8/8/2018

At its most basic level, a bank reconciliation only requires two items – what is being reconciled and what it is being reconciled against.

Since bank reconciliations are account-specific, this requires obtaining current records of cash totals that should be present for a single account only.

How Often Should you do a Bank Reconciliation?

7/31/2018

The most common question we hear is “What is a bank reconciliation?” followed immediately by “How often do I need to do a bank reconciliation?”

Overstretched bookkeepers and accountants as well as owners and employees wearing many hats tend to de-prioritize the need for regular bank reconciliations because the process can be time consuming.

What is a Bank Reconciliation and Why is it Important?

7/25/2018

BANK RECONCILIATION

The general ledger contains a record of a company’s cash transactions, and a bank statement tracks all money moving in and out of a company’s account. So, theoretically, these two statements should convey the same information and result in the same cash balances. However, in practice, this is rarely the case. Businesses of all sizes need to perform regular reviews, called bank reconciliations, to ensure that these two documents balance.

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Accounting Solutions Partners

Your resource for Seattle and Portland bookkeeping services. Serving Seattle, Bellevue, Redmond, Kirkland, Portland, Beaverton, Hillsboro, Lake Oswego and more.

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