Posts by Shauna Huntington
Understanding Your Profit & Loss Statement (P&L)
When I started my career in accounting, I was an intern for a public accounting firm. I found an issue during one of my audit procedures and took it to my manager. She asked me if it had a P&L impact. I had no idea what she meant! And, I was just about to finish…
Read MoreAccounting Resolutions
It’s a new year. Everyone is making resolutions for becoming a better person, why not make some resolutions to become a better business. Often, one of the most neglected areas in a business is the accounting and finance function. As you embark on this new year, consider the following Accounting Resolutions. PLAN If you’ve not…
Read MoreYour Chart of Accounts Matters
While it may not seem like a significant part of your accounting structure, your chart of accounts is the foundation. Often overlooked, your chart of accounts provides financial clarity in your business and supports informed decision-making. Organization It’s important that your chart of accounts is well organized. Your Chart of accounts will start with your…
Read MorePitfalls of Automated Accounting
With the advancement of AI and technology automation, it’s become easier to manage the accounting and bookkeeping activities in your small business. However, it’s important to understand that you need to be familiar with how the automation works and what the expected outcomes are. Understanding How Automation Works Whether it’s scanning receipts to pull…
Read MoreTop 5 Year-End Accounting Tips
With the end of year approaching, it’s important to ensure your accounting records are in order to avoid unnecessary work and stress, during an already busy time of year! » 1. RECONCILE Make sure you have reconciled each of the following accounts: Bank Accounts Stripe, PayPal or Other Payment Accounts Credit Cards Loan Accounts…
Read MoreDecoding Key Accounting Terms Every Business Owner Should Know
Navigating the financial aspects of your business can be challenging, but understanding essential accounting terminology is a crucial step toward financial success. Here, we break down some key terms that every business owner should be familiar with: P&L (Profit and Loss) Statement Also known as the income statement, it summarizes your business’s revenues and…
Read MoreUnveiling the Power of Classes and Locations in QuickBooks Online
QuickBooks Online offers robust tools for managing your business’s finances, and among the standout features are “Classes” and “Locations.” These two functionalities are invaluable for businesses seeking to gain deeper insights, improve reporting, and streamline operations. Here’s why you might use Classes and Locations in QuickBooks Online: 1. Improved Financial Reporting Classes and Locations…
Read MoreSetting Up ACH Payments for your Business
Setting your business up to initiate ACH payments can be instrumental in improving your business’ cash flow. It is typically simple to setup, but it is not automatic. • 1 • First, most businesses will setup ACH payment processing through their bank. While there are other services out there that will allow you to set…
Read MoreWhat is A Prepaid Expense?
Prepaid Expense A Prepaid Expense is an expense for something that you have already paid for, but you haven’t yet received the benefit of that expense. For example, if you pay your July rent on June 15th, that is a prepaid expense, because you are not receiving the benefit of that rent payment (using your…
Read MoreUnderstanding Deferred Revenue
Deferred Revenue Deferred Revenue is revenue that you have not yet earned, but that you’ve received in cash. Revenue should not be reported in your profit & loss statement until you have actually done the work to earn that revenue. However, often you receive some or all of the money up front for a project…
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