in Non-Profits

How to Select Your Non-profit Organization’s Auditor

Having an audit can be a very stressful process. However, one of the things that you can do to make things better is to find a skilled and knowledgeable auditor who will turn out to be your ideal auditor. Because auditing is a very meticulous process, it is important for any organization to partner with the best auditors. A great audit team will be able...

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19 Sep 2013
in Accounting

Top 10 Accounting Mistakes Series – No. 1 – Not Calling the Professionals

For any business, bookkeeping can be a hectic and challenging process.  It involves dealing with all the various financial records and documents pertaining to a business.  Since this can be a challenging job, but a job that must be done correctly, it is highly recommended that one hire the services of a professional to deal with the bookkeeping aspect of the business.  Many business owners...

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05 Sep 2013
in Accounting

Top 10 Accounting Mistakes – No. 2 – Mishandling Receipts: The Details You Forget to Record Can Harm You!

Mishandling your business receipts is one major accounting mistake that could be costing you money. To avoid losing crucial information about the transactions your company makes, it is important for you to keep every receipt that you receive. By keeping your receipts organized, you will be able to assess your spending more easily and accurately. This will also help you at tax preparation time as...

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02 Sep 2013
in Accounting

Top 10 Accounting Mistakes – No. 3 – Careless Banking

Whether you have a small or large company, there are so many ways you can make mistakes when it comes to handling your bank accounts and everything pertaining to them. Many businesses do not properly keep track of the transactions they make through their bank accounts until something goes wrong. By doing so, you will encounter inaccuracy on your bank statements and eventually inaccuracy on...

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30 Aug 2013
in Accounting

Top 10 Accounting Mistakes – No. 4 – Incorrectly Accounting For Cash

Cash Isn’t King? How Cash Causes Problems Having a petty cash fund in your business is somewhat necessary. However, this cash fund must be accounted for and you should be able to justify where the cash is coming from and where it is going. Accounting for cash helps prevent your money from being mishandled. It has been proven that not accounting for your cash is...

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28 Aug 2013
in Accounting

Top 10 Accounting Mistakes – No. 5 – Misusing Business Credit Cards

Avoid These 5 Traps of Business Credit Cards As convenient as credit cards are for businesses, it is easy for business owners to fall in the trap of misusing them and lose money. This is why it is very important for businesses to utilize their credit cards in the correct manner. Credit cards are meant to be used for your business’ legitimate expenses. However, many...

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20 Aug 2013
in Accounting

Top 10 Accounting Mistakes – No. 6 – Commingling Properties Accounting

Accounting Secret: Isolating Properties for More Profits It is very common for companies to make the mistake of not keeping their properties separate within their business. If you are a business owner with more than one property, you might find this article interesting as it lays out the reasons of separating your properties. One of the main reasons you want to keep your properties separate...

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15 Aug 2013
in Accounting

Top 10 Accounting Mistakes – No. 7 – Improper Chart of Accounts

When it comes to accounting, keeping your finances organized is the key to success. However, it is still something that a lot of business owners lack. The reason is that they do not keep a proper chart of accounts (COA) and, as a result, fail to properly track their finances throughout the year. The COA consists of all financial statements that are tailored to show...

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12 Aug 2013
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