Download this app from Microsoft Store for Windows 10 Mobile, Windows Phone 8.1. See screenshots, read the latest customer reviews, and compare ratings for BookKeeping Free. Accounting software for Mac designed by Mac users. Manage expenses, invoices, payments, payroll & a lot more. Try QuickBooks for mac now.
Best Personal Finance Software - Programs for Mac, Windows PCs. We spent over 60 hours testing 20 personal finance apps and programs to find the best budgeting and money management tools. Our choice for the best personal finance software is Quicken Premier. It combines the best budgeting tools with easy-to-use tax reporting. ZipBooks is free accounting software for Mac that allows you to create and send an invoice in seconds. Just log in, create a new invoice, select a client, and opt to add unbilled time to that invoice. When including that time, you’ll have the option to bill by month or by project. Jun 12, 2020 Some personal finance software can be used through software downloaded to a desktop computer (Windows, Mac, or Linux), or through a browser-based cloud software platform,.
Mar 23, 2020 Free small business accounting software that meets all the needs of a small business is difficult to find. The ability to track all income and expenses as well as produce basic financial reports like the profit and loss, balance sheet, and cash flow statement reports are key features that should be included. Best Free Accounting.
Accounts and bookkeeping program for businessesInvoicingCreate quotes, invoices and more Accounts PayableManage and track payments Analysis & ReportsGenerate more than 20 reports Web AccessSecure web access feature Express Accounts is professional business accounting software, perfect for small businesses needing to document and report on incoming and outgoing cash flow including sales, receipts, payments and purchases.
Free Accounting Software. A free version of this bookkeeping software is available for use by small businesses with less than five employees. The free version does not expire, but does not support some features designed for larger organizations. You can download the free accounting software version here. | |
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Bookkeepers take care of all the financial data for businesses. Accurate and complete financial bookkeeping is crucial to any business’s decision makers: owner, outside investors, creditors, bank and even its employees. Keeping a close eye on your day-to-day business operations can help you be a Canadian small-business success story.
The Nuts and Bolts of Bookkeeping
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Every bookkeeping system has a few consistent elements. Here is a list of what your business requires to ensure that it’s bookkeeping by the book:
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Chart of Accounts: Lists all accounts in the books and is the road map of a business’s financial transactions
Journals: Place in the books where transactions are first entered
General Ledger: The book that summarizes all a business’s account transactions
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Accounting for Debits and Credits in Double-Entry Bookkeeping
In double-entry bookkeeping, you enter all transactions in the books twice: once as a debit and once as a credit. This chart shows you how debits and credits affect your various business bookkeeping accounts.
Account Type | Debits | Credits |
---|---|---|
Assets | Increase | Decrease |
Liabilities | Decrease | Increase |
Equity | Decrease | Increase |
Drawings | Increase | Decrease |
Revenue | Decrease | Increase |
Expenses | Increase | Decrease |
Current Ratio: A Valuable Tool for Bookkeepers
Bookkeepers use the current ratio to compare the current assets of a business to its current liabilities. This ratio provides a quick glimpse of your business’s ability to pay its bills. The formula for calculating the current ratio is
Current assets ÷ Current liabilities = Current ratio
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The following is an example of a current ratio calculation:
$5,200 ÷ $2,200 = 2.36 (current ratio)
Lenders usually look for current ratios of 1.2 to 2, so any bank would consider a current ratio of 2.36 a good sign. A current ratio under 1 is considered a danger sign because that indicates that the business doesn’t have enough current assets to pay its current bills.
Best Bookkeeping Practices to Help You Manage Your Business
Regardless of the size of your business, efficient bookkeeping practices are essential to keep any business running smoothly. Here are some helpful hints to help you streamline your bookkeeping process:
Set up a chart of accounts that best keeps track of all your bookkeeping information.
Balance and record daily sales and cash receipts daily.
Reconcile your bank account.
Watch closely your accounts receivable from customers.
Pay your bills accurately and on time.
Set up sales and revenue targets and monitor your progress closely.
Budget for all your expenses and compare your performance to budget regularly.
Watch for unusual changes in sales or expenses.
Monitor your gross profit closely and make any necessary pricing or purchases decisions.
Take care of slow moving inventory.
Pay your employee withholding taxes and GST/HST when due.
Take physical counts of your inventory and compare to your bookkeeping records.
How to Control Your Business Cash
Bookkeeping is all about keeping tabs on where your business’s cash is. Here are a few handy tips that will ensure that your bookkeeping doesn’t require too much red ink so your small business can thrive:
Separate cash handlers. Be sure that the person who accepts cash isn’t also recording the transaction.
Separate authorization responsibilities. Be sure that the person who authorizes a payment isn’t also signing the cheque or paying out cash.
Separate the duties of your bookkeeping function to ensure a good system of checks and balances. Don’t put too much trust in one person — unless it’s yourself.
Separate operational responsibility (actual day-to-day transactions) from record-keeping responsibility (entering transactions in the books).
Reconcile the bank account. Assign this task to someone who is not handling cash or making bookkeeping entries. Review the reconciliation carefully.