Each time you add or remove an account from your business, it’s important to record it in your books. There are many different ways to structure a chart of accounts, but the important thing to remember is that simplicity is … Continue reading →

For example, bank fees and rent expenses might be account names you use. Identifying which locations, events, items, or services bring in the most cash flow is key to better financial management. Use that information to allocate resources to more … Continue reading →

We understand that Rancho Cucamonga is a city bursting with enterprise, from farm-grown wineries to scalable tech startups, and the financial landscape here is unique. Bench Accounting is committed to taking the erosion of tax and bookkeeping off your plate, … Continue reading →

Here’s a quick reference guide for converting basis points to percentages. These show a change in the value or rate of a financial instrument. Our mission is to empower readers with the most factual and reliable financial information possible to … Continue reading →

Compare each bank transaction to the corresponding transaction as recorded in your general ledger, ensuring the documents match. The general ledger includes a record of a company’s cash transactions, and a bank statement tracks all money flowing in and out … Continue reading →

Accurate financial statements also ensure nonprofits manage charitable resources responsibly, ethically, and according to applicable laws. Below, we go over all the nonprofit accounting essentials, from setting up your books to preparing financial statements. With the information in this guide, … Continue reading →

We maintain your financial information in accordance with Generally Accepted Accounting Principles (GAAP), as well as the needs of auditors, grantors, and the board of directors. These varied requirements present challenges that only experience can overcome, and our experience has … Continue reading →

As a small-business owner, individual transactions matter — but so do your overall financial trends. When you track and categorize your expenses and revenue streams, you and your financial advisors will be able to identify different areas of strength or … Continue reading →

A small business can connect its bookkeeping system to these third parties for easy data sharing on projects and payments. At tax time, the burden is on you to show the validity of all of your expenses, so keeping supporting … Continue reading →

The single-step income statement is the simplest income statement format. It calculates totals for revenues and subtracts expenses to arrive at net income. The easiest income statement to prepare, the single-step income statement provides an at-a-glance look at revenues and … Continue reading →