Financial Reporting - FreshBooks Blog https://www.freshbooks.com/blog Information and inspiration on how to start a business, grow your business, tax tips, freelancing & more from FreshBooks! Sat, 13 Aug 2022 00:02:25 +0000 en-US hourly 1 https://wordpress.org/?v=6.0.1 New: Organize Your Books With the Customizable Chart of Accounts https://www.freshbooks.com/blog/customizable-chart-of-accounts https://www.freshbooks.com/blog/customizable-chart-of-accounts#respond Wed, 20 Jul 2022 14:30:19 +0000 https://www.freshbooks.com/blog/?p=74346 Let’s say your business is growing… Maybe you’ve just moved up from being a freelancer to starting your own agency. First off, congratulations! But with that growth comes certain challenges. Like, staying on top of your client relationships. Or having access to the right reports at the right times. Or even, bringing in an accountant […]

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]]> https://www.freshbooks.com/blog/customizable-chart-of-accounts/feed 0 Best Practices for Customizing Your Chart of Accounts https://www.freshbooks.com/blog/customizing-chart-of-accounts-example https://www.freshbooks.com/blog/customizing-chart-of-accounts-example#respond Tue, 19 Jul 2022 17:58:16 +0000 https://www.freshbooks.com/blog/?p=74411 Your chart of accounts outlines all the accounts for your business. It is a bird’s-eye view of what you own, what you owe, how much your business makes, your costs, and the value of the business (equity). From the data in your chart of accounts (CoA), you can run almost any financial report you need. […]

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]]> https://www.freshbooks.com/blog/customizing-chart-of-accounts-example/feed 0 Your VAT Reverse Charge Questions Answered https://www.freshbooks.com/blog/your-vat-reverse-charge-questions-answered https://www.freshbooks.com/blog/your-vat-reverse-charge-questions-answered#respond Wed, 30 Mar 2022 14:17:16 +0000 https://www.freshbooks.com/blog/?p=70907 The VAT domestic reverse charge for building and construction services was introduced on 1 March 2021. This came after a couple of delays caused by Brexit and the Covid-19 pandemic, to give companies more time to prepare for the changes involved. HMRC says it introduced the measure to tackle fraud in the construction sector, where […]

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]]> https://www.freshbooks.com/blog/your-vat-reverse-charge-questions-answered/feed 0 The 7 Most Important Financial Numbers You Need to Track to Grow Your Business https://www.freshbooks.com/blog/the-most-important-numbers-to-grow-your-business https://www.freshbooks.com/blog/the-most-important-numbers-to-grow-your-business#comments Mon, 26 Apr 2021 13:00:16 +0000 https://www.freshbooks.com/?p=32152 If you use accounting software, you likely have access to a wealth of financial reports that offer a window into the performance of your business. However, if you’re like most busy entrepreneurs, you don’t have the time, the inclination, or the training to understand the complex numbers that make up a company’s financial position. In […]

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]]> https://www.freshbooks.com/blog/the-most-important-numbers-to-grow-your-business/feed 3 What Is a General Ledger, and Why Do You Need One? https://www.freshbooks.com/blog/general-ledger-101 https://www.freshbooks.com/blog/general-ledger-101#respond Wed, 03 Feb 2021 17:00:15 +0000 https://www.freshbooks.com/blog/?p=57024 Traditionally, accountants recorded financial transactions in the general ledger by hand, using the double-entry accounting method. With the advent of computers, recording transactions became simpler. You no longer had to record general ledger in books; you could use excel sheets and efficient accounting software. While the way you record transactions has changed, the importance of […]

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]]> https://www.freshbooks.com/blog/general-ledger-101/feed 0 Do I Really Need an Accounting Package? https://www.freshbooks.com/blog/do-i-really-need-an-accounting-package https://www.freshbooks.com/blog/do-i-really-need-an-accounting-package#comments Wed, 15 Jan 2020 15:00:50 +0000 https://www.freshbooks.com/?p=5642 An accounting package is a tool or software that helps you manage a necessary evil: Accounting. From recording expenses and income to drafting more detailed financial reports, these packages simplify your entire accounting process, save you bucketloads of time, and improve your decision-making so you can run a more profitable business. These reasons alone suggest […]

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]]> https://www.freshbooks.com/blog/do-i-really-need-an-accounting-package/feed 19 What Is Double-Entry Accounting? https://www.freshbooks.com/blog/what-is-double-entry-accounting https://www.freshbooks.com/blog/what-is-double-entry-accounting#respond Mon, 04 Mar 2019 14:00:32 +0000 https://www.freshbooks.com/blog/?p=61035 If you’ve spent any time reading up on small business accounting, you’ve probably heard the term “balance your books.” But what does that really mean? Balancing the books is the process of closing your accounts at the end of an accounting period (typically a year, but it could be a month or a quarter) to […]

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]]> https://www.freshbooks.com/blog/what-is-double-entry-accounting/feed 0 A Beginner’s Guide to Financial Statements https://www.freshbooks.com/blog/financial-statements https://www.freshbooks.com/blog/financial-statements#respond Fri, 25 Jan 2019 14:00:34 +0000 https://www.freshbooks.com/blog/?p=60849 Good news, though: You don’t need an ancient book of knowledge to understand financial statements. When you know how to read them, you can track your performance, plan month-to-month cash flow, and file taxes easily. Here’s a simple guide to using financial statements for your small business.   What Are Financial Statements, Exactly? A financial […]

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]]> https://www.freshbooks.com/blog/financial-statements/feed 0 How to Use Cloud Accounting to Help You Identify High-Value Clients https://www.freshbooks.com/blog/high-value-clients https://www.freshbooks.com/blog/high-value-clients#respond Thu, 19 Apr 2018 13:00:21 +0000 https://www.freshbooks.com/blog/?p=59291 In the Fall of 2016, I attended a FinCon – a conference for the financial media community. While there, I participated in the freelancer marketplace, similar to a speed-dating event where freelance writers meet companies looking for their services. I met quite a few companies there and ended up becoming a regular contributor for one. […]

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