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As the year draws to a close, one often-overlooked but critical step is tying out  (or reconciling) your loan balances to the official loan statements from your lender. "Tying out" your loans means verifying that your recorded loan balance showing on your Balance Sheet matches what the lender reports. Here's why making this a year-end habit is so important. 1. Ensures Accurate Financial Reporting Your loan balance is a key liability on your balance sheet. If your records don'

If I could give every small-business owner just one  non-negotiable bookkeeping habit, it wouldn’t be “hire us” (though we’d love that). It would be this: Reconcile your bank accounts every single week. Yes, every week. I know what you’re thinking: “I barely have time to reconcile once a month—why would I do it weekly?” Here’s the thing: that 5–10 minutes you spend every Friday (or Monday, your call) will save you hours of panic, hundreds (or thousands) in fees, and at least

Starting a new business is an exciting journey, but managing your finances effectively from the outset is critical to long-term success. A solid financial foundation helps you track cash flow, stay compliant, and make informed decisions. Here’s a step-by-step guide to setting up your finances as a new business owner to ensure you’re positioned for growth and stability. 1. Separate Personal and Business Finances One of the biggest mistakes new business owners make is mixing pe

We've all done it—we're cranking through our QuickBooks Online bank feeds, and accidentally post a deposit that should've been matched to...

If I made that much profit this year, why isn't my bank account balance higher?