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OSYB Blog: Number Crunch!

News and Views from OutSource Your Books, LLC

Accounting Principles 101, Part 3

November 12, 2019 by OSYB Staff

Though only public companies are required to follow Generally Accepted Accounting Principles (GAAP), it is wise to follow them. if you have even a tiny inkling of going public. Changing over from non-GAAP to GAAP standards is quite time consuming and challenging. Intuit QuickBooks shares some GAAP principles that you should know and implement: Matching […]

Accounting Principles 101, Part 2

November 7, 2019 by OSYB Staff

Intuit QuickBooks shares that the “Financial Accounting Standards Board (FASB) establishes a set of Generally Accepted Accounting Principles (GAAP) so that businesses in the United States can maintain uniformity with their financial information”. Do keep in mind that only public companies are the only businesses required to abide by GAAP. If you are a small […]

Accounting Principles 101, Part 1

November 5, 2019 by OSYB Staff

Did you know that there are rules and regulations about how to keep your financials? Intuit QuickBooks shares that “the Financial Accounting Standards Board (FASB) establishes a set of generally accepted accounting principles (GAAP) so that businesses in the United States can maintain uniformity with their financial information”. Start with knowing that there are two […]

Understanding and designing your Chart of Accounts in QuickBooks

September 18, 2017 by Ed Becker

The Chart of Accounts is the starting place for any accounting system, including QuickBooks, because it is here that each General Leger Account is defined. From here, you can quickly learn where the money is, where it came from and where it’s gone to. The Chart of Accounts in QuickBooks As illustrated below, the Chart […]

“Accounting Success” for Your Restaurant

September 11, 2017 by Ed Becker

The first thing to do is set up a chart of accounts, and then you should  make sure that the three key accounts complement each other. The very first step you need to take, is to set up your chart of accounts, as everything else hinges on this fundamental list. The trick here is that […]

Bookkeeper vs. Accountant-Why Your Small Business Needs Both

July 24, 2017 by Ed Becker

“Bookkeeping is designed to generate data about the activities of an organization,” said D’Arcy Becker, CPA and chairwoman of the Department of Accounting and Finance at the University of Wisconsin. “Accounting is designed to turn data into information.” As a small business owner, you may or may not have a bookkeeper on staff. You may […]

Why Does Your Small Business Need a Bookkeeper?

July 17, 2017 by Ed Becker

Would you perform surgery on yourself?  In the same vein, you would probably not replace a roof or furnace in your home, unless you were a roofer or HVAC professional? It would then most likely follow that you would not risk trying to keep your own business’s books, if you are not a professional bookkeeper […]

Fraud Facts

April 10, 2017 by Jarred Berman

The Association of Certified Fraud Examiners (herein referred to as ACFE) publishes a report known as Report to the Nations every two years since 1996.  This report is a summary of a detailed analysis of actual cases worked on in the most recent years by Certified Fraud Examiners (CFEs).  The report presents data on the […]

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