Cash vs. Accrual Accounting (Example with Real Numbers)
A comparison of cash vs. accrual accounting with real numbers
Accrual Accounting: Why Timing Matters in Your Financial Reports
Accrual accounting records income and expenses as soon as you receive or submit and invoice, not when it’s paid.
Cash vs. Accrual Accounting (The Easy Version)
An easy and simple explanation of cash vs accrual accounting
Steps to Catch Up When You’re Behind On Bookkeeping (Part 1)
Tax savings: Timely bookkeeping provides the financial data needed to do proper tax planning. Without knowing your profit, expenses, and projections, you can’t plan for taxes effectively.
5 Things to Check to Make Sure Your Xero is Set Up Right
When we’re doing Xero bookkeeping cleanup, we focus on five key areas:
Bookkeeping Cleanup: Review Accounts Receivable & Accounts Payable
Check open invoices: Review all outstanding invoices to see what has been billed but not yet collected.
Match payments: Make sure payments are properly recorded in Xero and applied to the correct invoices. Sometimes clients deposit money in the bank, but it doesn’t get linked to the invoice in Xero, leaving it open.
Bookkeeping Cleanup in Xero: Review Bank Rules
After reviewing financial reports, the chart of accounts, and reconciliations, the next critical step is checking your bank rules.
Bookkeeping Cleanup: Reconciliation
A key step in a bookkeeping cleanup is reconciliation — making sure your accounting system (like Xero or QuickBooks) matches your bank accounts.
Xero Bookkeeping Cleanup: Reviewing the Balance Sheet and Chart of Accounts
The balance sheet is one of our go-to tools when cleaning up messy books. It tells us the overall health of the business — what it owns, what it owes, and how it’s been managed.
Reviewing P&L in Xero
Every bookkeeping cleanup project starts with financial reports — the Profit & Loss statement and Balance Sheet. These reports quickly reveal how the books were managed and where errors may be hiding.