OBI BLOG

Accrual Method of Accounting 9-21-15

Accrual Method of Accounting Accounting records operate on one of two methods of accounting for revenues and expenses: accrual and cash-basis of accounting. Each method has differing effects on how financial statements are presented, and typically cater to two distinct groups of users. Of the two established methods, the accrual basis of accounting recognizes transactions […]

QuickBooks Accounts vs Classes 9-14-15

QuickBooks Accounts vs Classes Grasping the useful application of QuickBooks Accounts and Classes functions, whether as a small business or leading corporation, challenges the user to analyze the information necessary to function while meeting requirements for generating reports, filing taxes, and presenting revenue and cost information for management decisions. This analysis yields potentially overwhelming amounts […]

Profit and Loss Statements 9-8-15

Profit and Loss Statements Mankind has always had an abiding interest in the profitability of any undertaking. Individuals, political leaders and businesses have been interested in monitoring the revenue and expenses of their particular enterprises. This interest emanates from legitimate concerns for the viability of the enterprises and – particularly in the case of political […]

Four Things Every Small Business Should Do 8-31-15

Four Things Every Small Business Should Do New small businesses are particularly conditioned for optimal management because of their newness and the inherently favorable opportunities that accompany that newness. Being new, these small businesses have advantages that equip them to start their operations right and set similar or even higher standards of management for the […]

QuickBooks Features You May Have Forgotten About 8-24-15

QuickBooks Features You May Have Forgotten About Did you know that more than 4.5 million companies currently use QuickBooks? With its ever expanding abilities and enhancements along with the online version and the “cloud” it will soon become the most widely used accounting software around the globe. But for those of you who have been using it […]

What is Equity and Why is it Important? 8-17-15

What is Equity and Why is it Important? In the accounting profession, equity is a term with several meanings. One’s equity in a mortgaged house is the difference between the cost of the house and the balance payable on the mortgage. Similarly, the purchaser of a motor vehicle has equity in the vehicle if he […]

Chart of Accounts Using QuickBooks 8-10-15

Chart of Accounts Using QuickBooks For any organization implementing an accounting system that utilizes QuickBooks, the general ledger chart of accounts (COA) is an integral feature of creating the new company that will be the electronic repository of all accounting information for the organization. In the beginning of the procedure for creating the new company, […]

How Cloud Accounting Benefits Small Businesses 8-3-15

How Cloud Accounting Benefits Small Businesses With advances in cloud accounting, many conventional accounting functions have been migrating to the cloud from local computer networks and from individual computers. This migration has resulted in many organizations using cloud accounting in lieu of the more familiar accounting done by means of computer networks and desktops. Cloud […]

Vendors in QuickBooks 7-27-15

The vast amount of information necessary to retain within a business may seem like more work than worth when the efforts of collecting and sorting this data seem to outweigh the benefits. Customer purchases alone amount to multiple set of data, with changes to inventory, cash, customer information and possible receivables to track and collect […]

What Is Cloud Accounting Software In QuickBooks? 7-20-15

What Is Cloud Accounting Software In QuickBooks? Cloud computing is an operation of networks on remote servers that are hosted on the Internet. These servers perform data processing functions similar to those of local servers and personal computers. On account of its versatility and popularity, cloud computing has spawned numerous applications such as cloud accounting. […]