A sunk cost is simply money, time, or resources that you have already spent and can’t get back. Another word for them is retrospective costs. The bias comes into the picture when we consider those costs in future decisions. One example is when you have already invested a lot of time and money in a…
If you have accumulated more money in your business checking account than you really need for daily operating expenses, that is a nice problem to have! It’s time to consider putting that money to work. A business savings account might be your answer. Every bank is different when it comes to the features and benefits…
The equity section of the balance sheet looks different depending on the legal structure of your business. The most common entity types are corporations, partnerships, and sole proprietors. In this article, we’ll take a look at what the equity section of the balance sheet looks like for sole proprietors. The Equity Section As a reminder,…
Are you looking for new ideas to market your business? If so, knowledge panels might be something to consider. Most people haven’t heard of them, but they are widely used in search results every day. Knowledge panels are the information panels that appear on the bottom right corner of your GOOGLE search results when you…
The word “audit” can be thrown around a lot in casual conversation. When an accounting professional uses it, it means something very specific. Today we’ll talk about a variety of meanings, focusing on the most important ones for our clients: Financial Audits and IRS Audits! Financial Audit A financial audit is an official service designed…
Understanding Equity on the Partnership Balance Sheet The equity section of a business’s balance sheet is the most difficult part to understand. We help our clients understand that the accounts that make up this section vary depending on the type of entity in which their business is structured.We’re going to dive into what the equity…
All businesses, no matter their size, have bills to pay. The larger the business, the more formal the accounts payable process tends to be. That doesn’t mean small business owners can’t benefit from a formal accounts payable process. We help our clients categorize payments and purchases, helping to weed out any incorrect billing that may…
How do you arrive at a price for the products and services you sell? While it depends on what industry your business is in, there are a handful of foundational pricing methods that are useful to know. Below your Favorite Orange County Bookkeeper reviews different pricing methods and why they may be a good fit…
Time Batching For small business owners, it seems like there is never enough time to get everything accomplished. One tool that will help you get the most out of your time is time batching, also known as time blocking. If practiced correctly, it can revolutionize the way you approach work. What Is Time Batching?…
A great entrepreneur will always be on the lookout for ways to improve their business. Efficiency is a goal everyone wants to achieve when it comes to business because it can translate into less work and more profits. Below, Your Favorite Orange County Bookkeeper has listed five ways you and/or your staff can become more…