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Talking Shop

Welcome to Kashoo's blog.

Know What a Valuation Account is? You Should...

When it comes to setting up your business' accounting, there's a wide variety of different accounts you can use to keep your finances organized and running smoothly. While these accounts normally fall under the broad categories of income accounts and expense accounts, some are tailored to very specific purposes, and the valuation account is one such account.

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Topics: Accounting

What Happens if You Don't Do Your Accounting?

Everyone around you (including a certain online accounting software provider) continually stress the importance of keeping accurate business finance records. These reminders typically come in the form of positive reinforcements—all the things great bookkeeping habits and practices allow you, a small business owner, to do. But what about the downside? What can happen if you don't care about accounting? 

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Topics: Accounting

What is an Expense Account?

Depending on the size and type of your business, you may have a long list of different accounts to keep track of, or perhaps just the bare minimum if you're just getting started or your business is very small. No matter how you categorize your accounts, they are going to fall into two basic accounting categories: income accounts and expense accounts. Let's take a closer look at the latter of these two and find out why keeping track of your expense account (or accounts) is so important for your company's financial well-being.

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Topics: Accounting

Tax Day Has Come and Gone

The passing of April 15 often brings a collective sigh of relief amongst the entrepreneurial small business owning community in the U.S. For many, it signifies a huge hassle taking its rightful place in the rearview mirror. But here's the thing: it doesn't have to be this way. Tax time does not have to be some painful annual ritual. Here's how...

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Topics: Accounting

Switching From Cash Basis to Accrual Basis Accounting

If you're a freelancer, sole proprietor, or small business owner who's just getting started with accounting, you may not know the difference between the cash basis of accounting (the "cash method") and the accrual basis of accounting (the "accrual method"). Maybe you weren't even aware that there were two different ways to track your company's accounting. But that's ok! We're about to look at a quick rundown of these two methods, including when you would be likely to use each of them, and how to switch from the cash basis to the accrual basis. This switch is a step that you may find yourself needing to make as your business grows and you want to get a more accurate picture of your company's financial situation.

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Topics: Accounting