When you think about it, managing your Chart of Accounts is a lot like playing Jenga. When you take out a section in your business, you have to add it back in another place in order to keep the balance between your assets and liabilities. Having full control of your Chart of Accounts allows you to monitor your equity, so you have a clear, positive line of growth in your books.
Breaking Down the Chart of Accounts
It’s easy to take control of your Chart of Accounts, but if you don’t know what it is, that could be a problem. Your Chart of Accounts is divided into 4 sections: assets, liabilities, income and expenses. The good parts are assets and income. You definitely want a high margin of assets and income compared to what you owe in liabilities and expenses. Having a higher margin equals out to a higher equity, meaning your business is heading in the right direction.
Using QuickBooks Online for your accounting needs is critical for any business, no matter how big or small. Not only does using the software allow you to save time and money, it provides you quick and detailed information in minutes. Integrating QuickBooks Online with your business is just a step towards improving your business as a whole.
Here’s why QuickBooks Online is Perfect for your Business –
Manage Your Entire Business – Integrating QuickBooks Online allows you to take full control of your store right there! Be able to control the cost of goods, track the amount sold, fill out your invoice book, adjust stocks and more. QuickBooks Online makes manage everything about your business a lot easier, with only a few clicks. This is very welcoming especially in the life of a small business.
Lucia & Co is proud to announce that we will be opening a second location in Riverside this November!
Our second office in Riverside’s address will be
Lucia & Company
3576 Arlington Ave #200
Riverside, CA 92506