On the downside, the convenience of petty cash can also make it a problem, and a risk. Cash is hard to secure and impossible to track; it’s very easy for bills to disappear without a trace—even if you’ve established a careful system of receipts or vouchers. The Internal Revenue Service (IRS) recommends filing out petty

Having a fuss-free billing workflow allows you to monitor the status of your claims and ensure they are correctly updated in your books so you can spend less time following up with insurance companies. A general ledger, a spreadsheet, bookkeeping software, or a mobile app are the best ways to organize business expenses. Be sure

Sales returns, on the other hand, will reduce the income generated from sales as the customers return the purchased goods, and so will go on the debit side. In T-accounts, the debit and credit entries record changes in value resulting from business transactions. Hence, a debit entry in an account would basically mean a transfer

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