I have a question about the modules. What is the best course of action when it comes to them? What i mean is that is it better to do all of them or only do those you feel comfortable starting with first and then save the others for later? I ask because I'm been working hard towards becoming a remote bookkeeper (almost done with the assignment from the first module) and I want some advice on what's the best course of action to get there using this classroom.

Is there a 'Best Practice' for setting up a Chart of Accounts for a sole proprietor? Primarily I'm wondering if there should be Owner's Contribution (or similar title) Owner Draw (or similar title) and Retained Earnings. I'm confused because I see quite a few variations and I'm not sure what is best, especially when it comes to tax purposes.

Q: What’s the difference between cash basis and accrual basis — and how do I know which one my client should use? A: Cash basis records income when money is received and expenses when money is paid. It’s simple, great for freelancers, and often used by small businesses because it mirrors actual cash flow. Accrual basis records income when it’s earned and expenses when they’re incurred — even if no money has changed hands yet. This method gives a clearer picture of financial performance, is GAAP-compliant, and is required for many larger businesses. How to decide: - Use cash basis when a client wants simplicity and isn’t managing inventory or large receivables/payables. - Use accrual basis when the client needs accurate monthly financials, has inventory, or wants to understand profitability beyond cash in/out. - Some clients benefit from cash-basis tax filing but accrual-basis management reports — totally normal and very common in bookkeeping.

Modules 8 and 9 completed. What are the next steps?

Q: Why is it important to maintain accurate accounts receivable records? A: Accurate accounts receivable (A/R) records help you track who owes your business money and when payments are due. By keeping these records up to date, you can identify late payers early, follow up promptly, and maintain healthy cash flow — the lifeblood of any business. Inaccurate A/R tracking can lead to missed income, strained client relationships, or cash shortages that disrupt operations. ✨ Pro tip: Review your A/R aging report regularly — it’s your early-warning system for potential cash flow issues. Consistent attention here helps you stay proactive, not reactive, in managing your business finances.