EDG Accounting

Website Contact the business

EDG Accounting Virtual BOOKKEEPER | ACCOUNTANT | Deliver reliable Bookkeeping services and Financial Statements BOOKKEEPER | ACCOUNTANT | 11 Years Accounting Experience.

Deliver reliable Bookkeeping services and Financial Statements using Xero and Quickbooks to growing Service Businesses to have an edge.

17/08/2026

Cash Control: Authorized Payment

One Unauthorized Payment Can Cost You Big 💸

A payment request or an invoice may look legitimate, but without proper authorization, your cash is at risk.

Checks, electronic payments, bank transfers, and other cash disbursements should have clear approval before the money leaves the business.

Simple control: Authorize first. Pay second. Protect the cash. 🔐💰

Would you let a payment go through without proper approval?

09/08/2026

Your business collected cash today—but did you deposit all of it?

Using cash receipts to pay expenses before they reach the bank can make your records harder to control and increase the risk of errors or missing cash.

A simple cash control is intact daily deposits: deposit all cash and checks into the bank daily and exactly as received.
Avoid taking money from the day’s collections to pay suppliers, reimburse expenses, or make personal withdrawals before the deposit.

For example: If your business collects ₱20,000 today, the full ₱20,000 should be deposited into the bank. If you need ₱3,000 to pay an expense, record the expense properly and make the payment through the appropriate process—not by reducing the daily deposit to ₱17,000.

This creates a clear trail from cash received → cash deposited → cash recorded, making it easier to reconcile your cash and bank accounts. Depositing collections intact every day improves cash accountability, strengthens internal control, and makes it easier to detect discrepancies quickly.

Save this post for your next cash-control review.

29/07/2026

Is Your Business Cash Actually Safe? The #1 Internal Control You Need

Always check for this foundational control first: Segregation of Duties.

No single employee should ever have complete control over a cash transaction from start to finish. Here is how you need to split the roles to protect your assets:

Custody vs. Recording: The employee who handles physical cash, initiates deposits, or signs checks MUST be different from the person who records those cash transactions in your general ledger.

Authorization vs. Ex*****on: The manager approving a payment should never be the one physically executing the wire transfer or printing the check.

Is your business following this golden rule? Save this post for your next operations review, or share it with a fellow entrepreneur who needs to hear this! 👇



#

13/07/2026

The Hidden Cost of Poor Expense Categorization

What happens when all technology expenses are lumped into a single account?
In this real-world accounting scenario, a growing software company sees technology expenses rise by 35% in just six months. Management assumes their product has become too expensive to operate and considers raising customer prices.
But after restructuring their Chart of Accounts and properly categorizing expenses into COGS, Operating Expenses, and Capital Expenditures, they discover the real problem: unused software subscriptions costing the company $15,000 every month.
In this video, you'll learn:
✅ The danger of broad expense accounts
✅ How to categorize technology costs correctly
✅ The difference between COGS, OpEx, and CapEx
✅ How proper financial reporting reveals hidden business problems
✅ Why a well-structured Chart of Accounts leads to better decisions
Key Takeaway
A Chart of Accounts is more than an accounting requirement—it's a management tool.
When expenses are categorized correctly, financial reports become clearer, problems become visible, and decisions become smarter.
Accounting Tip:
"Don't just record expenses—understand them. If your accounts are too broad, your decisions will be too vague."

03/07/2026

The Hidden Cost of a Poor Chart of Accounts (And How to Fix It)

A well-structured Chart of Accounts can transform raw accounting data into meaningful business insights. Identify profitable products, uncover underperforming areas, and support smarter business decisions.

10/02/2026

Importance of the Chart of Accounts

Problem:
An online retailer records all sales under one account: “Revenue.”
Sounds simple — but now they can’t tell which products are actually making money.

Why this is a problem:

No visibility per product line

Hard to decide what to scale or stop

Marketing decisions become guesswork

Solution:
Break revenue into sub-accounts, such as:

Revenue – Product A

Revenue – Product B

Revenue – Product C

Why this matters:
A well-structured Chart of Accounts turns raw numbers into insights.
You instantly see what’s profitable, what’s underperforming, and where to focus your marketing and growth efforts.

Accounting tip:
If your accounts are too broad, your decisions will be too vague.

01/02/2026

💘 February Fun Fact and Accounting Insight
Fun Fact: February is the shortest month of the year, with only 28 days in 2026.
💡 Accounting Connection:
A shorter month doesn’t mean less accounting work. In fact, February challenges accountants to be more precise and efficient with tighter timelines.
This month is often critical for:
• Faster month-end closing 📆
• Recording accruals and adjusting entries 🧮
• Reviewing January performance trends 📊
• Preparing early data for Q1 planning
📌 February Tip:
Time may be shorter, but accuracy can’t be. Strong accounting discipline ensures that even the shortest month delivers reliable financial insights.
❤️ In accounting, it’s not about the number of days — it’s about the quality of the numbers.

16/01/2026

Ever wondered why your business finances feel like a chaotic puzzle?

Enter the Chart of Accounts (COA) – it's basically the blueprint of your accounting world.

What it is:

A organized list of all financial accounts (like assets, liabilities, expenses, revenue) used to track every transaction. Think of it as labeled drawers in a massive filing cabinet.

Why it matters:

It keeps your books tidy, ensures accurate reports, and helps spot trends or issues fast. Without it, tax time or audits become nightmares – and smart COA setup can save you thousands in errors.

01/01/2026

Here’s to new opportunities and continued growth in 2026.

Happy NEW YEAR!

25/12/2025

Sending warm wishes for a Merry Christmas and a Happy Holiday season.

Address

Cebu City

Website

,

Alerts

Be the first to know and let us send you an email when EDG Accounting posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Contact The Business

Send a message to EDG Accounting:

Shortcuts

Share