Category: Bookkeeping

A fixed asset shows up as property, plant, and equipment (a non-current asset) on a company’s balance sheet. Understanding fixed asset accounting is fundamental for businesses to effectively manage their long-term tangible and intangible assets. It involves evaluating asset valuation methods, depreciation, and lifecycle management, influencing financial statements and overall company performance. Properly recording fixed… Continue reading Fixed Assets Overview, Examples, Importance

If you run an LLC and need to keep your business and personal funds separate, an account with helpful features and perks is key. The requirements you need to meet to waive the monthly fee will vary based on the account type and fee amount. Top-tier accounts with many features will require you to meet… Continue reading Best Business Checking Accounts For June 2024

Additionally, even small teams should have at least two people overseeing finances to ensure checks and balances. Effective inventory management means having better tracking in place over your production process. Categorize your inventory journal entry for purchases return based on its value and how quickly it turns over to help determine where to invest limited… Continue reading Small Business Cash Flow Management Top 10 Strategies

We evaluated the best cloud accounting software using our internal scoring rubric as explained below. Generally, Xero is easy to use, and you can set up your https://www.simple-accounting.org/ company information in no time. However, a huge downside is that it doesn’t provide live chat support like QuickBooks, FreshBooks, and Zoho Books do. How I did… Continue reading The Best Business Accounting Software Services of 2024

Late payments can create cash flow woes, especially for young startups. FreshBooks lets you build in late fees to encourage clients to pay every dollar you’re owed on time. Automatically set late fees to kick in according to your specific policy. Include the details of your late fee policy in your invoice payment terms so… Continue reading How to Start a Bookkeeping Business in 14 Steps In-Depth Guide

This helps the firms to evaluate the book value of their assets and liabilities. The difference between an asset’s account balance and the contra account balance is known as the book value. Those who are struggling with recording contra accounts may benefit from utilizing some of the best accounting software currently available. However, if the… Continue reading Contra Account Definition + Journal Entry Examples

To deliver efficient and accurate results, accounting consultants must demonstrate proficiency in various accounting tools and software. This technical expertise enables them to automate tasks, bolster efficiency, and generate accurate financial reports. To become an accountant consultant, you need a solid educational foundation in accounting, professional certifications, practical experience, and a diverse skill set. Businesses… Continue reading Accounting Consultant Duties & Responsibilities

Similarly, a note receivable gives the holder, or the lender, the right to receive the amount from the borrower. Classification of Notes Receivables is critical for any business as it plays an essential role in managing finances efficiently while ensuring compliance with accounting standards. When notes are sold with conditions, the company creates contingent liability,… Continue reading 4 3: Note Receivable Business LibreTexts

Paychex is a payroll and HR service provider for businesses of all sizes. Paychex Flex is its simplified payroll platform designed for small businesses with fewer than 50 employees. It was easy to manually add an employee or independent contractor by entering their name, email address and other crucial information. The platform offers a checkbox… Continue reading Payroll Services & Online Payroll Software

The fourth report is the freshly released tome from the parliamentary joint committee on corporations and financial services. It had a broader regulatory remit than the Colbeck committee report was ever going to have. Try to complete it for yourself, then take a look at the discussion and answer below. Tax Implications for Partnerships You… Continue reading No 133: Ederer v Gursky