Categoria: Bookkeeping

The chart of accounts clearly separates your earnings, expenditures, assets, and liabilities to give an accurate overview of your business’s financial performance. It’s important to note that the specific accounts within each category may vary depending on your business’s unique needs and industry requirements. Creating a chart of accounts for your manufacturing business may seem…

Typically, material errors would lead to incorrect decision making by the user on the basis of the financial statements that contain such errors. If a company fails to catch and correct transposition errors, the incorrect value of assets may be perpetuated to outside agencies and individuals, such as corporate shareholders and the Internal Revenue Service.…

When you depreciate assets, you can plan how much money is written off each year, giving you more control over your finances. Our team is ready to learn about your business and guide you to the right solution. Ask a question about your financial situation providing as much detail as what is the other of…

Under process costing, there is a finished product at each stage. This becomes the raw material of the subsequent stage until the final stage of completion. Someone on our team will connect you with a financial professional in our network holding the correct designation and expertise. For information pertaining to the registration status of 11…

Even if it is, you may still need to ask questions to understand the nature of any restricted assets. We can handle your bookkeeping and accounting to deliver accurate financial statements every month that let you know which money you can spend, for which purpose, and when you can spend it. Permanently restricted are typically…

When reinvested, those retained earnings are reflected as increases in retained earnings credit balance assets (which could include cash) or reductions to liabilities on the balance sheet. The retained earnings equation is a fundamental accounting concept that helps companies calculate the amount of profit that is kept in the business after dividends are distributed to…

New York has the second-highest cost of living index in the country at 148.2, nearly 50% higher than the national baseline of 100. The state has the second-highest housing and fourth-highest grocery costs. Prospective students also need to consider the state’s cost of living when budgeting for their education. While higher than the in-state rates,…

All your data is stored in QuickBooks’ cloud and you’ll be able to access it anywhere on any device. QuickBooks Desktop, on the other hand, is locally installed with a license pricing model. Some of Xero’s plans cost less than QuickBooks’ plans, but most do not. Xero’s plans cost $13, $37, and $70 per month,…

For many companies, inventory represents a large, if not the largest, portion of their assets. Therefore, it is important that serious investors understand how to assess the inventory line item when comparing companies across industries or in their own portfolios. Kristen Slavin is a CPA with 16 years of experience, specializing cash flow in accounting,…

Maybe you’ll hire an internal accountant to manage your accounts year-round, including taxes. Starting out with your ecommerce bookkeeping, you’re likely seeking an affordable small business accounting tool. Although popular, my personal experiences with QuickBooks have been less than satisfactory, leading me to stray away from recommending it. While you won’t find is sales tax…