Bookkeeping

A business that sells mainly for cash may still prepare invoices or receipts, which are very similar to invoices. Consult your institution’s library to find out what newspaper archives they provide access to. A check is a unique bank note that serves as the customer’s payment’s representation of cash. It consists of the date, amount, […]

Scrambling at the last second to gather documents for tax season is stressful, and rushing bookkeeping-related tasks can make you vulnerable to compliance issues and missed growth opportunities. Thankfully, online bookkeeping services have lowered the financial barrier to getting bookkeeping and tax-related help. Designed for farm and agriculture business owners seeking to implement a robust accounting tool,

Thus, prepaid expenses aren’t recognized on the income statement when paid, because they have yet to be incurred. Insurance is an excellent example of a prepaid expense, as it is always paid for in advance. If a company pays $12,000 for an insurance policy that covers the next 12 months, then it would record a

It is because of this that the company was unable to maintain or gain profitability until it started its inventory management and control processes. Another weakness would be the dropping of market demand on Apple product which led to decreased profits in the last two rounds. Inventory carrying cost is an important metric that a

The nature of IOLTA accounts is that service charges for baking services cannot be charged against the principal account. That means the bank service charges such as e-transfers, paper statements, re-ordering checks, and fees involving other clients’ cases can’t pass along to your client’s IOLTA. As long as your accounting department can keep track of

Compare this to the 0.30% (or lower) markup that they might typically receive for a traditional interchange-plus processing rate. Providers offering the best cash discounting programs are also among the best providers in general for small businesses. Businesses use cash discounting to lower their overall credit card processing costs by passing the transaction processing costs

Accrual accounting presents a more accurate measure of a company’s transactions and events for each period. Cash basis accounting often results in the overstatement and understatement of income and account balances. A company pays its employees’ salaries on the first day of the following month for services received in the prior month. If on Dec.