Bookkeeping
What electronic record-keeping software best fits your needs?
You’ll minimize the “garbage” and the problems that come with it and you’ll maximize your financial situation if you follow this simple five-step system. A well-organized financial system should keep your business viable for many years to come. If you see that a particular expense is increasing as a ...
Read More
All You Need to Know About eCommerce Bookkeeping
The ideal candidate should have a firm grasp of accounting principles and bookkeeping. They should have familiarity with QuickBooks and other bookkeeping software. A bookkeeper well-versed in IRS regulations ensures that your financial records are accurately maintained, reducing the risk of errors or discrepancies that could lead to IRS ...
Read More
What Is a Suspense Account? Examples and How to Use Xero accounting
If the credits in the trial balance are larger than debits, record the difference as a debit. When the right account is determined or the error is rectified, the amount shall be moved from the suspense account to its proper account. Patriot’s online accounting software is easy to use ...
Read More
A Guide to Bookkeeping: Skills, Salaries, and Careers
Both QuickBooks Live and Bookkeeper360 received mostly positive reviews, but Bookkeeper360’s average score is one of the highest we’ve seen for a bookkeeping service at a 4.8 out of 5. Overall, QuickBooks Live’s more limited menu of services available gave Bookkeeper360 the edge in this category. Navigating the small ...
Read More
Balance Sheet: Definition, Uses and How to Create One
To begin, know that reconciling your balance sheet involves comparing your balance sheet accounts to another source. The balance sheet of the global consumer electronics and software company, Apple (AAPL), for the fiscal year ending 2021 is shown below. The next section consists of non-current assets, which are described ...
Read More
What is a Rubber Check?
Besides the bank penalties you incur, you will have an outstanding debt to your landlord until you can pay the rent. The bank may be more willing to work with you if it sees that you earnestly want to fix the problem. If the maker has an overdraft protection ...
Read More
What Is Inventory? Raw Materials, WIP, & Finished Goods
Like business equipment, vehicles and property, inventory is a type of business asset that can have a significant impact on your finances. By keeping stock for each manufacturing process segment in reserve, one part won’t slow down or stop the others. In essence, you are decoupling each part of ...
Read More
Term Bonds: Definition, Mechanics, and Examples
Investors will realize a slightly higher yield if the called bonds are paid off at a premium. Interest you earn is added to the value of the bond twice per year. This means the principal amount you earn interest on increases every six months, positioning your money to compound ...
Read More
What Is an Outstanding Check? Outstanding Checks 101
The scandal alerted businesses globally to be cautious while issuing checks and ensuring prompt follow-up on uncashed ones. Provided you maintain vigilance and embrace technology, you can handle outstanding checks with ease. Maneuvering through the financial labyrinth of checks, especially outstanding checks, demands awareness and action. Delayed action can ...
Read More