Category Archives: Bookkeeping

This enables you and your bookkeeper to work together seamlessly from the start. It will be a lot harder to work with a virtual bookkeeper if you use QuickBooks and they use FreshBooks or Xero. Therefore, make sure you ask them which accounting app they use for their business and why. If they are using […]

A positive gross profit ratio shows that you’re successfully covering your operating costs and generating a profit. This indicates that while production is efficient, overall business management and cost control require attention. The difference between gross profit margin and net profit margin is essential for understanding how businesses measure profitability. Gross margin highlights production efficiency, […]

Content Get support QuickBooks Live Bookkeeping Reviews QuickBooks Training class Fort Myers QuickBooks Training class Pittsburgh QuickBooks Training class Arlington QuickBooks Training class Washington DC QuickBooks Plus is so popular that many accountants in private practice support it. It’s possible some of them may charge a little less than what Intuit is charging. But Intuit’s […]

There are, however, some caveats; for instance, some documents require a photo, whereas others do not, and passports require a date of entry to be accepted. A skilled U.S. tax accountant can help you figure out what counts as acceptable documentation in your case and ensure that your application goes through without issue. The IRS […]

Content Entry requirements MSc Accounting and Finance QB2002: MANAGEMENT ACCOUNTING 2 Information for international students This simplifies the audit process and you can immediately call up any record for inspection. If you inaccurately value the real estate you manage or sell, you could be liable to prosecution. So follow valuation regulations carefully, and keep accurate […]

Conversely, crediting an asset or expense account, or debiting a liability, equity, or revenue account, decreases its balance. For reference, the chart below sets out the type, side of the accounting equation (AE), and the normal balance of some typical accounts found within a small business bookkeeping system. One of the fundamental principles in accounting […]

For payback methods, capital budgeting entails needing to be especially careful in forecasting cash flows. Any deviation in an estimate from one year to the next may substantially influence when a company may hit a payback metric, so this method requires slightly more care on timing. In addition, the payback method and discounted cash flow […]

For many firms, the analysis and management of the operating cycle is the key to healthy operations. In our example, if the retailer purchased the inventory on credit with 30-day terms, it had to put up the cash 33 days before it was collected. The working capital cycle formula is days inventory outstanding (DIO) plus […]

Online services may offer one-on-one meetings, but you might have to pay more. If you want a higher level of support in the future, such as chief financial officer or CFO-style services, consider choosing a bookkeeping service that will allow you to upgrade later. Offers less expensive plans for businesses that need tax support and […]

Bear in mind that, in the world of bookkeeping, an account doesn’t refer to an individual bank account. Instead, an account is a record of all financial transactions of a certain type. You might be trying to determine which bank account is best for your business and the difference between debits and credits while juggling […]