Bookkeeping

/Bookkeeping

maj 2024

A Guide to Bookkeeping: Skills, Salaries, and Careers

Proper planning and scheduling is key since staying on top of records on a weekly or monthly basis will provide a clear overview of an organization’s financial health. While any competent employee can handle bookkeeping, accounting is typically handled by a licensed professional. It also includes more advanced tasks such as the preparation of yearly [...]

Bookkeeper and Accounting for Coffee Shops

They advise on structuring in the most tax efficient away, covering things like choosing the right VAT status, for instance. Meanwhile, accounting goes much further as it also involves interpreting this information to support the business. If you are looking for an accounting program that can handle just about everything for you, you may want [...]

Accounting Services for Wineries & Vineyards

A winery is not classified as a farm, since it’s more of a production operation, so wineries usually use the accrual basis of accounting. This difference means that a vineyard and a winery are set up as two separate entities, with the vineyard using the cash basis and the winery using the accrual basis. So, [...]

Achieve AP Automation Best Practices with Software Tools

If your organization has avoided AP automation because it seems insurmountable, we’re here to dispel those myths and champion the benefits of automated processing. Not only can automation make life easier for your AP department, but it can also save you significant money and forge a stronger procurement process. If you issue corporate credit accounting [...]

marzec 2024

Long term liabilities: Definition, Types, Examples

A ratio higher than 1.0 means the company has more debts than assets, which means it has negative equity. In Clear Lake’s case, a 60 percent debt-to-assets ratio indicates some risk, but perhaps not a high risk. Comparing Clear Lake’s ratio to industry averages would provide better insight. Leases payable is about the current value [...]

styczeń 2024

How to Calculate Liabilities: A Step-By-Step Guide

Each sector could have a standard turnover ratio that might be unique to that industry. U.S Bank’s Business Triple Cash Rewards World Elite Mastercard comes with no annual fee, 0% APR for 15 billing cycles, and 3% cashback on select purchases. However, when stacked up against other 0% APR business cards, it leaves a lot [...]

Is Accounts Payable A Liability Or An Asset?

AP is also a direct line of contact between a business and its vendor representatives. Strong business relationships between the two could benefit the company and a vendor might offer relaxed credit terms. There are a few key indicators that small business owners need to take into consideration in order to maintain financial health. However, [...]

grudzień 2023

Forms 940, 941, 944 and 1040 Sch H Employment Taxes Internal Revenue Service

This blogpost only scratched the surface on IRS Form 941. There’s even more to know about the form, reporting schedules, corrections, and other forms and taxes that must reconcile with Form 941. Investing in a payroll resource guide can be an excellent way to keep up to date with all the changes and adjustments. Note [...]

listopad 2023

An Effective Guide on Absorption Costing: Advantages & Examples

Assigning costs involves dividing the usage measure into the total costs in the cost pools to arrive at the allocation rate per unit of activity, and assigning overhead costs to produced goods based on this usage rate. Absorption costing is also often used for internal decision-making purposes, such as determining the selling price of a [...]

październik 2023

Regression: Definition, Analysis, Calculation, and Example

Again, the goal is to prevent overfitting by penalizing large coefficient in linear regression equation. It useful when the dataset has multicollinearity where predictor variables are highly correlated. Also called simple regression or ordinary least squares (OLS), linear regression is the most common form of this technique. Linear regression establishes the linear relationship between two [...]