While it may make sense to utilize this option for tasks such as payroll, it may not be the best choice for paying certain bills or invoices. To find the best choice, you’ll need to take a closer look at…
Our favorite QuickBooks Online features that we tested are its customizable dashboard, comprehensive reporting tools, and accountant and bookkeeper integrations. The best accounting software makes managing your books easy, with precision accuracy and efficient automation. Business News Daily provides resources,…
When a customer makes a purchase or receives a service, the vendor or service provider generates an invoice that itemizes the details of that specific transaction. Statement billing is when a customer receives a periodic statement from a vendor or…
If you’re paying employee taxes or sales tax, you’ll need to prepare a quarterly report for remitting payments to the IRS and other required taxing agencies. The accrual-based accounting method records income when it’s billed, not when it’s received. The…
As we know the formulas of the sum of years’ digits depreciation, let us follow the methods below to calculate it. The sum of years depreciation method works by depreciating the asset’s depreciable amount by a depreciation factor unique to…
Before you take on any small-business bookkeeping tasks, you must decide whether a single- or double-entry accounting system is a better fit. The entry system you choose impacts how you manage your finances and how your bookkeeping processes will work.…
Treating prepaid expenses as assets allows for a more accurate financial representation of a company’s position. The matching principle is upheld by spreading the expense throughout the benefit period, rather than recognizing it all at once. This ensures that expenses…
