Keep in mind that cheap does not always mean better, so make sure to compare the prices against the level of service offered by each provider. Shop around and obtain quotes from several bookkeeping service providers before making a decision.…
This is why we’ve created 11 checklists to guide you through your accounting processes. This process typically involves reconciling your bank accounts, reviewing all entries for accuracy, and closing out the books for the month. This task includes verifying bills…
Building a strong support network of friends, family, or peers who understand the challenges of sobriety can provide invaluable encouragement and accountability on the journey toward mental and emotional well-being. Alcohol changes levels of serotonin and other neurotransmitters in the…
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…
