Bookkeeping

As these firms provide a wide range of services to their clients, including consulting and advisory work, there is a perception that their independence as auditors may be compromised. Critics argue that the provision of non-audit services to audit clients could compromise objectivity and impair the quality of audits. In response to these concerns, regulatory […]

This ensures the credit memo reaches the right recipient and is properly documented. Other adjustments, represented by credit memos, encompass a broad range of situations where the original invoice amount requires modification due to errors or unforeseen circumstances. A voucher, similar to a coupon, represents a discount (which may reach up to 100%), for a

Your employees are responsible for paying $100 per pay period (500 x 20%), while your company is responsible for $400 (500 x 80%). This information allows us to understand the total cost to your company and each employee per payroll, which will help us understand what we're accounting for. Before we dive into the accounting

The fixed cost ratio is a simple ratio that divides fixed costs by net sales to understand the proportion of fixed costs involved in production. In the next part of our exercise, we’ll compute the total cost per unit using the figures determined in the prior step, and our variable cost per unit assumption as

However, some software choices make scaling and growing your bookkeeping business easier, with less friction and bugs. Selecting an ideal software is a crucial first step for many aspiring bookkeepers. In addition to moving up into higher-level positions, remote QuickBooks Live bookkeepers may also be able to enter into the tax domain by completing Intuit

With longer sets (more than 60 people), one dance typically does not allow dancing with every dancer in the group. Contra accounts are used to reduce the value of the original account directly to keep financial accounting records clean. The difference between an asset's account balance and the contra account balance is known as the

An experienced bookkeeper can offer advice on ways to create effective financial systems so nothing falls through the cracks on a daily basis. Your bookkeeper will maintain your working ledger in a way that is accurate and easy to understand, and can alert you to red flags as they arise. Additionally, since they have a

So make sure you choose the method that puts you in the best place to help your business succeed. A negative cash flow statement can be a strong indicator that your company's not in a good position for a potential economic downturn or market shift. For example, the bigger your company is, the more labor-intensive

Content Using net income and retained earnings to calculate dividends paid Record the dividend as a liability Dividends' Date of Declaration Main Purposes of Financial Statements (Explained) They are paid quarterly or yearly by some companies while other companies do not pay dividends at any time. Different classes of stocks have different priorities when it

Content 6 Cost Terminology Key Differences Between Product Cost and Period Cost Product and Period Costs Items That are Not Period Costs Importance of Period Costs Costs that are not related to the production of goods; also called nonmanufacturing costs. All costs related to the production of goods; also called product costs. Product costs include