Categoria: Bookkeeping

The technological age has given us access to a wide range of tools to make running a business easier, and it’d be silly not to use them. If your business doesn’t issue too many receipts, you can always go old-school and opt for the writing a receipt classic pen and paper. The advantages of this […]

Notice that in terms of dollar amount, gross profit is higher in Year 2. The cost of sales in Year 2 represents 78.9% of sales (1 minus gross profit margin, or 328/1,168); while in Year 1, cost of sales represents 71.7%. The gross profit formula is calculated by subtracting total cost of goods sold from […]

This ensures a more accurate view of the company’s current liquidity and its ability to pay current liabilities as they come due. Long-term liabilities refer to a company’s non current financial obligations. On a balance sheet, a current portion of any long-term debt is listed in the current liabilities section. Debt ratios (such as solvency […]

While the FSLA sets out its guidelines, the State rules must be adhered to. In many cases, salaried employees are exempt from overtime, but there are exceptions based on job role, salary level, and working hours. Exempt status means that a job doesn’t include overtime payment and/or that the employer can pay less than the […]

To fully understand the accounting cycle, it’s important to have a solid understanding of the basic accounting principles. You need to know about revenue recognition (when a company can record sales revenue), the matching principle (matching expenses to revenues), and the accrual principle. When this happens, debits and credits are equal but the account’s activity […]

If you received a tax refund via check and the amount is less than you expected, the IRS will provide a note explaining the reason and further steps, if needed. If it’s confirmed that you should have received more, you may cash the check already received, and you will receive another check for the remaining […]

Bookkeeping solves all of these by making the financial information readable. Given these considerations, there is a significant benefit for travel agencies to consider professional bookkeepers who specialize in their industry. With their expertise, you can confidently navigate the fluctuating travel industry landscape and focus on doing what you do best – providing excellent travel […]

If you will miss payments on a loan, your best move may be to sell the asset yourself. Judgment liens are claims against a person’s property that are awarded by a judge when the property owner has lost a lawsuit and failed to pay the winner. If you get sued, lose and don’t pay, the […]

You can also provide the client with a rough estimate and timeline for the project. Stakeholders for CapEx approval can vary but typically include department heads, financial controllers, and possibly top-tier management. Tailoring your form to each of their interests ensures a smoother review process and increased likelihood of approval. When clients ask for more […]

No matter what type of business you run, taking more time costs more money. Smaller businesses, like a local retail store, may need to provide it to get (or restructure) a loan from banks or other lenders. Our writing and editorial staff are a team of experts holding advanced financial designations and have written for […]