Categoria: Bookkeeping

Now he works as a growth coach, helping restaurant owners expand their businesses. It should be reviewed, assessed, and updated on (at least) a quarterly basis to see how things are going. If, for example, you end up needing $50k more for marketing than you estimated, you should get it from somewhere else in your […]

But you may pay federal taxes on a portion of your Social Security benefits, depending on your income. Up to 50 percent of your benefits will be taxed if you file an individual tax return and make $25,000 to $34,000 in total income — or if you file jointly and as a couple make $32,000 […]

Without regular—and accurate—financial reporting, you may not see potential opportunities, and smaller problems may inadvertently escalate. If you’re a lawyer in Texas, check out our comprehensive guide, What You Need to Know About IOLTA Accounts in Texas. Learn more about the legal chart of accounts and view examples of formatting. Trust account liability almost operates like […]

By a large margin, the most easily understandable and widely-used depreciation method is the straight-line method. So, the manufacturing company will depreciate the machinery with the amount of $10,000 annually for 5 years. The following image is a graphical representation of the straight-line depreciation method. This method helps to estimate the overall consumption pattern of […]

Appraisal costs are also considered an investment, not a loss, because you’re assuring that quality specifications have been met, and you’re preventing unnecessary failure costs, etc. These are costs incurred to check & verify that product was built right the first time. What he’s saying here is that we should shift our focus from failures […]

The cost of goods sold (COGS) refers to the cost of producing an item or service sold by a company. These pens are now known as inventory because they are purchased with the intention of resale. To find the COGS, a company must find the value of its inventory at the beginning of the year, […]

Accounting technology is the transformation of previously paper-driven processes and systems into streamlined accounting workflow solutions that are accessible 24/7 via cloud-based software. In the not-so-distant past, accountants spent a good portion of their day entering trial balance data into engagement software or formatting financial statements. Automation helps accountants and bookkeepers easily manage more complex tasks and helps […]

This broader measure can reveal underlying issues or strengths that are not immediately apparent from net income alone, making it an invaluable tool for investors and analysts. Items included in comprehensive income, but not net income, are reported under the accumulated other comprehensive income section of shareholder’s equity. Add a heading to the report that […]