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Maxim Liberty has been providing outsourced bookkeeping services to businesses and accounting firms in the USA and Canada since 2005.
Financial statements are important for both business owners and also investors. The statements provide a lot of information about a business. Looking at financial statements of the company, a business can know about the profitability, debt load, and liquidity position of a company. In this blog post, you will know about the elements of the […]
Small business owners can minimize taxes through various legitimate methods. You can significantly reduce the tax amount through proper tax planning. In this blog post, our professional certified public accountants (CPAs) have revealed 10 ways small business owners can reduce taxes. 1. Know about IRS Requirements Small businesses in the US must follow IRS requirements […]
Small businesses owners must have a basic understanding of the accounting ratios. The ratios can help business owners to know about the financial performance of the company. It can also help in understanding different aspects of the business. Business ratios reflect the positive and negative aspect of the business. You can get a clear picture […]
Accounting software can be used to record and classify business transactions. Some accounting software also helps in invoice management, payroll, taxation, and bills payment. The accounting apps also support the generation of financial statements at any point in time. Different accounting apps are available for small and large businesses. Small business owners generally use off-the-shelf […]
Fixed assets of a business such as computers and equipment, vehicles, machinery, furniture, and fixture lose value over time. The loss of value is known as depreciation which is calculated when preparing financial statements. Business owners need to know about depreciation expenses and how the expense is recorded by outsourced bookkeeping service providers in the books. […]
Business owners must allocate the cost of the assets over their useful life. Allocating expenses over a period will result in a more realistic reflection of the financial position of the company. The assets that a business can allocate over a period can be tangible or intangible. Allocation of the cost of intangible business assets […]
The accounting equation is the fundamental part of the double-entry accounting method. The equation is a simplified version of the balance sheet. It is a concise expression of the two sides of the accounts in a double-entry accounting system. Every business transaction in the double-entry accounting system is represented by two entries. Outsourced bookkeeping service providers […]
The accounting principle of conservatism – also referred to as the concept of prudence – ensures that the financial statements present an accurate picture of the financial position of a company. Professional accountants must verify each transaction and remain prudent when recording income and expenses. Here you will learn more about the accounting concept of […]
A double entry accounting method involves making two entries at the same time. Public companies are required by law to record costs using the accounting system. Companies have to follow the Generally Accepted Accounting Principles (GAAP) when preparing accounting records using the method. Small businesses can also use the double accounting method. In this blog […]
The job order costing method involves assigning manufacturing costs to a unit of output. The accounting method is used by businesses that manufacture unique units. The method contrasts with process costing that is used when the manufactured units are identical. Due to the large variation in produced goods, the job order costing requires creating a […]