Maxim Liberty has been providing outsourced bookkeeping services to businesses and accounting firms in the USA and Canada since 2005.
You just got to know the difference between cash and accrual basis accounting. Another accounting term that baffles some business owners is a nominal account. Nominal Accounts are general ledger accounts that are closed at the end of the fiscal year. When do you use nominal accounts? And why would you use them? Nominal Accounts: […]
The task of organizing receipts or documents for income and expenses is at the back of the mind for most business owners. Accurate record keeping of these documents per IRS guidelines is essential as it will be helpful to defend your income and expenses during an audit. What are the best practices for organizing business […]
Businesses that use the cash basis of accounting record prepaid expenses at the time of payment. Under the accrual-based accounting method, the prepaid expense is recorded as an asset at the time of payment. The balance in the prepaid account is gradually transferred to the specific expense account over time. ThIRS requires all businesses irrespective […]
The IRS requires that taxpayers report certain types of income in Form 1099. Some of the income that is reported in the form include tax dividends, state tax refunds, IRS distributions, and credit card and debit card debt forgiveness. In this blog post, we will covertdue dates and other important information regarding Form 1099. You […]
One of the most important parts of the double entry accounting method is the control accounts. The account is a cornerstone of bookkeeping. Outsourced bookkeeping service providers use the accounting method for preparing error-free financial reports. In this blog post, you will know what exactly a control account is. In addition, you will know about […]
The Importance of Professional Bookkeeping Services in Virginia Efficient bookkeeping is a cornerstone of successful business operations, regardless of size or industry. In Virginia, where businesses range from small enterprises to large corporations, finding a qualified bookkeeper at an affordable rate can be a challenge. With hourly rates for bookkeepers in Virginia averaging between $30 […]
Bookkeeping is an accounting activity that needs to be accurate at all times. It should be without any errors. This is important not just to avoid mistakes when filing taxes. Accurate bookkeeping will help you make informed decisions that will improve the bottom line. Avoiding bookkeeping mistakes will help in knowing the exact financial position […]
Accounting software helps streamline bookkeeping activity. Using accounting software reduces errors and speeds up the bookkeeping process. The transactions can then be easily categorized into different categories. Selecting the right accounting software requires careful consideration. Here we will also review the best accounting software that professional outsourcing bookkeeping service providers use to record accounting data. 1. […]
Cost accounting and budgeting are critical for every type of business. The accounting technique allows efficient utilization of resources for businesses. There are different cost accounting benefits for businesses. Outsourced bookkeeping companies record accounting transactions that form the basis of cost accounting and budgeting. In this blog post, you will learn about the benefits of cost […]
Capital budgeting is a technique that companies use for appraising different products. The accounting and finance technique is used for the appraisal of the potential value of an investment asset. In this blog post, we will shed light on different types of capital budgeting techniques. Consider hiring outsourced bookkeeping services so that you can focus on […]