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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 […]
Late payers can be the bane of any small business which is why it’s so important to stay on top of the accounts. Running a small business can be difficult at the best of times, but when you start dealing with late payers it can feel almost impossible. That’s why it’s hard to overstate the […]
Table of Contents: Introduction to Online Bookkeeping Benefits of Online Bookkeeping Accessibility and Flexibility Enhanced Security Features Integration with Business Tools Choosing the Right Online Bookkeeping Software Key Features to Look For Popular Online Bookkeeping Tools How to Transition to Online Bookkeeping Steps to Get Started Data Migration Tips Training Your Team Best Practices for […]
QuickBooks is an extremely versatile and flexible accounting software. Millions of small business owners all around the world use the app for bookkeeping. Many bookkeeping service providers also use the accounting app to record transactions. But learning the ins and outs of this accounting software may take some time. Here we will share some tips for […]
It is the most wonderful time of the year again, time for holidays, parties, sparking light, and decorations. With holidays just around the corner, this could be the busiest time of the fiscal year, especially if you are a small business owner. This wonderful time of the year can quickly turn into a nightmare of […]