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Accounting for non-profits and charity organizations is somewhat different from accounting for the typical for-profit business. Nonprofit organizations mostly rely on donations and grants to finance activities. They are required to submit earnings and expenses similar to for-profit organizations. The aim of preparing financial statements is to ensure full financial transparency for the donors and […]
A lot of business owners get confused by the process costing method. Process costing is a bookkeeping method that involves assigning costs to similar products. The method is used when products are produced in a large batch. In this blog post, we will explain the costing method using examples. After reading the post, you will […]
Excel is the preferred tool of choice for many small business owners. This spreadsheet software can be used for basic bookkeeping tasks as well as complex data management. A survey report found that about 69 percent of small businesses rely on Excel for accounting purposes. The app can process a large amount of data. It can also present data in […]
Every online business owner needs to keep tabs on how the business is performing financially. This is possible through efficient bookkeeping services. Keeping accounting records will allow you to easily pull up data to know about the financial position of your company. In this blog guest, you will know accounting best practices for online businesses. […]
An important yet often misunderstood section of a balance sheet is the owner’s equity. It refers to the amount invested by the owners in the company. The term is mostly used for sole ownership and partnership business. For registered companies that are structured as a corporation or LLC, the appropriate term is shareholder’s equity. In […]
If your small or medium size company is trying to expand into new markets or increase production, it can place a greater demand on your accounting staff. In fact, at some point, you may need more help, but there’s no need to hire additional staff. Instead, you can hire a trusted and dependable bookkeeping company […]
There are so many bookkeepers that while it is progressive to think of getting a younger person whom you can also pay less than a more experienced bookkeeper already in your employ, stop and think. Can you really afford to lose a great bookkeeper? How do you know that the bookkeeper in your company is […]
Many small businesses don’t see the light of making it big. If we look into the failure of many of these companies, there is one common cause in irrespective of the industry and geography. Small business owners need to focus primarily on their core business activity. That leaves very little time for a critical activity […]
How can you trust a remote bookkeeper? You know outsourced bookkeeping saves you money. However, what about security and privacy? There are many risks associated with online bookkeeping. How can you mitigate these risks? How can you trust someone who is remote, whom you have not seen and barely know? Of course, it’s a valid […]