Category: Bookkeeping

These businesses can inadvertely make errors in counting money and issuing change to customers. Variances between expected and actual amounts are called “cash-over-short.” This variance account is kept and reconciled as part of the company’s income statement. Reconciliation is an accounting procedure that compares two sets of records to check that the figures are correct and in… Continue reading Bank Reconciliation: Why Do You Need Regular Reconciliations?

With Hosting came the option of accessing the software from any remote location using any internet-enabled device. At this point, we can hop into QB2 to confirm that we can reach this company data file from other machines. Simply pay a flat monthly fee per person for Hosting, and get the flexibility to add or… Continue reading QuickBooks Desktop 2024: Scale up your business on the cloud!

There are four key types of contra accounts—contra asset, contra liability, contra equity, and contra revenue. Contra assets decrease the balance of a fixed or capital asset, carrying a credit balance. Contra liabilities reduce liability accounts and carry a debit balance. Contra equity accounts carry a debit balance and reduce equity accounts. What are the… Continue reading What is a Contra Account? Definition Meaning Example

The bottom line is that accounting is a stable career, and you likely won’t have trouble finding a job that’s right for you. “From big tech to the FBI to the NBA, every single industry and every single company needs an accountant,” Barentzen says. Ultimately accountants build trust with consumers and investors, forming what Heller… Continue reading Understanding Accountant Duties: What Does An Accountant Do?

Deltek ComputerEase’s specialized work in progress reporting helps contractors track progress on every job. It’s easy to simply compare the total costs spent to date with your estimated budget and assume that a project is running smoothly if your cost spent to date has not exceeded your budget. But, using multiple calculations, you can see… Continue reading Work in Process WIP Inventory & How to Calculate

Take our free career test to find out if bookkeeper is one of your top career matches. By clicking “Submit,” you agree to permit Intuit to contact you regarding QuickBooks and have read and acknowledge our Privacy Statement. At your request, QuickBooks will conduct a full evaluation of your bookkeeper’s work. If you invoke the… Continue reading How to Become a Bookkeeper A Complete Guide

Without this information, the company would not know if the plan is reaching the desired result of increased market share. Three friends who are recent graduates from business school, Alex, Hana, and Gillian, have each just begun their first postgraduation jobs. Alex has taken a position as a market analyst for a Fortune 500 company… Continue reading 1: What Is Managerial Accounting? Business LibreTexts

A bookkeeper ensures that he maintains tax ready financial statements and trial balance. This also means that you will save more money and maximize your tax deductions. Bookkeeping focuses on recording and organizing financial data, including tasks such as invoicing, billing, payroll and reconciling transactions. Accounting is the interpretation and presentation of that financial data,… Continue reading Bookkeeping Services: Tasks, Tools, and More

If you need to terminate the contract at a different time, there will likely be an early termination fee. Invoice factoring with a factoring company can be worth it as it can bridge cash flow gaps. You could use it if your business is seasonal or if you suddenly gained unexpected expenses. Best Invoice Factoring… Continue reading Power your entire business

During inflationary times, supply prices increase over time, leaving the first ones to be the cheapest. Those are the ones that COGS considers first; thus, resulting https://www.bookkeeping-reviews.com/electronic-filing/ in lower COGS and higher ending inventory. You can use our online FIFO calculator and play with the number of products you sold to determine your COGS. As… Continue reading First-In First-Out FIFO Method