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Bookkeeping

In-House Accounting vs Outsourching: Which Ones Best for Your Business

Outsourcing offers medium to large businesses scalability and adaptability that is challenging to achieve with an in-house team. The ability to tap into advanced technological solutions, such as cloud-based accounting software and automation tools, enhances efficiency and accuracy. The outsourcing model allows businesses to flexibly adjust their accounting services based on fluctuating operational demands, a...
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Small Business Accounting 101 a 10-Step Guide for Financial Success

Simply turn your financial statements over to your CPA or other tax filings expert, and let them handle the rest. Maintaining bookkeeping tasks is essential for the stability and success of small businesses. With record keeping for small business so many moving pieces (including assets and liabilities, and income and expenses), small business owners must...
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Invoice Financing: Turn Unpaid Invoices Into Working Capital

Transferring multiple balances is possible if you stay under your balance transfer limit. You can usually transfer up to 90% of your credit limit (which is based on your income, credit score, current debt, and other factors). You’ll receive the first advance payment within hours or a business day or two, depending on the factoring...
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What Is an Accountancy Degree? A 2024 Guide to Accounting Degrees

Those who hold a certificate from a basic accounting course could qualify to work as an administrative assistant, bill or account collector, or teller at a financial institution. Compared to other accountants, CPAs have more professional responsibilities and privileges. Only CPAs can represent people and companies before the IRS, act as external auditors and file...
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Understanding Accounting Rate of Return ARR

For JuxtaPos, we saw that total net cash inflows for the refurbish option was $88,000, and total net cash inflows for the purchase of a new machine was $136,000. To get accounting income, we subtract total depreciation expense from cash flows. The refurbish is completely depreciated at $56,000, but the new machine is only depreciated...
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What are Reversing Entries? Definition Meaning Example

If the accountant did not make a reversing entry at the beginning of the year, the accountant will have this entry upon collection of the income. Adjusting entries for unearned revenue under the liability method and prepaid expense under the asset method do not make sense to reverse. Adjusting entries for depreciation, bad debts and...
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Sales Tax Calculator: Estimate Your Sales Tax

Relying on a city or ZIP code is not the most reliable way to calculate sales tax rates. It’s worth noting that this change doesn’t happen automatically. States must pass a law similar to South Dakota’s to require that out-of-state companies collect sales taxes. How do I calculate sales tax backwards from the total? More...
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Xero vs QuickBooks Online: Features Comparison, Pros, Cons

DBase was one of the first commercially available database systems. Compiled means that the source code of the query has been made executable (compiled), so that it is faster to run as compilation has already been done. However you work, no matter what your business does, QuickBooks has a plan for you. Remember, different programs...
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Generally Accepted Accounting Principles GAAP

Principles of Accounting is designed to meet the scope and sequence requirements of a two-semester accounting course that covers the fundamentals of financial and managerial accounting. Due to the comprehensive nature of the material, we are offering the book in two volumes. Each chapter opens with a relatable real-life scenario for today’s college student. Thoughtfully...
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Payroll Software for Small Business Run Payroll Online

Many businesses decide to process payroll manually on their own when first starting out. While this doesn’t incur third-party costs, it can be difficult as your business must keep track of many different types of employment records when you start paying employees. These records include income tax withholding, Social Security tax and federal unemployment tax....
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