Archivos de Categoría: Bookkeeping

In this example, the only expense incurred involved purchasing raw materials. In reality, you’ll have other expenses to account for, such as operating expenses. Make sure you’re on top of your expense management processes to record these numbers accurately. Revenue is recognized when it is earned and payment is guaranteed, whereas expenses are recognized when […]

Outsourcing can make tax filing, calculating payroll, and other payroll-related matters easier and more efficient, whether you’re a small business owner or a payroll specialist at an enterprise company. The benefits of payroll software are payroll accuracy, timeliness and compliance. All-in-one systems also have the added functionality of interdepartmental communication, making it easier than ever […]

We cannot coordinate all economic transactions with the cash basis of accounting. Cash flow statements track cash flows that go into and out of companies. They give us insights into what management is doing to generate cash from operations, invest for the future (investing cash flow), and https://www.bookstime.com/nonprofit-organizations handle financial obligations (financing cash flow). To […]

Accounting is the recording of financial transactions along with storing, sorting, retrieving, summarizing, and presenting the results in various reports and analyses. Accounting is also a field of study and profession dedicated to carrying out those tasks. Cost accounting focuses on a detailed break-up of costs for effective cost control. Managerial accounting is very important […]

Salaries, wages, and other compensation employees earn for a specific period that haven’t been paid by the company. For example, if the employee’s annual salary is $60,000, divide that by 52 to calculate their weekly rate, then divide that by five to get their daily rate. Most finance teams rely on payroll software to calculate […]

This is perfect for the business owner or creative who prefers Do-It-Yourself projects, but still needs a bookkeeper on the sideline. Schedule a free, no-hassle, no-obligation consultation with us and find out how much time and money we can save your Dallas-based business today. Join hundreds of businesses that rely on us to handle their […]

With so many reports to look through, you may be asking yourself, What do these reports mean, and how do I use them? Take a look at the difference between general ledger vs. trial balance and how to use the reports to your advantage. A general ledger is the master set of accounts that summarize […]

In simple terms, it’s what is left at the end of the day to reinvest into an organization’s mission. This ratio is often used by NPOs to measure how efficient the NPOs are at raising money. It is calculated by dividing the unrestricted contributions by the fundraising expenses, which are money spent by the NPOs […]

A set of financial statements includes the income statement, statement of owner’s equity, balance sheet, and statement of cash flows. These statements are discussed in detail in Introduction to Financial Statements. This chapter explains the relationship between financial statements and several steps in the accounting process. We go into much more detail in The Adjustment […]

During World War II, Singapore was occupied by Japan in 1942 and returned to British control as a separate Crown colony following Japan’s surrender in 1945. Singapore gained self-governance in 1959 and, in 1963, became part of the new federation of Malaysia, alongside Malaya, North Borneo, and Sarawak. General and administrative costs are rarely reported […]