Category: Bookkeeping

When the balance sheet is prepared, the liabilities section is presented first and the owners’ equity section is presented later. The balance sheet is used to assess the financial health of a company. Investors and lenders also use it to assess creditworthiness and the availability of assets for collateral. A balance sheet is also different…

Managing income and expenses closely and in a structured format will make it much easier to prepare taxes—whether independently or with a tax preparer. You can go with the baseline plan, the Simple Start plan, for $30 per month. If you need more users, you need to move up to The Essentials plan for $55…

While this could be a positive indicator, it’s essential to ensure that the project’s quality and scope are not compromised in the process of cost reduction. This comparison also empowers project managers to make informed decisions, optimize resource allocation, and maintain a clear understanding of the project’s financial trajectory. Project burn rate is crucial in…

A loan payment often consists of an interest payment and a payment to reduce the loan’s principal balance. The interest portion is recorded as an expense, while the principal portion is a reduction of a liability such as Loan Payable or Notes Payable. If this is the case, an interest payment doesn’t cause a business…

If this is your first time calculating your product’s unit cost, it might seem like a daunting task. But never fear – we’re here to help walk you through the process step by step. If the total fixed cost is $10 million and the variable cost is $8 million, the total will be $18 million…

Both come with rich accounting and a strong set of financial and billing reports. Cloud-based software is hosted on external servers and accessed via the internet, offering a more modern approach to data management. See how one law firm uses LexWorkplace to organize their documents and streamline their practice. Whether you’re a seasoned legal professional…

This is best for any contractor looking for a comprehensive, ready-to-use solution for accounting and project management. Expensify is a software solution designed to help businesses track, organize, and categorize receipts and expenses. You can sync it with your bank account to import expenses automatically or simply take a photo of a receipt to import…

FASB aims to develop and issue accounting standards through an inclusive and transparent process intended to promote useful information and decision-making by the NPO board, donors, grant funders, and other stakeholders. Because of their unique structure and operational model, nonprofits must comply with various accounting standards that are, in many ways, different from for-profit organizations.…

Acumatica’s payroll solution is fairly flexible, catering to requirements like https://www.bookstime.com/ multiple unions, classes, complex wages, and benefits packages. Additionally, the software also provides tools for creating and tracking subcontract status, purchase orders, and budget comparisons. This helps automate project commitments and change order processes, helping to control cost overruns. Accounting software’s low starting prices…

The International Financial Reporting Standards (IFRS) prohibits it, and businesses in the United States may not be able to use it forever. With robust reporting features, you gain valuable insights into your operations and identify areas for improvement. When you’re a Pro, you’re able to pick up tax filing, consultation, and bookkeeping jobs on our…