Bookkeeping

A clear indication of how your expenses are managed makes it easy to monitor and map out a business’s growth. They also need to manage relationships with stakeholders and make crucial decisions while balancing financial management. To this end, they need to have strong leadership skills that are aligned with a company’s goals, business model, […]

A debit balance is an account balance where there is a positive balance in the left side of the account. Accounts that normally have a debit balance include assets, expenses, and losses. Examples of these accounts are the cash, accounts receivable, prepaid expenses, fixed assets (asset) account, wages (expense) and loss on sale of assets

We provide pharmacy accounting services and consulting but we also own pharmacies, so our financials include DIR fees, rebates and revenue lines for each payer. To be successful, pharmacists need to free up as much time as possible to spend with clients. FreshBooks cloud accounting software helps you get more face time with customers and

The very purpose of reconciling bank statements with your business’s cash book is to ensure that the balance as per the passbook matches the balance as per the cash book. Such deposits are not showcased in the bank statement on the reconciliation date. This happens due to the time lag between when your business deposits

The $0 down deal sounds great, but the higher payment processing fees will add up. You can pay $0 upfront for a countertop or mobile POS starter kit and pay a higher payment processing rate, or you can purchase your kit outright and pay a lower processing fee. This provider offers standard POS software plus

Generally, the ledger account of the ‘T’ form contains eight columns – four in left and four in the right. The journal transactions get recorded in chronological order on the day of their occurrence. Except for nominal accounts, all ledger accounts are balanced to find the net result. Posts summarized transactions from the journal to

For example, if you run a small business and need $40,000 of financing, you can either take out a $40,000 bank loan at a 10% interest rate, or you can sell a 25% stake in your business to your neighbor for $40,000. Instead of debt, the owner would like to sell a 10% stake in the company

The separate account titled the ‘Revaluation Account’ is opened to record the adjustments related to the revaluation of assets and liabilities. An increase in the value of the assets or a decrease in the liability is recorded on the credit side of the Revaluation Account, and any decrease in the asset or increase in the

Our mission is to empower readers with the most factual and reliable financial information possible to help them make informed decisions for their individual needs. Our goal is to deliver the most understandable and comprehensive explanations of financial topics using simple writing complemented by helpful graphics and animation videos. We saved more than $1 million

Use Form 4562 to claim deductions for amortization and depreciation. The payment is huge and inflated like a balloon, hence the name. This method can significantly impact the numbers of EBIT and profit in a given year; therefore, this method is not commonly used. In short, the double-declining method can be more complex compared with