If a transaction is completely omitted from the accounting books, it will not unbalance the accounting equation. This is how the accounting equation of Laura’s business looks like after incorporating the effects of all transactions at the end of month 1. In this example, we will see how this accounting equation will transform once we […]
Category Archives: Bookkeeping
According to Payscale, certified bookkeepers make around $57,000 each year. If you’re into software-specific certifications, the QuickBooks Certified ProAdvisor is a gem, especially for small businesses. Certifications like the Certified Management Accountant https://www.bookstime.com/ (CMA) and Certified Internal Auditor (CIA) offer specialized knowledge in financial management and internal auditing. Bookkeepers are data entry wizards with daily […]
Deductible expenses can significantly reduce taxable income, and familiarising yourself with them will help you make accurate entries into your books. Deductions range from home office costs, health insurance and business supplies to travel expenses and professional development fees. Some business and self-employed individuals still keep paper records as a back up, but nowadays this […]
Continue reading to learn how to calculate straight-line depreciation and determine the value of your assets. When a company purchases a highly valuable tangible asset (e.g., machinery or vehicle), such a large expense can have a substantial impact on the yearly income statement of the company. So, to omit the sharp changes in the income […]
Content Late fees for unpaid rent Growth-Orientated Accounting for Real Estate Agencies and Entrepreneurs What is your annual gross revenue? Prepare Early for Tax Season Tips for investors with large portfolios A budget and a P&L statement is necessary NOW, not when you finally get enough business, or when you feel like you are bringing […]
Content Depreciation Tax Shield Formula What is the Difference Between Gross Margin and Operating Margin? Example of a Depreciation Tax Shield Depreciation tax shield definition How Does Depreciation Affect Tax Shields? Tax shields involve investments and purchases that are tax deductible. Some common examples include charitable giving, mortgages, and depreciation expenses. The benefit of using […]
If you need an ITIN, find out how to get the state’s Excluded Workers Fund payments. More In File The Individual Tax Identification Number, or ITIN, allows taxpayers who don’t have a Social Security Number (SSN) to file income tax returns. Unlike other forms of ID, ITINs only have one purpose—tax filing and reporting. Having […]
When you find a suitable bookkeeping solution, ensure you interview the person before hiring them. Most business owners seal the deal immediately and often miss some important details, only to notice the disadvantages when it’s too late. You can get in touch with professional bookkeepers for virtual bookkeeping through an online account. BooXkeeping has earned […]
Management accountants (also called managerial accountants) look at the events that happen in and around a business while considering the needs of the business. Cost accounting is the process of translating these estimates and data into knowledge that will ultimately be used to guide decision-making. Accounting is the system of recording and keeping track of […]
Content QuickBooks Live How local bookkeeping works Types of outsourced bookkeeping services What is Accounting outsourcing? AccountingDepartment.com: Best in-house support Asset Management for Startups: What You Need to Know The above reasons aren’t the only signs that you should outsource your bookkeeping. In general, the sooner you start with outsourced bookkeeping, the faster you’ll see […]