If a government building was damaged, the cost of repair would be met from public funds because, in the long run, this was cheaper than paying insurance premiums. Since many UK government buildings have been sold to property companies and rented back, this arrangement is now less common. Travel insurance is an insurance cover taken by those who travel abroad, which covers certain losses such as medical expenses, loss of personal belongings, travel delay, and personal liabilities. Professional l […]
Enter the relevant information in the given sections, so you know why you made the journal entry. If we transfer money from a liability or asset or equity account to an expense and income account.
Dancing Numbers is SaaS-based software that is easy to integrate with any QuickBooks account. With the help of this software, you can import, export, as well as erase lists and transactions from the Company files. You do not have to bill your customer or worry about collecting overdue amounts. (more& […]
The more precise accrual accounting method has you record transactions when you earn revenue and incur expenses, not necessarily when cash flows. The term payroll accrual often refers to the wages earned by employees that are not yet paid. Accruing a bonus means including payments for any cash bonus, paid time-off, or other extra wage-related payments you expect to make at the end of the pay period. Bonus accruals can be a risky proposition, as they require the employer to be quite certain ahea […]
These vary in complexity, so you need to understand the differences before you go with one site or another. They ask how many of each product you have in inventory when you create a record and at what point you should be alerted to re-order. Then they actually track inventory levels, which provides insights on selling patterns and keeps you from running low. Most small business accounting sites offer the option to import existing lists in formats such as CSV and XLS. (more…) […]
CategoryAmountRevenueSales revenue$1,000COGS$100Gross Profit$900ExpensesInterest expense$100Electricity expense$50Maintenance expense$50You sold $1,000 worth of popsicles. If popsicles cost $4 each (they’re vegan, gluten-free, and organic, after all), that means you sold 250 popsicles. Here’s an example of what a balance sheet looks like if you’re a Bench customer. This post is to be used for informational purposes only and does not constitute legal, business, or tax advice. E […]
Fortunately, you don’t have to become a tax law expert or live in fear of IRS auditors knocking at your door. We’ve prepared the following guide to small business taxes for dummies (and savvy business owners who want to take advantage of tax-saving strategies). When it comes to corporations, the income was typically taxed similar to income tax of individuals. When you’re getting your business started, keep track of all of your income and expenses from day one. Corporations in […]
These interpretations provide guidance for CPAs as the profession becomes more technologically dependent. CPAs should spend some time each year reviewing the updated interpretations and guidance to ensure they’re staying up to date on any relevant updates. In 1999, the nearly 120 existing committees underwent a re-organization with approximately half of the standing committees being replaced with a volunteer group model that placed an increased emphasis on the use of task forces. The incr […]
Gusto, in particular, is a prime example of an accounting service bent on payroll, but also with numerous other features. There are many instruments to cover. Obviously, you’ll need to know what you’re dealing with because there are many …
Sonya Livshits has been working as a Certified Public Accountant for a long time. Realizing that she can do more, she enlists the help of her husband, Jacob Livshits, who is a well-experienced technology entrepreneur, to set up what would then be cal…
Debits and credits allow you to quickly scan through a financial statement and see how much value was lost or gained after the transaction. That being said, if you want to not just read the statements but also understand what they mean, you need to s…
