Bookkeeping Archive

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Content What Is an Invoice? It’s Parts and Why They Are Important Whose Names Are on an Invoices? What is an invoice due date? Examples of invoice in a Sentence What is an invoice? How is it different from a bill or purchase order? What Goes in an Invoice? Invoices have traditionally been issued as paper documents, but are increasingly issued in an electronic format, which can be sent as an email. Some invoices come with a “pay now” option, allowing customers to use a variety https://simple-accounting.org/ of payment types to make an immediate payment. The “pay now” option can greatly reduce the collection time experienced by a seller. Receipts, however, should be issued any time a payment is received from the customer. Accounts receivable […]

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Content Intermediate Accounting (Kieso) IASB and FASB publish revised revenue recognition exposure draft What Is a Work in Progress Schedule? | Construction Accounting Exempt Percentage of Completion Method Under this method, retainage payable is also not recognized—so that should be considered when evaluating whether this method is appropriate. Accounting method refers to the rules a company follows in reporting revenues and expenses in accrual accounting and cash accounting. Financial StatementsFinancial statements are written reports prepared by a company’s management to present the company’s financial affairs over a given period . These statements, which include the Balance Sheet, Income Statement, Cash Flows, and Shareholders Equity Statement, must be prepared in accordance with prescribed and standardized accounting standards to ensure uniformity in reporting at all levels. What […]

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Contents: How Do Bookkeepers Work Remotely? Learn the Software What Do Bookkeepers Do? What’s the difference between an accountant and a bookkeeper? START A NEW CAREER Many do not like the answer to the above question, but the answer is both yes and no. This might sound confusing at first but, it will make sense when you further learn about it. Thanks to modern technology, several bookkeepers can work from home. The requirements the bookkeeper will need are a laptop or a computer, a cell phone with good reception, and a good internet connection. With these things, the bookkeeper can work from any desired place. Although we can’t possibly list them all here, here are five of the most popular bookkeeping terms you should understand. […]

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Content Labour Market Financial Analyst Training Importance of Liquid Assets Evaluating Liquidity Inventory Liquidity refers to the ease with which assets may be converted into cash and their equivalents. The highest liquid asset is placed first and the least liquid asset is placed last. Cash is considered to be the highest liquid asset. We do not need any time to convert cash to cash. How is treasury stock shown on the balance sheet? Harold Averkamp has worked as a university accounting instructor, accountant, and consultant for more than 25 years. He is the sole author of all the materials on AccountingCoach.com. FREE INVESTMENT BANKING COURSELearn the foundation of Investment banking, financial modeling, valuations and more. Liquidity order helps in times of emergencies by providing quick […]

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Content What are some of the best ways to prevent different types of payroll fraud? Services There’s a Ghost in my House—Payroll Fraud Occurs Worldwide, So Be Ready Business Products & Services Reasons Why Your Business Needs Online Accounting Errors resulting in overpaying wages are significant payroll risks that cause companies to lose money. Sometimes, employees receive more than their wages; in most cases, they never report it. Over 13.6 million Americans admit to receiving more than their wages, but not all were in a hurry to report it. Some employers may choose to have contractors function as employees. They pay little or no taxes, avoid benefits and underpay workers. Depending on the region, penalties range from heavy fines to prison sentences. More than one […]

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Content Inventory: Retail method Cost vs. Retail Accounting Inventory Systems What you will learn to do: describe the flow of manufacturing costs Product Calculating COGS As the name suggests, COGS refers to the amount it cost a business to produce the products it sold, including everything that went into it – materials, labor, tools used, etc. But without factoring in costs not directly tied to the production process – like shipping, advertising and sales force costs, etc. The first step in the case of management costing is forecasting the cash flow; knowing where the expense is more or unnecessary, and the requirement of some product is not necessary for some seasons. After the cash flow is settled the next step is to analyse performance variance […]

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Content How to set up QuickBooks Online Can a beginner use QuickBooks? Free QuickBooks Online Course (latest version) Why not get started today? Get Business Funding Through QuickBooks Capital Many beginners still need additional help in order to get the most out of the software package. Thankfully, QuickBooks training for beginners makes this possible. The combination of training and ease of use, make this the top software program for your small business. Also, any expense entered can be marked as billable and assigned to a customer. Just like time, these billable expenses will be available to add to the customer’s next invoice. You don’t need the payroll add-on to track employee time for billing purposes. Read this clear guide on how to start a business […]

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Content Accrual Accounting vs. Cash-Basis Accounting Join over 140,000 fellow entrepreneurs who receive expert advice for their small business finances More about running your business What is the Accrual Basis of Accounting? Understanding the Accrual Method Pros and cons of accrual basis accounting ACCOUNTING Choosing which type of accounting for your business depends on many factors. Before filing with the IRS stating whether your company will be cash or accrual, you should develop a strategic plan in order to make an informed decision. Financial accounting is the process of recording, summarizing and reporting the myriad of a company’s transactions to provide an accurate picture of its financial position. Once it’s created, we can update it and meet with you each week or month depending on […]

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Content Break-Even Formula 101: Why Knowing Your Break-Even Point Is Crucial to Restaurant Success Learn to Calculate the Break-Even Point for Your Restaurant Break Even Analysis for Restaurants: How to Calculate B.E.P Inflation Trends in the Hospitality Industry: What You Need to Know Tips for Creating a Sales Forecast What is break-even analysis? MANAGEMENT DEVELOPMENT Benefits of a breakeven analysis for restaurant owners Again, practicing accurate accounting is essential to how useful and informative conducting a break-analysis can be. Later we’ll go through an example of how to calculate a break-even analysis for a restaurant. In order for Pete’s Pizza to break even, it needs to generate approximately $2,951 in revenue or sell 73 pizzas every day for two years. Create custom floor plans and […]

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Content Which Assertions Are Proven by Accounts Receivable Confirmations? What are Audit Assertions? Assertions in Auditing IAASB Handbook of international quality control, auditing, review, other assurance, and related services pronouncements Management assertions Assertions are an important aspect of auditing. Since financial statements cannot be held to a lie detector test to determine whether they are factual or not, other methods must be used to establish the truth of the financial statements. Assertions are claims that establish whether or not financial statements are true and fairly represented in the process of auditing. In this scheme the payables clerk adds and makes payments to a nonexistent vendor. Additionally, the payments are usually supported with fake invoices. What is the result? Yes, additional expenses. Those fraudulent payments appear […]

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