Category: Bookkeeping

There may be situations where it is not possible to conduct a physical count to arrive at the ending inventory balance. If so, the gross profit method or the retail inventory method can be used to derive an approximate ending balance. When it comes to the end of a business’ accounting period, it is somewhat… Continue reading Comprehensive Guide to Inventory Accounting Practices and Principles

While most bookkeepers work with businesses, some individuals may also choose to hire a bookkeeper to track personal finances. Parts 1 and 2 must be taken at a testing center and parts 3 and 4 are “take-home” exams that you can complete at your own pace and mail to the AIPB for grading. You must… Continue reading Intuit Academy Bookkeeping Professional Certificate

It’s easy to overlook expenses when you have a lot of things to consider. But a break-even analysis is a detailed look at your business, and often uncovers things you’ve been missing. Notice how the calculator automatically calculates the cumulative cost total. If you’re not used to requesting referrals, make it a habit, most appropriately… Continue reading Break Even Analysis: Definition, Calculation, and Use 2023

Content Best Way to Build an In House Accounting Team You’ll need advice when you write a business plan Skills and qualifications to look for in an accountant What is an accountant? Check the Accountant’s References Ask Colleagues About Their Accountant You’ll want to ask the right questions, and then set up an interview. Additionally,… Continue reading Attention Required! Cloudflare

First In, First Out is a method of inventory valuation where you assume you sold the oldest inventory you own first. It’s so widely used because of how much it reflects the way things work in real life, like your local coffee shop selling its oldest beans first to always keep the stock fresh. Using… Continue reading What Is the FIFO Inventory Method? First-In, First-Out Explained

Content Do Bookkeeping the Right Way With a Bookkeeping Checklist Key Differences Take the confusion out of bookkeeping TestGorilla helps you choose the best candidates by evaluating the skills needed for bookkeeping Intuit Bookkeeping Professional Certificate Review A bookkeeper could also be involved in helping create the financial strategy of a business. LinkedIn Learning is… Continue reading How to become a bookkeeper no experience! in 2023

If I say “The theater’s receipts for the summer were 10% up on last year,” it means income was 10% higher. Furthermore, expense reports should always include information about the venue and staff.Additional information is required for hospitality expenses of over $150. For example, to claim transport expenses such as railway tickets and tax fares,… Continue reading What Is Cash Receipt Definition, Benefits And Example

Profit estimates are calculated by deducting all expenses from your total projected revenue. Add up your fixed costs, variable costs, and contingency funds and subtract this total from your estimated income to estimate your profit. A business budget estimates future revenue and expenses in detail, so that you can see whether you’re on track to… Continue reading Creating a Financial Plan in a Business Plan: A Complete Guide

Content Market Ratios Interpreting Financial Ratios: Comparisons and Benchmarks Financial Ratios Quiz – Teste dein Wissen Boundless Accounting Market Value Ratios Leverage ratios Financial ratios are categorized according to the financial aspect of the business which the ratio measures. Financial ratio analysis uses the data contained in financial documents like the balance sheet and statement… Continue reading Financial Ratio Definition

Content Join our newsletter for the latest in SaaS Deferred vs. recognized revenue Invoiced: Automated A/R revenue insights at your fingertips In other words, deferred revenue is revenue that is recognized on the balance sheet before it is earned. Therefore, it will record an adjusting entry dated January 31 that will debit Deferred Revenues for… Continue reading Deferred Revenue Understand Deferred Revenues in Accounting