Bookkeeping

His respectfulness, competence and professionalism is top notch. His ability to completely and effectively serve clients remotely means that you have a full-service, efficient CPA at the most competitive cost. Aside from the highlighted core industries, we also work with other service-industry companies. We are able to provide valuable insight and adapt best practices. We […]

For instance, an invoice for $10,000 with Net 30 terms issued on October 1 must be paid gross vs. net income by October 31. Suppliers may offer early payment discounts, incentivizing businesses to pay sooner. Effectively managing accounts payable requires balancing these discounts with cash flow needs to meet obligations without jeopardizing liquidity. From invoicing […]

On 1 September 2019, Mr. John bought a motor car and got it insured for one year, paying $4,800 as is insurance expense a debit or credit a premium. When he paid this premium, he debited his insurance expenses account with the full amount, i.e., $4,800. The journal entry increases prepaid insurance by $ 120,000 […]

Whenever a business suspects that it may not recover the full amount of its receivables, it should record the loss immediately in its income statement in line with the prudence concept. Instead, it is added to the cost of the asset and charged as a depreciation or impairment expense over its useful life. When promotion […]

If that’s important to you, then we recommend looking into other providers like Bookkeeper360. However, we’re fine with the low scores because it serves only Wave users, which are businesses with very basic needs. A good alternative is QuickBooks Live, which provides video meetings and unlimited meetings in general. https://www.pinterest.com/jackiebkorea/personal-finance/ Merritt Bookkeeping costs a flat […]

A Balance Sheet is an accounting report required by all companies registered at Companies House and is helpful for self-employed to see their financial health. By leveraging these tools, even small businesses can ensure their financial statements are accurate and up-to-date. This equation ensures that the resources owned by the business (assets) are funded either […]

An increase in accounts receivable means revenues under accrual basis are higher than they would be under cash basis. The adjustment from accrual to cash for an increase in accounts receivable would be negative. Calculate the Interest paid by adjusting the total interest expense from the income statement for movements in interest payable (IP) from […]

Accrual accounting provides more insight into budgeting and financial planning, but it is more complex to manage. However, it is recommended for churches that align with GAAP principles. Since churches are classified as nonprofits by the IRS, many accounting practices are similar, but there are a few differences between the two. Additionally, regardless of organization-wide […]