Content Are bookkeeping and accounting the same? When you need an accountant What Is the Difference Between Accounting and Bookkeeping? Level of expertise So what do accountants and bookkeepers do? Why should I become a Bookkeeper? Why are Quality Bookkeeping and Accounting Key to Business Success Bookkeepers aren’t required to have any particular qualification, however,…
Continue reading ...Content The Purpose of Retained Earnings Shareholders vs. Employees Investment Explain the relationship between retained earnings, net income and dividends. Dividend Payments Factor 2. High Operating Costs If a business sold all of its assets and used the cash to pay all liabilities, the leftover cash would equal the equity balance. When one company buys…
Continue reading ...Contents: Pay First-draw PPP loans What type of HR features should a payroll system have? You can calculate gross wages by multiplying your employees’ hourly wage amount by the number of hours they work during your payroll period. Don’t forget to factor in any overtime pay, which is paid at a rate of one and…
Continue reading ...Content Is there any other context you can provide? Manufacturing Accounting Tips The Scope of Manufacturing Accounting Software Solutions Steps Involved in the Preparation of the Manufacturing Account The accountant may also suggest using renewable energy sources such as solar power to further lower energy costs. Lastly, the accounting department reconciles all bank statements monthly…
Continue reading ...Contents: Fit Small Business Case Study Drawbacks of Sage Accounting Mobile App Inventory tracking Getting Around Sage 50cloud Accounting While Sage does certify accountants as Sage 50cloud experts, it can be very difficult to find a certified consultant in the United States. Your best option for support in the US will be to find an…
Continue reading ...Content Accounting for WIP inventory in the balance sheet What is a WIP? What is work in process (WIP) inventory? The above work in process inventory definition explains the what, but not the why. Why do companies have partially completed inventory? A few reasons. A piece of inventory is classified as a WIP whenever it…
Continue reading ...Content What Is Project Accounting? What is project-based accounting? What Is the Difference Between Project Accounting and General Financial Accounting? Risk of errors can skew your accounting reliability With project accounting, you can identify when a given project isn’t pulling its weight. For instance, the project isn’t generating revenue or it’s running over budget. Project…
Continue reading ...Content What are the Retainage Rules For Your Job? Subpart 4.7 – Contractor Records Retention How to record retention payable How to Protect Your Payments When Dealing with a Construction Bankruptcy What are the Benefits of Factoring Your Account Receivable? Release of Retention in Construction Retainage may be fixed or variable, depending on the terms…
Continue reading ...Content How to Calculate Capitalized Interest on Assets Step 2: Calculate the period interest rate. Amortization Meaning: Definition and Examples Are Amortization and Depreciation the Same? Concerning a loan, amortization focuses on spreading out loan payments over time. For tax purposes, amortization can result in significant differences between a company’s book income and its taxable…
Continue reading ...Content Why is it important to have a realistic and achievable budget for your nonprofit organization? Important Considerations in Evaluating a Nonprofit Budget What is the process of the budget for NGO? Step 3: Define what your nonprofit’s revenue streams are Budgeting for Nonprofit Organizations: The Board’s Guide Client Accounting Services Join the fundraising movement!…
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