Bookkeeping

This makes net income more inclusive than gross profit and can provide insight into the effectiveness of overall financial management. The additional interest expenses for the debt incurred could lead to a decrease in net income despite efforts of the company for successful…

ABC Clothing then assigns overhead to each product and the process of allocating overhead is the same as in job costing. Mileage cost, for instance, will vary depending on the number of projects Jennifer completes in the distance between each job and the…

You can always outsource your bookkeeping to a professional if by now you realize that bookkeeping may be too hard for you – make some extra room in your budget for this. Ring around or go online and get some quotes from different…

Cash flow statements have been required by the Financial Accounting Standards Board (FASB) since 1987. The bottom line reports the overall change in the company's cash and equivalents over the last period. Learn to calculate how much cash you’re using up and…

After all, the company has to deliver within 30 days, but still has to wait for 90 days before the payment is received. An example of what a personnel forecast could look like, for instance for personnel working on sales and marketing, can…

Your bookkeeper reconciles your accounts, categorizes your transactions, and produces your financial statements. They also make adjustments to your books to ensure they’re tax-compliant. Occasionally your bookkeeper might need your input on things like categorizing a transaction properly, but we try our best…

At the end of the month, the company took an inventory of supplies used and determined the value of those supplies used during the period to be $150. The unadjusted trial balance may have incorrect balances in some accounts. Recall the trial…

If you’re a homeowner, you can deduct the interest paid on your mortgage loans. This can help not only reduce your taxable income but also make homeownership a more affordable process. Tax deductions work by diminishing the amount of taxes you owe through…