Bookkeeping

That’s why hiring the right accountant can make or break your organization’s financial success. As a small business owner, you want the best advice on how to manage your company’s finances. However, if your accountant has only managed multimillion-dollar businesses, you need medium business accounting to know this. You want to work with someone who […]

It is an internal accounting analysis tool used to review a company’s expenses to make efficient financial decisions. In this article, you will familiarize yourself with the concept of cost accounting, and the various types and methods of cost accounting. You will also learn about the major differences between cost accounting and financing accounting and

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Up-to-date financial reporting helps you keep an eye on your business’s financial health so you can identify cash flow issues before they become a problem. Shareholders equity—also stockholders’ equity—is important if you are selling your business, or planning to bring on new investors. In that case, they’ll look at your stockholders’ equity in order to

This means you have more money to spend on the finance and marketing department which may be able to generate much more revenue. In the following sections, we will go through what an operating cycle really is and why it is important for a business to track it. We will also shed some light on

Deferred revenue is typically reported as a current liability on a company’s balance sheet because prepayment terms are typically for 12 months or less. If numbers and accounts aren’t your forte, dealing with accounting concepts like unearned revenue can be challenging. It’s hard to know exactly where and how to list income on your financial

While Company A waits to receive the money, it records the amount in its accounts receivable column. The most useful tool for monitoring receivables is the accounts receivable turnover ratio. The cash is received in April, but the revenue is correctly recorded in March. How Are Accounts Receivable Different From Accounts Payable? At some point

Every voucher indicates the accounts that are required to be credited or debited. Vouchers are usually sanctioned by the accounts payable department to authorize the payments. For every voucher, there is a certain serial number written on it and its related source document is tied up to the particular voucher. The main reason to assign

For instance, outline that, if payments are due each month and the payment date is missed, an interest fee will be added until the payment is made. It’s an incentive for customers to make payments on time, which can reduce the average collection period for your company. Requesting deposits from customers ensures you get a