Category: Bookkeeping

As a result these items are not reported among the assets appearing on the balance sheet. A record in the general ledger that is used to collect and store similar information. For example, a company will have a Cash account in which every transaction involving cash is recorded. A company selling merchandise on credit will…

Choosing the right professional could help you achieve financial security, whether you’re running a business or investing money for your future. You should consider your financial complexity, the time you can devote to financial management, your comfort level with financial tasks, and your long-term business goals or personal financial health. Alternatively, exploring alternatives such as…

This is one reason it has received several industry awards, including Software Advice’s 2021 Front Runner award and making Capterra’s Shortlist. This cloud-based solution has a base of user interface (UI) customizations, custom workflows, search tools and collaboration features. The next function layer is the Procore analytics feature that works with the specialized app marketplace…

In any case, we recommend hiring a bookkeeping accountant with experience and expertise to handle the critical aspect of doing taxes. Finally, partners or owners of construction firms need to consider the tax implications of their business structures. With hundreds of clever digital tools out there, it’s not advisable to keep an analogous schedule for…

The timely tax filing and e-file deadlines for all previous tax years , 2019, and beyond – have passed. At this point, you can only prepare and mail in the paper tax forms to the IRS and/or state tax agencies. If you were owed a tax refund for 2017 or earlier, you can no longer…

If you file in January and your return is due April 15, the audit clock starts to tick on April 15. The IRS Fresh Start Program is an umbrella term for the debt relief options offered by the IRS. The program is designed to make it easier for taxpayers to get out from under tax…

If you’d like to outsource some or all of your accounting obligations, here’s how to get started. As well as helping you comply with all relevant laws, this ensures that you are fully prepared six reasons to stop using your personal personal phone for work if your company gets audited. Contact Credfino for a custom…

OWORKERS is a Europe-based outsourced accounting firm that offers scalable and flexible accounting and bookkeeping services for businesses of all sizes. They offer bookkeeping, payroll, accounts payable and receivable, financial reporting and analysis, tax preparation and filing, and data entry services. OWORKERS have a team of talented and multilingual accountants who can handle the accounting…

The break-even point—which is the production level where total revenue for a product equals total expense—is determined by calculating the total fixed costs of a company and dividing that by its contribution margin. Marginal costing (sometimes called cost-volume-profit analysis) examines the impact on the cost of a product by adding one additional unit into production. Marginal…

Unit-wise details of costs, their components, and the accuracy of calculations and cost data, which are made available by the costing department, go a long way in helping to determine product and service prices. Although cost accounting—particularly the integrated system of accounting—can ultimately produce financial statements (i.e., profit and loss account and balance sheet), its…