Bookkeeping

When you provide accounting consulting services, you do more than make sure the numbers add up. As a CPA consultant, you analyze the numbers and trends and provide thoughtful, detailed insight to improve your client's business going forward. If you succeed in forging a path to your client's growth, you also create a solid footing to continue working with them long-term as a business …

PwC: Audit and assurance, consulting and tax services לקריאה »

For instance, when you send a customer an invoice, it will record a journal entry to debit Accounts Receivable and credit Sales. The income summary is used to transfer the balances of temporary accounts to retained earnings, which is a permanent account on the balance sheet. Temporary accounts are accounts in the general ledger that …

Income Statement Format לקריאה »

As these firms provide a wide range of services to their clients, including consulting and advisory work, there is a perception that their independence as auditors may be compromised. Critics argue that the provision of non-audit services to audit clients could compromise objectivity and impair the quality of audits. In response to these concerns, regulatory …

Big 4 Accounting Firms: What Accounting Firms Are Shaping Financial Landscape? לקריאה »

This ensures the credit memo reaches the right recipient and is properly documented. Other adjustments, represented by credit memos, encompass a broad range of situations where the original invoice amount requires modification due to errors or unforeseen circumstances. A voucher, similar to a coupon, represents a discount (which may reach up to 100%), for a …

Credit Memo: Using Credit Memorandums in Your Business לקריאה »

Your employees are responsible for paying $100 per pay period (500 x 20%), while your company is responsible for $400 (500 x 80%). This information allows us to understand the total cost to your company and each employee per payroll, which will help us understand what we're accounting for. Before we dive into the accounting …

How do you account for payroll withholdings for health insurance? לקריאה »

The fixed cost ratio is a simple ratio that divides fixed costs by net sales to understand the proportion of fixed costs involved in production. In the next part of our exercise, we’ll compute the total cost per unit using the figures determined in the prior step, and our variable cost per unit assumption as …

Unit Cost: What It Is, 2 Types, and Examples לקריאה »

However, some software choices make scaling and growing your bookkeeping business easier, with less friction and bugs. Selecting an ideal software is a crucial first step for many aspiring bookkeepers. In addition to moving up into higher-level positions, remote QuickBooks Live bookkeepers may also be able to enter into the tax domain by completing Intuit …

My bookkeeper has my QB Online billed to them Two questions, how do I get the billing back to me? I am currently in read-only mode, how do I turn this off? לקריאה »

With longer sets (more than 60 people), one dance typically does not allow dancing with every dancer in the group. Contra accounts are used to reduce the value of the original account directly to keep financial accounting records clean. The difference between an asset's account balance and the contra account balance is known as the …

Contra Asset Examples, How a Contra Asset Account Works לקריאה »

An experienced bookkeeper can offer advice on ways to create effective financial systems so nothing falls through the cracks on a daily basis. Your bookkeeper will maintain your working ledger in a way that is accurate and easy to understand, and can alert you to red flags as they arise. Additionally, since they have a …

3 Differences Between Bookkeeping vs Accounting לקריאה »

So make sure you choose the method that puts you in the best place to help your business succeed. A negative cash flow statement can be a strong indicator that your company's not in a good position for a potential economic downturn or market shift. For example, the bigger your company is, the more labor-intensive …

The Difference Between The Direct And Indirect Cash Flow Methods לקריאה »