Category: Bookkeeping

This is something you should never do as it does not actually reconcile the transaction—it simply causes a discrepancy. (If you’re in the middle of reconciling, stay on the page you’re on and skip to step 4). All business owners, basic accounting terms you need to know bookkeepers, or commerce managers must know how to…
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After your trial is up, you can choose from one of several FreshBooks pricing plans. Each plan has different workflows and accounting solutions for businesses at different stages, as well as client limits or unlimited billable clients, depending on your specific needs. However, Wave’s features are more limited than many competitors in order to keep…
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Assisted migration results may vary based on business complexity and file size. Terms and conditions, features, support, pricing, and service options are subject to change without notice. Note, each QuickBooks Live offering requires an active QuickBooks Online subscription and additional terms, conditions, limitations and fees apply. For more information about services provided by Live Bookkeeping,…
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Furthermore, a shorter operating cycle improves the agility and responsiveness of a business, enabling it to adapt quickly to changes in customer demand and market conditions. Discover the key to financial success with our comprehensive guide on understanding the operating cycle formula. As there are numerous impacts on a company’s operating cycle, there are numerous…
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The tax rate stands at 6%, which applies to the first $7,000 earned by an employee during the year1. It’s an employer-only paid tax, which is essential to consider when working on payroll and benefits administration. Most law firms opt to use cash basis accounting because it’s simple to maintain. Cash accounting makes it easy…
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Revenue recognition is fundamental in construction accounting, determining how income appears on financial statements. Effectively managing this aspect is crucial for maintaining profitability and complying with tax laws and accounting standards. Understanding each contract type and knowing which projects call for a certain type of contract will help construction businesses keep track of their costs…
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Let’s explore how accrued vacation affects both the balance sheet and the income statement. Prepaid expenses or unearned revenues – Prepaid expenses are goods or services that have been paid for by a company but have not been consumed yet. This means the company pays for the insurance but doesn’t actually get the full benefit of…
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