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This feature allows you to group together multiple payments before recording a bank deposit. This not only promotes transparency and accountability but also aids in accurate cash flow management and budgeting. Identifying and addressing undeposited funds is crucial for financial accuracy, as it ensures that all income is properly recorded and accounted for. Reconciling accounts allows [...]

In addition, retained earnings can be expanded to cumulative revenue less expenses less owners drawings. Consequently it is possible to restate the fully expanded accounting equation as follows. Shareholder Equity is equal to a business’s total assets minus its total liabilities. It can be found on a balance sheet and is one of the most important [...]

I’m John F. Pace, CPA, with over 40 years of experience advising businesses on their financial health. My extensive background includes roles in trust administration, tax planning, and working with high-growth startups. Let’s dive into why effective bookkeeping is crucial for your startup. The specific amount you charge your clients for bookkeeping services will depend on [...]

Next, compare the transactions listed in QuickBooks Online with those on your credit card statement and the accounting entry for depreciation mark off each transaction as they match. In today’s digital age, managing financial transactions has become easier with the help of accounting software like QuickBooks. When it comes to credit card transactions, reconciling them in [...]

The accrual method records payroll expenses in the month they are incurred, regardless of when the expenses are paid in cash. The matching concept presents a more accurate picture of company profit. Payroll liabilities are any type of payment related to payroll that a business owes but has not yet paid. A payroll liability can include wages [...]

Anyone who needs to file a U.S. tax return can get an ITIN, regardless of their U.S. immigration status. An Individual Taxpayer Identification Number is a tax processing number issued by the IRS. The purpose of an ITIN is to ensure those who work in the U.S. have a method of paying taxes, even if [...]

This rule is in place to keep business owners from “gaming the system” by frequently switching costing methods to get the best tax advantages. Each type of fiber costs a different amount, and certain knitting needles are more expensive than others. However, you have chosen to use a keystone markup strategy, so you know you have [...]

Accountants often focus solely on taxes, providing financial information to business owners long after it’s relevant for business decisions. We provide easy-to-understand financial statements and reports that give you visibility into your business’s finances so you can make informed decisions and grow your business. Our bookkeepers have years of experience and are experts in bookkeeping for [...]

This can lead to losses as the food can spoil, which is not good from a profitability standpoint. The last-in, first-out method uses the inventory, which is the most recent, to evaluate the value of COGS. Likewise, the leftover inventory could be old and not of much use anymore. Companies outside of the United States that [...]

Intangible assets are the non-physical resources that a company owns. For example, if a business’ assets add up to $1 billion and its liabilities total $500 million, the difference would be $500 million. That $500 million is the value of the business’ net tangible assets. It can be tough to assign a value to an intangible [...]