Mikulčický luh

On your way to the airport, you realize that you overlooked an important point, so you access the file from your smartphone and make a few notes. On the airplane, you work on it some more offline, on your laptop or tablet computer. When you arrive at your hotel and connect to its Wi-Fi network, all [...]

Whereas, your net profit may change with the change in the level of output. As a business owner, you need to understand certain fundamental financial ratios to manage your business efficiently. These core financial ratios include accounts receivable turnover ratio, debts to assets ratio, gross margin ratio, etc. To resolve bottlenecks, contribution margin can be used [...]

Same issue here, I already filed wrong and even got the Covid relief. If your spouse doesn’t have a Social Security number or ITIN, you’ll need to apply for one when you mail in your return.

Your review of your own information must have corrected the issue.
However, you may be able to claim credits for any taxes [...]

Managing long-term debt effectively is essential for a company’s financial health and long-term success. Insurance Expense, Wages Expense, Advertising Expense, Interest Expense are expenses matched with the period of time in the heading of the income statement. Under the accrual basis of accounting, the matching is NOT based on the date that the expenses are paid. [...]

This means that every financial transaction must be recorded in at least two accounts, with one account debited and another account credited. Debits and credits are used to record increases and decreases in accounts, and they must always balance out. The accounting equation is a fundamental concept in accounting that serves as the foundation for all [...]

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 [...]

Evaluate current financial health by analyzing the current year-end forecast, current accounting services for nonprofit organizations budget variances, and balance sheet strength. Then, take some time to reflect on and learn from programmatic and financial successes and failures. Nonprofit organizations continually grapple with maintaining and improving their operations, especially in today’s volatile economy and a rapidly [...]

By creating a cash flow projection, your nonprofit won’t be taken by surprise if revenue goes down. It can also help show you what times of the year you may experience a cash shortage, helping you plan ahead more strategically. If your proposal is to support general operating expenses, it’s likely you’ll only need to include [...]

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 [...]