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Accrued expenses are expenses that you’ve already incurred and need to account for in the current month, though they won’t be paid until the following month. Both short-term and long-term liabilities include several types of liabilities which you will need to become familiar with in order to record them properly. Many first-time entrepreneurs are wary of [...]

The income summary account holds these balances until final closing entries are made. Then the income summary account is zeroed out and transfers its balance to the retained earnings (for corporations) or capital accounts (for partnerships). This transfers the income or loss from an income statement account to a balance sheet account. A temporary account [...]

LIFO is used to calculate inventory value when the inventory production or acquisition costs substantially increase year after year, due to inflation or otherwise. Even though this method demonstrates a drop in company profits, it helps with tax savings due to higher inventory write-offs. The FIFO method is the more common and trusted method compared to [...]

Using on-premise accounting solutions requires you to invest huge upfront costs in purchasing licenses and servers. Moreover, employing an IT expert for maintenance could be an additional expense. The financial information you upload to the cloud will stay safe from cybercriminals. No one – except the authorized personnel – can access or manipulate the data. For [...]

The Essential plan ($249 a month if billed annually or $299 billed monthly) focuses on bookkeeping only, giving you access to a dedicated team that performs monthly bookkeeping services. The Premium plan ($399 a month if billed annually or $499 billed monthly) adds tax advising services, end-of-year tax filing, and financial strategy planning. The second plan, [...]

You’ll find guidance on how to calculate the started and completed units everything from selecting the right accounting software to filing taxes and managing client relationships. Ignition covers all the essential topics to help you improve your accounting skills. If you’re looking to stay updated and ahead of the curve in the accounting field, this blog [...]

This means revenue is not recognized upfront at the time of the sale for the entire subscription fee but rather over the course of the subscription period. Meanwhile, construction companies usually recognize revenue over time as a project progresses, based on the percentage of completion method, rather than recognizing it all at once after completing [...]

How and for what purpose the truck will be used (ie the transportation of specified goods from London to Edinburgh within a specified timeframe) is predetermined in the contract. Although it is possible for rights to be predetermined in a contract, in this contract C does not have any decision-making rights relating to the use of [...]

In short, QuickBooks Online provides all the flexibility and ease of use necessary for small businesses to efficiently tackle their accounting needs. Lastly, they can advise on contracts and payments to ensure that everything is handled properly and professionally with the macro or micro-influencer(s) you choose to work with. Taking the time to educate yourself about [...]

It is the impetus for building long-term relationships with clients and sustained revenue. In the end, it’s all about transforming your firm from a tax compliance processor into a trusted, strategic partner. By capitalizing on your unique knowledge and experience, you get a powerful combination that engages staff, strengthens client relationships, and boosts your bottom [...]