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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 [...]

Your budget should align with your nonprofit’s mission and goals to ensure your revenue and spending are consistent with your core purpose. This alignment helps avoid wasting money on activities that won’t advance your mission. Effectively handle project budgets using our free Google Sheets template. Stay informed about expenses, monitor costs, and enhance the financial performance [...]

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 [...]

Companies with efficient production processes do not only create economies of scale but also lower per-unit fixed cost, which in turn boosts profitability. The increase in production enables them to produce more items and spread the fixed expense over more outputs. Imagine a small candle manufacturing business spending ₹ 20,000 monthly on fixed costs. That’s because [...]

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 [...]