Bookkeeping

Many accounting professionals also offer set-up services, ongoing support, and advisory services to help your small business work successfully on QuickBooks. To use many features of QuickBooks Online on your mobile device, sign in from your web browser and download the QuickBooks app. Multiple users can be signed in at the same time without any …

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For example, many savings and loan institutions compound interest daily. This means that interest is calculated on the beginning balance of your account on each day. Interest is payment for the use of money for a specified period of time. Interest can be calculated on either a simple or a compound basis. The Rule of …

Simple Interest vs Compound Interest: What’s the Difference? Read More »

Pursue certifications such as Certified Nonprofit Accounting Professional. Audits may be required by state law, grant agreements, or board policy. Provide auditors with a year‑end trial balance, bank statements, grant agreements, and board minutes. By tracking these categories https://greatercollinwood.org/main-benefits-of-accounting-services-for-nonprofit-organizations/ separately, you can easily assess your funding mix and make strategic adjustments to increase your organization’s …

A Guide to Nonprofit Accounting for Non-Accountants Bench Accounting Read More »

This liability is noted under current liabilities, as it is expected to be settled within a year. Even if you don’t have any deferred revenue on your books, consider whether any of the income your business is earning now is paying for something you owe customers in the future. If a company overestimates its working …

Deferred Revenue vs Accrued Expense: What’s the Difference? Read More »

Non-cash add-backs increase cash flow as they are not actual outflows of cash, but rather accounting conventions. Compared to the indirect method, the direct method is simpler, as the formula comprises subtracting cash operating expenses from cash revenue. The less prevalent approach to calculating OCF is the direct method, which uses cash accounting to track …

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Going concern is an accounting term for a company that has the resources needed to continue operating indefinitely until it provides evidence to the contrary. This term also refers to a company’s ability to make enough money to stay afloat or to avoid bankruptcy. If a business is not a going concern, it means it’s gone …

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On the other hand, incremental costs are future costs that are directly influenced by the decision at hand. When analyzing different options, businesses should focus on incremental costs rather than sunk costs to make rational and forward-looking decisions. The term incremental cost refers to the cost that the business incurs for producing an extra unit. …

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In either case, when a specific invoice is actually written off, this is done by creating a credit memo in the accounting software that specifically offsets the targeted invoice. Bad debt is debt that creditor companies and individuals can write off as uncollectible. Consider the success story of Yaskawa America, one of our clients, who …

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