Many would agree that accounting is the backbone of a business, and your success depends a lot on how you decide to manage it. More and more small and medium-sized companies are finding that it is best to do this using modern accounting software such... Read more
Adjusting EntriesThe main goal of any entrepreneurial activity is to make a profit. At the same time, an important function of accounting department is to determine and reflect in the financial statements the success or failure of the company in achi... Read more
There are service and merchandise businesses. Today, we are going to talk about merchandise businesses and how they use purchases journal in their bookkeeping system. But before we continue, let's recall that merchandise is the item that you are goin... Read more
The financial and economic activities of any organization and accounting are closely intertwined. The history of accounting is almost six thousand years old and dates back to the 4th century BC. The emergence of accounting is associated with human ec... Read more
When does a company need outsourced bookkeeping services?Accounting outsourcing is a fairly popular service not only among small and medium-sized business owners but also large companies that need to take the burden off their in-house specialists or... Read more
Definition and MeaningIndirect costs are part of the costs of production (rendering of services) that cannot be directly included in the cost of a certain type of product or service without additional calculations or it is economically unreasonable.... Read more
Tax season can be confusing and stressful. While many factors affect your tax rate and refund, one thing that you can control is proper preparation. In this article, we are going to share some tips on how to prepare for tax season.General advice on h... Read more
QuickBooks ProAdvisor OverviewQuickBooks is a widely used software among business owners and bookkeeping/accounting specialists. To become a QuickBooks ProAdvisor and show everyone that you are an expert in using this program, you must obtain a certi... Read more
What does posting mean? The first step in accounting is journalizing transactions. When you put the entries into the journal, to figure out how much cash a company has or the balance in the Inventory account, you would have to go through a list of m... Read more
What are contra accounts?Contra accounts are simply linked to another account. They match up with a General ledger account to bring the balance of that account down. Items recorded in the contra account are specifically designed to offset other trans... Read more
