A system to simplify your home business accounting Accounting system for home business It is not unusual to become terrified to see the pile of papers on your table at home, doesn’t know how to deal with those papers, and the tax filing date is around the corner. Do not panic; […]
Accounting for Bad debts in business. Accounting for bad debts in business is crucial. If not, you will not know the exact profitable amount in your industry. Bad debt expense relates to accounts receivable; these expenses are doubtful customer payments. Even in a prosperous economy, business failure is common, and businesses […]
Costing & Pricing of product or service Costing & Pricing of product or serviceThe costing and pricing of a product or service must be done without errors because of the possibility of losing money in the long run. Costing is a separate subject, as many different methods of allocating costs to […]
What is the use of control accounts? One of the main benefits of constructing control accounts is that it can help to restrict errors. It saves time as the location of errors takes a considerable time to find the mistakes after extracting the trial balance. First, you have to learn What […]
Learning accounting to understand Tax Liability Meet the deadlines and avoid losing sleep over it Tax preparation is the information given out by an individual or an organization to a government body declaring all liabilities for taxation. Everyone wants to pay their taxes on time and be free of tax liability […]
How to implement financial control in business? Profit & Loss forecast The profit and loss forecast is a projection of the sales and expenses that might occur during a specified period. If you say in a pure form, that is the forecast for the money you receive and your payout, which […]
What are the pros and cons of hiring a bookkeeper? Choosing by selecting a bookkeeper depends on the level of service that a company provides in its business. Whether you have an in-house bookkeeper, an outsourced bookkeeping company, or a freelance, all will have pros and cons. What are the pros […]
How to make a ledger account? The ledger is the official record of a company’s accounts, and sometimes we refer to the general ledger, purchase ledger, sales ledger, and cashbook. A catalog provides all accounting transaction entries and the balance for a specified period. At the end of the period, registers […]
Disagreements with the bank. Disagreement starts with the bank when there is a discrepancy in the bank statement when an accounting staff tries to do the bank reconciliation for the business. Every cashier tries to keep the cash as accurate as possible with daily up-to-date information. Many receipts and payments have […]
Tasks that need professional help Are you a work-at-home mom presiding over a sizable online business in nearly any industry? Then it can make sense to hire a bookkeeping service to take some of the financial burdens off top management, i.e., yourself. Adding an accounting service may be unaffordable for some […]