Category: Bookkeeping

A business transaction can occur between two parties for mutual benefits or between a business entity and a customer, such as a store and a person purchasing an item from the store. From above discussion, we can point out the following five important characteristics of a valid business transaction that every bookkeeper or accountant must take […]

In contrast, someone with high-risk tolerance may prefer investing in stocks. Historically, stocks have yielded higher returns than Certificates of Deposits (CDs), bonds, or other low-risk investment products. Even though everyone could and should invest, investing comes with a high risk, and assets are not guaranteed to increase or hold value over time. Intro to […]

Feel comfortable adapting the space as needed, like getting additional equipment or selling anything you’re not using. Before jumping into plans for a dream gym, reflect on your past and current exercise patterns. Chief Financial Officer Tom Fitzgerald said current Classic Card members will still pay $10 for the duration of their membership. On Monday, […]

For this reason, using tools such as optimal stock levels eliminates errors and overcosts, guaranteeing enough inventory to satisfy the demand for each SKU without incurring unnecessary costs. As for warehouse slotting, a WMS automatically assigns each product a location based on its attributes (turnover, batch, and expiration date), minimizing errors and boosting productivity in […]

Landlords may actually agree to reduce your rent to keep you for the long-term. This is a better proposition, especially if they know they’ll have a hard time looking for a new tenant. If your landlord won’t adjust your rent, consider looking for a more affordable space for your business. But as social distancing measures […]

Firms are especially interested in candidates with technology skills that can be applied to growing areas like cloud systems and data analysis. Managers are looking for new ideas and are prepared to provide the necessary on-the-job training to prepare new hires for success. This is a great time to go into accounting, and becoming an […]

Unearned revenue is a financial term that represents payments received by a company for goods or services that have not yet been provided or delivered. This occurs when customers prepay for a product or service, resulting in the company holding the funds as a liability on their balance sheet until the goods or services are […]

A suspense account is essentially a bookkeeping technique for keeping track of funds for a brief period until particular issues are resolved. A business can use a suspense account to record payments it has received but that can’t be properly accounted for until certain missing information (such as an invoice number) is obtained. In mortgage […]

You would only pay a fraction of this cost if you used outsourced accounting services. If your goal is to grow your small business quickly, save money, and increase efficiency, our outsourced accounting solutions are perfect for you. Controller services help you oversee the accounting operations of your business. This can help your bookkeeping process, […]

The use of debit abbreviations also aids in error detection and prevention. When accountants reconcile accounts, the clear distinction between “DR” and “CR” helps quickly identify discrepancies. This clarity is indispensable during the preparation of trial balances, where the sum of debits must equal the sum of credits. If an imbalance is detected, the abbreviations […]