Maylyn Cerda

Some companies will class out their PP&E by the different types of assets, such as Land, Building, and various types of Equipment. Inventory includes amounts for raw materials, work-in-progress goods, and finished goods. The company uses this account when it reports sales of goods, generally under cost of goods sold in the income statement. Enter …

Assets Liabilities Equity: Mastering the Financial Balance Sheet Basics Read More »

Most small businesses prefer cloud-based software as it is more affordable, easier to use, and keeps up with our society’s mobile lifestyle. However, locally-installed software can be more secure and offers a level of feature depth that the cloud often can’t touch. Pricing varies based on the number of users and the level of customer …

QuickBooks Online vs Desktop: Which Is Right for Your Business? Read More »

Software reps might push you to buy more sooner, but there is absolutely no reason to sign up for a higher subscription level than you think you need. He joined NerdWallet in 2019 as a student loans writer, serving as an authority on that topic after spending more than a decade at student loan guarantor …

Quickbooks Online Vs Desktop Read More »

Proper record-keeping ensures compliance and provides protection in the event of an IRS audit. Corporate accounting refers to the process of recording, summarizing, and reporting the financial activities of a company. It involves financial planning, bookkeeping, asset management, and managing tax records. Do not confuse accountants with bookkeepers, who are responsible for recording a company’s …

Basic Accounting Terms and General Principles Guide Read More »

She founded Business Accounting Basics, where she provides free advice and resources to small businesses. The purpose of the Accumulated Depreciation account is to track the reduction in the value of the asset while preserving the historical cost of the asset. When the two balances are offset against each other they show the net balance …

Contra Account What Is It, List, Examples, Vs Adjunct Account Read More »