Bookkeeping

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 »

For example, an advisor may recommend cost-cutting measures or suggest new revenue streams based on market analysis. Their guidance can lead to increased efficiency, better resource allocation, and ultimately higher profits for the agency. There’s also a desktop widget for Windows and Mac, so team members can manage their timer without browsing through their tabs. …

Ad Agency and Creative Management Platform Read More »

Both have their uses, so it really depends on the type of transfer you’re making and the most important factor to you. The receiving eft vs wire transfer institution reviews the instructions and credits the payee with the designated amount. In the other states, the program is sponsored by Community Federal Savings Bank, to which …

Wire transfer vs electronic payment: what’s the difference? Read More »

You may think that outsourcing is only a practice for large, well-established businesses that offshore basic operations. But in reality, many businesses across the country, big and small, are embracing outsourced accounting. Among all these day-to-day activities, it can be difficult to find time for your accounting, even though you know how important it is …

Staff Service Recruiting, Outsourcing, Outstaffing, HR-Consulting Read More »

Talk to us today and see how Hiline can maintain your books, give you a stress-free tax season, and deliver the strategic financial guidance you need to make your business grow. Whether you’re a seasoned entrepreneur or just starting out, delving into the advantages of outsourced bookkeeping is a savvy investment in your business’s success. …

The Complete Guide to Outsourced Accounting Read More »

This article will explore the different types of depreciation and the key concepts in depreciation to help readers gain a better understanding of this important accounting concept. The truck has an estimated useful life of 5 years, and a salvage value of $5,000. The business wants to compare how the depreciation expense differs under each …

Straight Line Depreciation Formula, Meaning, and Examples Read More »

If the hours you spend working with your accounting software could be better spent elsewhere and you’re already using the software as efficiently as possible, it might be time to hire an online bookkeeping service. Ultimately, it can benefit your business by freeing up your time and ensuring your books are up to date. This …

Small Business Accounting Services: LYFE Accounting Read More »

Otherwise, shareholders would be able to take out a large loan and distribute out all of the RE and current year profits every year. The statement of retained earnings is a financial statement entirely devoted to calculating your retained earnings. Like the retained earnings formula, the statement of retained earnings lists beginning retained earnings, net …

How to Calculate the Total of Unrestricted & Restricted Retained Earnings Chron com Read More »

Likewise, the traders also are keen on receiving dividend payments as they look for short-term gains. In addition to this, many administering authorities treat dividend income as tax-free, hence many investors prefer dividends over capital/stock gains as such gains are taxable. Some companies create an unappropriated retained earnings account by funding the account without the …

Appropriated retained earnings definition Read More »