When you keep the books clean and vivid, you can decide if the road the business is taking is the right direction. It will be then easy to decide if the project that the business is working on is worth it and if you can expand it even further or cut it all the way Read more about Management Consulting & Accounting Services for Painters[…]
This is the second stage in using the income summary account; the account should now have a zero balance. A single-step income statement lists all expenses, including cost of goods sold, in one column. This format may be acceptable for sole proprietors and very small businesses. However, most companies issue multi-step income statements, which break Read more about Here’s How the IRS Calculates Your Income Tax The Motley Fool[…]
It should be noted that when conducting an appraisal, the fair market value is what is being estimated by the appraiser, but that does not mean that appraisal value and fair market value are always the same. A home can be listed for a certain amount, but buyers may be uninterested and offer less. Conversely, Read more about Assessed Value: Definition, How It’s Calculated, and Example[…]
For example, IFRS-based financial statements are only required to report the current period of information and the information for the prior period. US GAAP has no requirement for reporting prior periods, but the SEC requires that companies present one prior period for the Balance Sheet and three prior periods for the Income Statement. Under both Read more about Trial Balance: Definition, How It Works, Purpose, and Requirements[…]
Innovation is the driving force that maintains your competitive edge in the business landscape. Larger companies will produce financial valuations based on revenues, but research and development costs are also part of revenue generation. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual Read more about research and development costs definition and meaning[…]
Electronic invoices are easier to store, searchable, and easier to import into your accounting software. Electronic payments are easier to send, automatically leave a paper trail, and are automatable. If you have many suppliers and lots of different accounts payable, it can get difficult to remember exactly who you owe what. A structured process for Read more about Accounts Receivable & Accounts Payable AR AP Process Explained[…]
And yet, LessAccounting makes it so simple, not only do I keep up with my billing, expenses, and mileage, I actually enjoy doing it. If numbers are my Kryptonite, LessAccounting is the sun that gives me my superpowers. Make sure there is no misinformation, typographical errors, or bad grammar. Not only are mistakes embarrassing, in Read more about 5 Dos & Donts of Bookkeeping for Photographers 500px[…]
That’s why you must always have a schedule and make a list of your priorities, deadlines, or related activities that must be completed in the foreseen timeline. You will surely have many projects or people to deal with, so having the right time management skills can boost your day-to-day productivity. Some people think that bookkeepers Read more about A Beginner’s Guide to Bookkeeping[…]