Bookkeeping

Accelerated depreciation results in more depreciation expense being recognized earlier, which reduces the amount of taxable income reported in the near term. This means that accelerated depreciation results in some income taxes being deferred to later time periods. A secondary reason for using accelerated depreciation is that it may actually reflect the usage pattern of […]

As a result, different sources of funding are used at different points of time in the project. As mentioned in the previous articles, most of the time, bank loans are used during the construction phase of the project. However, at the same time, bonds are the preferred source of debt funding after the project has […]

Your car, electronics, and furniture did not suddenly lose all their value, and unfortunately, you still have outstanding debt. Our discussion here begins with journalizing and posting the closing entries (Figure 5.2). These posted entries will then translate into a post-closing trial balance, which is a trial balance that is prepared after all of the […]

Similarly, it can be used to monitor sales volume against expectations. This allows business leaders to be proactive in making adjustments throughout the period to help return operations to the static-budget mean. Assuming the static budget is made with optimal financial performance in mind, it helps to keep the business operating towards the most beneficial […]

In return, they receive shares of stock, which are transferable units of ownership in a corporation. Stock can also be thought of as a receipt to acknowledge ownership in the company. The value of the stock that a stockholder receives equals the value of the asset(s) that were contributed. The common stock account contains that […]

Chime generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date. First, check on the ATM fees from both your card issuer and the ATM you’re visiting. Additionally, check your prepaid card agreement to see if there is a […]

Accountants use bookkeeping records to assess big-picture finances and make smart business decisions. They also provide insights about the company’s overall financial health to business owners and other stakeholders. Your accountant, on the other hand, will be an invaluable resource when it comes to understanding the larger financial picture of your business. Either quarterly or […]

QuickBooks Online offers accessibility, automatic updates, and multi-user access, making it ideal for small to medium-sized businesses. QuickBooks Desktop, on the other hand, is highly customizable and suitable for small to large-sized businesses with advanced requirements. Consider factors like mobility, collaboration, and customization to determine which version aligns better with your business. QuickBooks Online operates […]

Even if a company does decide to embark upon the Six Sigma path, it’s not an easy process, and some companies may only achieve limited or unsustainable gains. The companies who have implemented Six Sigma methodology successfully in one or more operational and business spheres have gained immensely. Six Sigma has been used towards increasing […]

Alongside salaries and wages, bonuses and commissions form extra payroll accruals, similar to sails that harness the wind to propel the ship. These components of accrued payroll must be accurately tracked and recorded, like a ship’s captain charting the wind’s direction and strength. Accrued payroll salary refers to the amount of money a company owes […]