Bookkeeping

This reduction can lead to a more favorable view of the company’s profitability, as it shows that the company is effectively managing its costs. Additionally, the use of contra expense accounts can impact key financial ratios, such as the operating margin and net profit margin, by presenting a more accurate measure of the company’s financial […]

Startups can save money on accounting immediately by taking meticulous care of their records, receipts, and spending. Choosing an accounting program that can help you organize everything in one place is invaluable. In this accounting method, each transaction is assigned to a specific account using journal entries, and the changes in the accounts are recorded

Equity represents the residual interest in a company’s assets after deducting liabilities. On a common size balance sheet, equity is expressed as a percentage of total assets, illustrating the proportion of the company financed by shareholders. This section typically includes common stock, additional paid-in capital, retained earnings, and other comprehensive income. The common size balance

One of the biggest challenges for self-employed therapists is paying taxes, particularly estimated taxes. As a counselor or therapist, you know that dealing with tax matters can be as complex as navigating a client’s mind. At Busy Bee Advisors, we provide tax advice specifically tailored for mental health professionals. Think of us as your financial

Beyond the counter, discrepancies can arise during the cash counting process. Inaccuracies in this stage may be due to rushed counts, distractions, or simple miscounts. These errors are compounded when there is a lack of standardized procedures for counting and recording cash amounts. What is the Journal Entry to Record a Cash Shortage? For instance,

For example, depreciation and losses on disposal of PPE have to be added back, and non-cash income such as gains on disposal of PPE need to be deducted. It usually involves the sale and purchase of long-term investments in debt and equity instruments of other entities. Examples of debt instruments (also known as debt securities)

Get paid 5 days faster on average when you send invoice reminders with Intuit Assist, an AI-powered assistant right in QuickBooks. You can use this report either during reconciliationor to age or summarize open receivables. In such cases, you should compare your credit risk and policy to industry standards to see if you take too

The CMA can be the qualification you need to move into better-paying positions, holding job titles in upper-level management and beyond. Holding a CMA certification may make you eligible for job titles such as financial analyst, corporate accountant, senior accountant, or chief financial officer. Certified management accountants work in environments requiring financial planning, managing, and

To become eligible to sit for the CPA or CMA exam, you need at least a bachelor’s degree along with additional required coursework. Many CPAs and CMAs have additional accounting degrees and graduate certificates. The earning potential for a recently qualified chartered accountant is also a strong reason to commit to this career. You will

Earlier, it was mentioned that some errors are disclosed by the trial balance, while others are not. Therefore, in this article, whenever we refer to rectification of errors, we mean unintentional errors. Despite the best efforts of the bookkeeper or accountant and the agreement of the trial balance, errors may still continue to prevail. A