Bookkeeping

Efficient prioritization and task management can help mitigate the impact of a growing backlog. By clearly defining priorities, businesses can allocate resources effectively and ensure that critical tasks are completed on time. This reduces the overall backlog and improves operational efficiency. Backlog is a common term used in project management, software development, manufacturing, and other in...

Insurance companies only reimburse rental costs for covered accidents, not mechanical issues. You usually need comprehensive and collision coverage to get rental reimbursement added to your policy. The rental cost of a building used in manufacturing is part of manufacturing overhead. Depending on your policy, rental reimbursement coverage may also apply to vehicles you don’t own that are involved ...

In summary, an expense represents the cost incurred in generating revenue during a specific period, recorded when the payment is made. An accrued expense represents an expense that has been incurred but not yet paid, recognized in the accounting period it is incurred, and recorded as a liability until it is paid. Expenses reduce the company’s net income and are reflected on the income statement, w...

Most higher-ups rely on inconsistent information and data that are not updated regularly enough. This leads to poor business decision-making and thus performance too. This means that you can optimize processes in all areas, not just one. When Apple (AAPL) debuted the iPhone X, a 10th-anniversary edition of the iPhone, in October 2017, overwhelming initial demand for the phone created a weeks-long ...

In summary, an expense represents the cost incurred in generating revenue during a specific period, recorded when the payment is made. An accrued expense represents an expense that has been incurred but not yet paid, recognized in the accounting period it is incurred, and recorded as a liability until it is paid. Expenses reduce the company’s net income and are reflected on the income statement, w...

Notes Payable however requires the parties to have a written agreement where the terms of the loan are spelled out. Some of the things that are captured in the agreement include the lifespan of the debt, interest rate, penalty for defaulting in repaying the loan, and collateral security. This borrowed cash is typically used to fund large purchases rather than run a company’s day-to-day operations....

Like most assets, liabilities are carried at cost, not market value, and underGAAPrules can be listed in order of preference as long as they are categorized. The AT&T example has a relatively high debt level under current liabilities. The working capital of any organization is greatly influenced by liabilities—accrued expenses and accounts payable, to be precise. If organizations want to optim...

Keeping up with the records in your small business might be a task you are willing and able to tackle yourself. The system you choose to use doesn’t need to be complicated and the ledgers should be straightforward, especially if you have just a few or no employees. The most important parts of doing your own bookkeeping are staying organized and keeping what is a t account and why is it used in acc...

Our diverse team has a wide array of industry expertise from renewable energy, real estate, technology, healthcare, non-profits, and others. From the simple to the complex, we can help you improve efficiency and lighten the load. We integrate seamlessly with BerryDunn’s tax group and other business advisor services as needed. Get the work done efficiently and take away the burden of managing resou...

We’ll ask a few questions to get to know you and the specific needs of your business. Work from anywhere, set your schedule, and experience a team culture that prioritizes well-being. By providing financial clarity that results in peace of mind, our clients get back on the road to do what they do best. You’ll work with a designated service team who will ensure your finances have you on the r...

You also have to consider the expense of hiring, training, payroll and other costs. I’m an entrepreneurial CPA that founded Xen Accounting, a 100% cloud-based accounting firm, in 2013. Following its acquisition in 2018, I started Future Firm to help accountants fast-track the growth of a modern, scalable accounting firm of their own. Initially, QX collaborates with clients to understand their spec...

A full-time bookkeeper will also have the opportunity to collaborate closely with your accounting team, which can optimize their process and provide extra protection from mistakes. Finally, if you have a larger business with a lot of financial work to be done, you may want to hire a full-time bookkeeper to your team. Bookkeeping firms are another great option, as they can handle part-time or full-...