Category: Bookkeeping

A bookkeeper’s job comprises maintaining and balancing financial records, including transactions from coworkers. Effective communication is essential for recording those daily transactions. One of the most important aspects of financial transactions is recording them accurately. This involves keeping track of...

We use reporting verbs like ‘say’, ‘tell’, ‘ask’, and we may use the word ‘that’ to introduce the reported words. For Example, the statement in direct speech She said to me, “I am going to the park” changes into She...

Larger businesses with sophisticated inventory, reporting and accounting needs. Intuit reports that 94% of accounting professionals feel QuickBooks Online saves them time and thus saves their clients’ money. Another cumbersome feature that users don’t like is the requirement that clients...

The good news is that while bank and insurance modeling is almost a different game entirely, oil & gas modeling is more like a variation on a game you’re already familiar with. However, there are others in the oil industry...

The initial fixed interest rate term on an adjustable rate mortgage would be represented well on an amortization schedule. But once that term ends and the interest rate starts to adjust up or down, the schedule can’t properly account for...

The main disadvantage of absorption costing is that it can inflate a company’s profitability during a given accounting period, as all fixed costs are not deducted from revenues unless all of the company’s manufactured products are sold. Additionally, it is...

The shorter the period of time a company has accounts receivable balances, the better, as it means the company can use that money for other business purposes. Automation has revolutionized various aspects of account management, particularly in accounts receivable. By...

If you are considering outsourcing your finance and accounting function and whether it’s the right move for your company, there are several key factors to consider. Many finance and accounting firms used to offer an all-or-nothing approach to accounting, but...

If the S corporation is required to file Form 8990, it may determine it has excess business interest income. If so, enter the amount from Form 8990, Part III, line 42, for excess taxable income on Schedule K. Report the...