Bookkeeping

For example, if the cost of an item is included in the ending inventory but a corresponding payable and/or purchase is not recorded, both the cost of goods sold and…

Each purchase, whether for office supplies or company assets, must be recorded along with the corresponding invoices. The accuracy of this process is crucial as it affects the financial statements…

But there’s more than one virtual accounting company in the world, and solutions range from on-demand CFO services to simple pay-by-the-hour book balancing. Below, we review the best virtual and…

That’s because a ratio lower than 1 suggests that the company is relatively undervalued. This can be useful given that a company’s stock price, in and of itself, tells you…

That’s because a ratio lower than 1 suggests that the company is relatively undervalued. This can be useful given that a company’s stock price, in and of itself, tells you…

S-corp taxation isn’t just for corporations—LLCs that meet eligibility requirements can also elect to be taxed as an S-corp. By default, LLCs are taxed like sole proprietorships or partnerships, meaning…

An impersonal cost center refers to a cost center that consists of a location, item of equipment, or a group of these (e.g., machines, departments, and vehicles). Cost centers can…

While there is a general overlap between the two professions, there are a few distinctions that are later discussed in this article. Millennial Money Man may have financial relationships with…

LLCs may struggle to even get a bank loan, while banks are less wary of loaning to a C corporation. So, for companies needing growth potential through rapid funding, a…

Because of the matching principle of accounting, revenues and expenses should be recorded in the period in which they are incurred. When a sale is made on account, revenue is…