Bookkeeping

After almost a decade of experience in public accounting, he created MyAccountingCourse.com to help people learn accounting & finance, pass the CPA exam, and start their career. When money or value goes out, the company credits the asset. The total value debited must always equal the total value credited. The double-entry system forms the base of accounting. This system keeps assets equal to the sum...

Accurately adjusting inventory levels avoids overstating assets and can prevent stock discrepancies from affecting cash flow or tax reporting. Reconciliation of Accounts Payable (AP) ensures that the company’s obligations are accurately recorded and reflected in the financial statements. Similar to AR but on the other side of the coin, missing invoices or unpaid bills could lead to inaccurate accounts and an overstated profit. 2024 is...

The second reason is bad bank accounts, such as using the wrong bank account on tax filings or not informing your accountant of changes in bank accounts, which can delay tax filings and result in late fees. Don’t panic - your Delaware Franchise Tax is likely so high because your accountant has used the wrong calculation method. Use the calculation method in our estimator above...

This date is the actual date you complete Section 2 by examining the documentation your employee presents and signing the certification. In certain cases, employees can present an acceptable receipt for List A, B, or C documents. Staffing agencies may choose to use either the date an employee is assigned to the employee’s first job or the date the new employee is entered into the assignment...

Explore other financing options - While compensating balances can be an effective tool for risk mitigation, it is not the only option available. Explore other financing options that may be more suitable for your business needs. For example, you may consider equity financing or other types of loans that do not require a compensating balance. Compensating balances can be an effective tool for mitigating risk...

TrulySmall Accounting is designed for very small businesses, especially those that handle fewer than 500 transactions a year. It focuses on basic features like invoicing and expense tracking, making it easy for new users to navigate. The right accounting software for your sole proprietorship depends on your business’s needs and budget. For instance, FreshBooks might work best for you if you depend on frequent invoicing....

Revolut accounts let customers receive and convert 28 currencies, with extra features to help you budget and save. As well as fiat Outsource Invoicing currencies, you may be able to hold and deal in crypto currencies, although some limits and fees may apply based on the account type you select. Freelancers can earn money consistently by diversifying their income streams, setting competitive payment rates, and...

Knowing your exact take-home pay allows you to budget effectively. Our NJ paycheck calculator provides precise estimates, enabling you to plan for expenses, savings, and investments without surprises. New Jersey's minimum wage ($15.13) is higher than the federal rate. Our NJ wage calculator is new jersey paycheck calculator updated with the latest rates to help ensure that your earnings meet or exceed state requirements. Yes,...

Effective communication with clients to improve your accounts receivable collection seems the most important step. Automating the invoicingprocess also facilitates scheduled payment reminders for intimating clientsabout their balance payment via email, phone calls, text, and othercommunication modes. For instance, you can opt to automatically get in touch withoverdue accounts, making these interactions even more impactful. Hence,Automation is worthwhile to consider if you wish to improve...