Bookkeeping

It’s wise to have a buffer between your current assets and liabilities to at least cover your short-term financial obligations. The data from financial statements such as a balance sheet is essential for calculating your business’ liquidities. The main purpose of the balance sheet is to show a company’s financial status. This sheet shows a…

It shows in one place how much the business owns (assets) and owes (liabilities). The report is used by business owners, investors, creditors and shareholders. It lets you see a snapshot of your business on a given date, typically month or year-end. C. Profitability Ratios Generally, sales growth, whether rapid or slow, dictates a larger asset base—higher…

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The new how to calculate the break plans are available from 12 September 2024 and Starter, Standard and Premium plans will no longer be sold. Access all Xero features for 30 days, then decide which plan best suits your business. To review this software, I signed up for a free trial of the Xero Established…

In this demonstration you’ll explore the processes for MyTaxInfo, and see how it can make the collection of tax information from taxpayers easier and more reliable. Review consolidated filings with the SubView module, which itemizes member amounts for each line of the return. Find all the help you need, accrued revenues right here — including technical…

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Without correctly documenting your credit sales, it’s easy to lose track of what’s owed to you, which can lead to cash flow issues. A credit sales journal entry is a type of bookkeeping transaction used to record the sale of goods or services on credit. The journal entry includes a debit to the Accounts Receivable and…

Train your staff so you can grow your business and post more transactions with confidence. Now, you see that the number of debit and credit entries is different. As long as the total dollar amount of debits credit sales journal entry and credits are in balance, the balance sheet formula stays in balance. The percentage…

One of the most important steps in construction accounting is keeping personal and business finances separate. Opening a dedicated business account helps avoid confusion, makes tax reporting easier, and ensures that you have accurate financial records for your business. This separation also simplifies the tracking of income and expenses, making construction bookkeeping more organized and…

BooksTime offers an alternative to such solutions and empowers ventures to access professional services to manage their finances. However, under no circumstances should you allow your accounting service provider to manage your money, trusted or not. Generally construction bookkeeping speaking, it’s not their expertise to help you make financial decisions or decide on purchases, no…