If you’re already one of our #XeroCertified partners, you will receive an invitation to the first quarterly product update for 2022. Remember, you need to complete all four updates for the year to maintain your Advisor certification. The software will keep records of each invoice sent and when it’s paid and can provide reports to […]
Category Archives: Bookkeeping
6 5 Compare and Contrast Variable and Absorption Costing Principles of Accounting, Volume 2: Managerial Accounting
This method includes all the direct costs of making a product. It gives a more complete picture of the true cost of production. So while variable costing might seem simpler, it’s just not up to snuff for official financial reporting. If the 8,000 units are sold for $33 each, the difference between absorption costing and […]
Automate payroll: A guide to payroll automation
It reduces the administrative burden and enhances your security against fraud and data loss, making the entire global payroll process more efficient. It’s a step towards eliminating errors, saving time, and focusing more on the strategic aspects of your business. Like any significant change, it comes with its challenges, but the potential benefits – accuracy, […]
Cash Flow Statement Operating, Financing, Investing Activities
Along with this, expenditures in property, plant, and equipment fall within this category as they are a long-term investment in the company’s operations. While preparing the statement of cash flows, the treatment of amortization of intangible assets is similar to the treatment of depreciation on fixed assets. It is a non-cash expense and is added […]
What is outsourcing? Definitions, benefits, challenges, advice
In addition, security threats can occur when another party has access to a company’s confidential information and that party suffers a data breach. Furthermore, a lack of communication between the company and the outsourced provider may occur, which could delay the completion of projects. A manufacturer of personal computers might buy internal components for its machines […]
Xero Review 2024
Its ease-of-use score is also high, making it a great software for A/R. It can create recurring bills, but you’ll need to record the payment of that bill manually. It would be nice to have an option for a recurring expense to be deducted from your checking account automatically. You’re able to send 20 quotes […]
Xero accounting software review
While it might fall short for larger enterprises with complex, specific needs, it remains a formidable option for its target market. Xero offers several support channels, including a robust online help center, tutorials, and 24/7 customer support via email. However, the absence of direct phone support can be a point of frustration for users seeking […]
What is Posting in Accounting? Definition, Steps, & Examples
Various accounts and transactions are to be recorded in their respective ledgers. On the other hand, an invoice payment represents an amount the customer owes, and they must eventually pay it. A credit memo just lowers or eliminates the amount they owe; it doesn’t replace it with anything else. A credit memo is also commonly […]
What are Post Journal Entries? Definition Meaning Example
Ledgers serve as the backbone of the accounting system, acting as the repository where all financial transactions are systematically recorded. They provide a structured way to organize financial data, ensuring that every transaction is accurately reflected in the company’s financial statements. By categorizing transactions into specific accounts, ledgers facilitate a clear and comprehensive view of […]
How Property Taxes are Calculated on a New Home
We’ll review what each of these terms mean and why they’re important to understand as a home buyer and homeowner. Whether you’re a new homeowner or first-time home buyer, you may have heard the terms “assessed value” and “appraised value” thrown around by your loan officer or real estate agent. By providing your contact information […]