Category Archives: Bookkeeping

From Trial Balance, you are able to prepare statements of final accounts. Such financial statements help you in knowing the profitability and overall financial position of your business. These accounts provide information that helps you in preparing your business’ financial statements. These financial statements include the income statement and balance sheet. You’d enter balance sheet […]

Peter Walker of Berkowitz Pollack Brant shares how the firm used GoSystem Tax APIs to automate one-time data entry for 1065 federal engagements. Integrate with partners such as HubSync to automate, simplify, and streamline the tax process for your firm. Live APIs are currently available for the following tax forms, 990, 1040, 1041, 1065, and […]

You’ll also see how MyTaxInfo virtually eliminates transcription errors, ensures accuracy, improves speed and efficiency, and how it can be customized for your firm and client needs thanks to its complete integration with GoSystem Tax RS. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. Process […]

The drawing account represents a reduction of the business’ assets, as the assets in question are withdrawn and transferred to the owner for personal use. Drawings mean keeping a record of the money withdrawal or other assets by the business’s owners for personal use. Every month, this partnership firm, sends ₹10,000 to each of its […]

During the year, you bought a machine (7-year property) for $4,000, office furniture (7-year property) for $1,000, and a computer (5-year property) for $5,000. You placed the machine in service in January, the furniture in September, and the computer in October. You do not elect a section 179 deduction and none of these items is […]

This formula provides a straightforward way to gauge a company’s liquidity and its ability to meet short-term financial obligations. But, during recessions, they flock to companies with high current ratios because they have current assets that can help weather downturns. The current ratio provides the most information when it is used to compare companies of […]

In reality, however, the trade-off between inventory carrying cost and setup cost remains. Once you calculate your break-even point, you can determine how many products you need to manufacture and sell to make your business profitable. Accounts payable is money your business owes to vendors and suppliers for products or services that have already been […]

On the other hand, when an investor does not exercise full control or have significant influence over the investee, they would need to record their investment using the cost method. In this situation, the investment is recorded on the balance sheet at its historical cost. At the end of the year, ABC Company records a […]

For instance, top-performing AP teams process nearly four times the number of invoices than bottom performers, according to American Productivity & Quality Center (APQC) benchmarking data. While cost reduction can be important, it’s rarely the sole motivation for outsourcing AP. In fact, Deloitte reports that COVID challenges have most organizations focused on “standardization and process efficiency” as […]

Accounts payable is one of the most important—and complex—aspects of any business. Managing payments, invoices, and vendor relationships can be time-consuming and difficult to keep track of. You should also pick partners used to working with similarly sized organizations. With less scale, smaller enterprises need more flexibility from outsourcing partners than multinational corporations. Larger outsourcers are […]