Category Archives: Bookkeeping

Content eCommerce expertise Ecommerce bookkeeping done for you Need other eCommerce bookkeeping services? Growth How to Find the Perfect Bookkeeping Service for Your Amazon E-commerce Business What is ecommerce accounting? Due to this, many financial reports and documents focus mainly on your inventory, but there’s much more. Good tax planning not only saves you valuable […]

After each sub-ledger has been closed out, the accountant prepares the trial balance. This data from the trial balance is then used to create the company’s financial statements, such as its balance sheet, income statement, statement of cash flows, and other financial reports. A general ledger represents the record-keeping system for a company’s financial data, […]

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The drawing account represents a reduction of the business’ assets, as the assets in question are withdrawn and transferred to the owner for personal use.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 […]