Category Archives: Bookkeeping

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, […]

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 […]

We can also see the number of units to be sold for General Motors to breakeven has increased in 2018, which may be due to the increase in variable cost per unit. For variable costs per unit, we divided the line item “Automotive and other costs of sales” with the number of units sold. The […]

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 […]

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 […]

The preparation of the statement of cash flows, however, requires a lot of additional information. The unadjusted trial balance lists all of the accounts and their balances before any adjustments are made. At this stage, businesses review the debits and credits to ensure they are balanced. Wrap Up Your Records the Right Way Adjusted trial […]

However, it is the source document if you are manually compiling financial statements. In the latter case, the adjusted trial balance is critically important – financial statements cannot be constructed without it. As you have learned, the adjusted trial balance is an important step in the accounting process. But outside of the accounting department, why […]

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 […]

Understanding these costs is key to accurately calculating the Contribution Margin Ratio. Find out what a contribution margin is, why it is important, and how to calculate it. The following are the disadvantages of the contribution margin analysis. Take your learning and productivity to the next level with our Premium Templates. In this article, we […]

Regular balance sheet reconciliation ensures everything consistently adds up. Xero’s got everything you need to succeed, from accounting and invoicing to reporting and payroll. A clear layout in balance sheet format– you’ll have your balance sheet done in no time. Let’s look at each of the balance sheet accounts and how they are reported. Intellectual […]