Category Archives: Bookkeeping

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 […]

An “extension of your team” mentality is important as well, prioritizing regular communication and transparency. The pandemic further spotlighted the inadequate infrastructure and poor healthcare systems that impact service delivery in many offshore locations. We sincerely believe in the importance of working with unwavering commitment and gaining the trust and sanctity of our organization and yours. Our […]

We’re focused on integrating QuickBooks Commerce and QuickBooks Online as a central platform beginning with our US-based customers. As we continue our journey to build a more durable integrated product to help our customers grow their businesses, we continue to develop commerce accounting capabilities into QuickBooks Online worldwide. Here is where you’ll need to integrate […]

Records must also be kept of employee authorizations and any changes in pay. This process of calculating withholdings and deductions, preparing paychecks, and distributing payment is known as payroll processing. The payroll process would also track any overtime, paid (or unpaid) time off, tips, and any other miscellaneous quirks to an employee’s pay. Processing payroll […]

Inventory alerts, via the integration, can automate reordering products and raw materials and manage drop-shipping items that weren’t sent out on original orders. In this system, you’re always tracking your inventory, usually facilitated by the use of automated accounting get ready to file your massachusetts personal income tax return software. WooCommerce is a popular WordPress […]

These brief reports deliver a rapid outline of the business’s financial position with appropriate detail and usually for internal procedures. Fuel costs incurred that are directly related to goods produced and sold and services rendered during the reporting period. A cost behavior analysis indicates that 75% of the cost of goods sold are variable, 42% […]

For hourly employees, this is calculated by multiplying hourly pay with the number of hours, including overtime. For salaried employees, this is calculated by dividing the total yearly or annual pay of the employee by a number of pay periods such as 12. Taxable wage base – The maximum amount of employee compensation subject to Social […]

This could happen when it has been assumed that deposited funds have cleared the bank and are available for use, or when a bank reconciliation is not properly updated. Either way, the result is the bank issuing an overdraft statement. On July 1, 2020, the company ABC withdraws $10,000 of the bank overdraft to use […]

Interest rate risk is the spread between interest paid on deposits and received on loans over time. Deposits are typically short-term investments and adjust to current interest rates faster than the rates on fixed-rate loans. If there is not a sufficient balance in the cash and cash equivalent, the overdraft figure is shown on the […]

Wave legal accounting software has been advertised as a great option for solo small practices, particularly due to its affordability. It offers various service options, including a free plan that still includes numerous features necessary for a firm’s general accounting needs. With Wave, firms can link their bank’s accounts to see income and expenses quickly on […]