Category: Bookkeeping

In this article, we’ll break down how to obtain the information you need to understand your profits and costs—including relevant accounting basics and strategies to categorize various production costs. A formal inventory valuation workbook completed at year-end can be used to report capitalized production costs, record correct inventory assets, and record winery accounting COGS prior…

Our team takes the time to deeply understand your business, answer your questions, help you link your accounts, and show you how Bench works. No matter whether you are a brand new startup or seasoned business looking to grow, Propel Your Accounting can guide your company utah bookkeeping toward its envisioned future. We will help…

Legal requirements vary by country and industry but typically include maintaining tax forms, identification proofs, medical records, and employment agreements. These documents ensure compliance with labor laws, safeguard against audits, and reduce the risk of legal disputes. Companies must stay informed about regional regulations to keep their checklist compliant. An employee file, also known as…

As the interest rate was identified on this coupon it became known as the bond coupon rate. The bond payable will stipulate the interest rate and discount on bonds payable balance sheet the term, known as the maturity date. At the maturity date the investor will receive repayment of the principal amount invested and interest.…

Cost structure refers to the various types of expenses a business incurs and is typically composed of fixed and variable costs. Fixed costs are costs that remain unchanged regardless of the amount of output a company produces, while variable costs change with production volume. Understanding the difference between direct costs and indirect costs is a critical…

In the United States, publicly traded companies must adhere to GAAP; IFRS is essentially the global equivalent. Freshbooks is accounting software that’s very affordable and easy to use, which I think is ideal for small businesses, freelancers, and solopreneurs. We invest in deep research to help our audience make better software purchasing decisions. We’ve tested…

Veryfi also offers a ready-made app with its OCR scanning capabilities. It analyzes documents line by line to extract cost information, enforce policies you set and glean other insights. In addition to Focus Mode and personalized reminders, Any.do offers productivity features to keep you on track. Additionally, ClickUp’s calendar integrates with other features such as…

Other or nonoperating items include interest income, interest expense, and gains and losses on sale of assets used in the business, loss on lawsuit, etc. Since we begin the statement of cash flows with the net income figure taken from the income statement, we need to adjust the amount of net income by adding back…

However, if you need more than five users in QuickBooks, you’ll have to upgrade from the Plus plan to Advanced, which increases the price significantly from $99 to $235. Xero offers a cost-effective alternative for companies with inventory, providing unlimited user access with solid inventory accounting at a much lower price. Additionally, since it’s cloud-based,…

SaaS accounting refers to the financial management, tax, and bookkeeping specifically tailored for software as a service businesses. Unlike traditional accounting, SaaS accounting deals with the complexities of subscription models, recurring revenue, and performance obligations. This specialized approach is crucial for accurately recognizing revenue and managing financial statements using SaaS accounting software. Complicated subscription models,…