Category: Bookkeeping

Get a Wise multi-currency business account to accelerate your business growth. Activity ratios mainly focus on current accounts to reveal how well the company manages its operating cycle. Financial strength ratios can include the working capital and debt-to-equity ratios. It is crucial to note that how a balance sheet is formatted differs depending on where […]

Shaun Conrad is a Certified Public Accountant and CPA exam expert with a passion for teaching. After almost a decade of experience in public accounting, he created MyAccountingCourse.com to help people learn accounting & finance, pass the CPA exam, and start their career. As you can see, the report format is a little bit easier […]

Sign up to receive more well-researched small business articles and topics in your inbox, personalized for you. Note that equipment costs should be apportioned throughout the contract and not taken as a lump sum deduction. It can be reduced from the Unbilled Contract Receivable A/c while preparing the balance sheet. Often, a long-term contract can […]

Recognized costs will be actual costs if using the cost-to-cost method. Under PCM, only a portion of total contract income is recognized annually. For most working taxpayers, accounting for income is as simple as keeping a record of W2 documents they receive from their employer. If you run your own business, you must keep up […]

While it’s easier to predict expenses than sales, it’s essential to account for unexpected costs such as equipment failures, natural disasters, or sudden increases in supplier prices. Including a 10-15% contingency in your expense projections is advisable. With a proactive approach and by choosing the right procure-to-pay software platform, you can ensure your financial projections […]

The best products and services can flounder without a smart financial model, and that’s why financing is the primary cause of startup failure (not competition, business models, or founding teams). Beyond decision-making, your financial model reads like a portfolio to possible investors, showcasing your startup’s potential profitability and long-term viability. It can be worthwhile to […]

Outsourced accounting providers can spot the warning signs indicating fraud and find out which financial pressures need to be worked on. Managing non-profit financial statements is very crucial for the operations of non-profit or non-government organizations. Outsourcing can go a long way for your company to help you develop the areas you’re just starting to […]

In-house accounting employees typically require a full-time salary and employee benefits, while outsourced accounting services can be tailored to the specific needs of a company. An outsourced bookkeeper tracks your day-to-day business operations and takes care of essential financial statements and reports. This includes documents like balance sheets, cash flow statements, income statements, and monthly […]