Bookkeeping

Whether or not to use the retail inventory method largely depends on the type of business you run. In this article, we’ll discuss what the retail inventory method is, how to use it, and how to calculate it. As a retailer, you’re hurtling towards growth — you have hundreds of customers, and thousands of units […]

In conclusion, liabilities play a crucial role in business operations, as they represent the financial obligations a company has to its employees, suppliers, lenders, and other stakeholders. Proper management of these liabilities is essential to ensure smooth business operations and long-term financial liability accounts health. AT&T clearly defines its bank debt that’s maturing in less

The concept of a normal balance for each account type is integral to the coherence of financial records. It refers to the side of the ledger—debit or credit—where the balance of the account is customarily found. For asset and expense accounts, this is typically a debit balance, while liability, equity, and revenue accounts usually have

It’s essential for managing a smooth transition from sales to revenue and ensuring that a business maintains a healthy cash flow. For unpaid invoices, Versapay generates automated dunning letters—notifications—to expedite payment collection. A dunning letter is a collection notice that alerts a customer to overdue payments. A low CEI can suggest that manual invoicing, rigid

@lusciousconcepts Unfortunately, we do not have software available for 2014 to 2017. You can purchase TY 2018 directly from our website. You might have to consult an accountant to help file prior year taxes. Unfortunately, TurboTax no longer sells products for 2014. However, you can download the tax forms from this Canada Revenue Agency (CRA)

Any changes to the financial statement must be clearly documented. The going concern concept assumes that an organization would continue its business operations indefinitely. It means that it is assumed that the business will run for a long period of time, and will not liquidate in the foreseeable future. It is one of the most

What’s more, lawsuits from issues such as employee termination, non-competes and harassment can escalate into major costs. Advice from our experts reduces your exposure and our EPLI insurance protects you up to $1 MM. CLEAR removes the stress and hassle of payroll and tax administration duties, allowing you to focus on other important facets of

If there is a decrease in the salvage value, depreciation expense will increase and vice versa. Depending on how the asset’s salvage value is changing, you may want to switch depreciation accounting methods and report it to the IRS. An asset’s salvage value subtracted from its basis (initial) cost determines the amount to be depreciated.

Staying on top of these records will save you headaches and set your business up for financial clarity and compliance. A smooth accounts receivable process is the lifeblood of your cash flow. Before filing your first business tax return, you’ll need to choose one of two possible accounting methods. Opt for a service with features

Like in the first year calculation, we will use a time factor for the number of months the asset was in use but multiply it by its carrying value at the start of the period instead of its cost. Accelerated depreciation techniques charge a higher amount of depreciation in the double declining balance method earlier