Category Archives: Bookkeeping

What Does a Bookkeeper Do? What is Bookkeeping

Hundreds of readers who have lost their accounts walked away mystified. “Our policy includes heightened review of accounts held by non-U.S. Government officials, based on a number of risk factors,” Mr. Halldin said in a statement. Unfortunately, AI didn’t do too well, with students scoring an average of almost 77 percent correct answers vs. ChatGPT’s […]

Accounting Explained With Brief History and Modern Job Requirements

When the client pays the invoice, the accountant credits accounts receivables and debits cash. Double-entry accounting is also called balancing the books, as all of the accounting entries are balanced against each other. If the entries aren’t balanced, the accountant knows there must be a mistake somewhere in the general ledger. The difference between these […]

What Does Footing Mean In Accounting

This article features a quartet of Excel tricks to make you more efficient — and effective — with the world’s most popular spreadsheet application. You can also download an Excel file with separate worksheets for each trick. Footing is a component of the foundation, which is made of concrete or brickwork masonry and serves as […]

An Expert Guide to Secure International Payroll Outsourcing

BIPO job costing vs process costing makes it possible to administer employee benefits. BIPO may provide one-stop employee benefit administration services utilizing integrated social resources and technologies to satisfy the needs of expanding firms and more readily access global markets. If you’re looking for an international payroll outsourcing company that can handle your entire payroll […]

FreshBooks vs Zoho Books: Cost, Features, Alternatives

Basic reports that can help you assess your finances as you file taxes are available with FreshBooks Lite. With the other FreshBooks packages, you get performance dashboards for quick review, alongside business health and double-entry accounting reports. These reports include but aren’t limited to profit and loss statements, sales tax summaries, invoice detail reports, and […]

Accounting for Property, Plant and Equipment Assets

A business’s long-term assets are property, plant, and equipment (PP&E). These tangible assets are essential to a business’s operations and financial health. However, these assets cannot easily be why does bookkeeping and accounting matter for law firms converted into cash and are displayed on a company’s balance sheet. Yes, with the exception of land and […]

How do you calculate Accrued Vacation? Journal Entry Included

And based on its past experience, only 80% of employees (e.g. due to turnover and employment rule) will collect the vacation payment at the end of the period. The credit side of this journal increases the accruals balance on the balance sheet. Since accruals are classed as a creditors, this allows us to show that […]

Team Full-Service Accounting Firm, Larchmont NY, New Jersey, Connecticut

Modern POSs leverage data analysis tools to give you additional reporting insights into sales by section, voids, and staff activities so you can assess staff performance and cut costs. To miskey numbers when you’re entering row upon row of data is also human. So is failing to recognize meal discounts or mis-logging sales as how […]