Xero is a great option for large teams and small- to medium-sized how revenue affects the balance sheet businesses that need high-level accounting systems. It’s also a good fit if you want to integrate Gusto Payroll to your accounting platform. Xero includes extensive features that make it suitable to handle...

At the end of each period (e.g., month), transfer journal entries into your ledger. To post to the general ledger, you must use double-entry bookkeeping. With double-entry bookkeeping, you record two entries for every transaction posting in accounting using debits and credits. Single-entry bookkeeping is rarely used in accounting and...

For instance, a machine may have a useful life of 10 years, allowing the company to allocate its cost uniformly over the expected life. In contrast, the straight-line method allocates a uniform amount of depreciation for each year of an asset’s useful life. When compared to accelerated depreciation, the straight-line...

Theoretically, the cost of inventory sold could be determined in two ways. One is the standard way in which purchases during the period are adjusted for movements in inventory. The second way could be to adjust purchases and sales of inventory in the inventory ledger itself. Warehouse management refers to...

Furthermore, the vendor often fails to understand the huge impact on the value that relates directly to this issue. Ask any seasoned observer of the SME deals market to name one major obstacle towards success, and a consistent response will be owner-operator dependency. The vulnerability or otherwise, of these items, will...

For Where’s the Beef, let’s say you invested $2,500 to launch the business last year, and another $2,500 this year. You’ve also taken $9,000 out of the business to pay yourself and you’ve left some profit in the bank. You record the account name on the left side of the...

Whether you have long-term debts, the cash impact on your business needs constant supervision. Let’s say that a company’s balance sheet has long-term liabilities of $10 million at the beginning of the year and $11 million at the end of the year. Certified Financial Planner (CFP®) is the only designation...

With this approach, companies can navigate the financial landscape confidently, ensuring each financial step aligns with their overarching goals. Outsourced accounting professionals offer detailed financial insights and custom reports tailored to a business’s unique needs, enabling well-informed decisions. Bookkeeping may seem easy but trust me it is way more than...

Every business is unique, so we offer holistic financial reports to meet all your company requirements. To build your company, we can provide accurate financial information through balance sheets, income, or cash flow statements. This service usually carries an additional fee, so it's important to price out your catch-up bookkeeping...