Category: Bookkeeping

It’s common for companies, especially business-to-business companies or service providers, to allow customers to buy products or services on credit. This means that there is a period of time during which the company can expect to be paid a certain amount of money but cannot access it until the customer pays the bill. The next…

However, with a pragmatic budget and a lot of preparation, you can still set yourself up for long-term success. For example, every lawyer could get by using their local law libraries for research, but if you have to research often and the library isn’t next door, investing in the subscription might be worth it. And,…

At the same time, bookkeeping is a relatively manual, labor-intensive process that takes up a significant amount of time. Organizing all of your business’s financial recording depreciation expense for a partial year data into a centralized, accurate record is a monotonous task. Although technology has streamlined the process somewhat, bookkeeping remains a challenge for many…

One major perk of FOB is that buyers can negotiate freight services to secure the best prices. The supplier is only responsible for providing transportation of the goods sold to a designated main shipping origin point. This point is typically a port, since Incoterms are most commonly used for international trade where goods are transported…

You can calculate the total variable cost of your business operations by multiplying the quantity of output with the variable cost per unit of output. Your business has to pay fixed costs regardless of any specific business activity. When totaled up, fixed, variable, and semi-variable costs are the total costs of your business operations. You…

Our research highlights a number of regions across the UK where businesses still have significantly untapped potential. There were some interesting variations that emerged based on business size. These gains were primarily driven by improved financial management practices, which in turn, lead to substantial time savings and enhanced decision-making capabilities. Budget Report in your branding…

They offer a range of technology, personnel, and value-added consulting services to help accrual vs deferral accounting manage your accounts payable processes more efficiently. Some of the most frequently outsourced processes include invoice receipt and processing, vendor management, and payment processing. Accounts payable automation refers to implementing software solutions designed to streamline and automate accounts…

Keeper is the top-rated all-in-one business expense tracker, tax filing service, and personal accountant. I’m not going to spend much time getting into these, since they don’t apply to most people. But if you want to learn more, read page 10 of IRS Publication 1915. Anyone who needs to pay taxes but doesn’t fit into…

If you do not have a PTIN, you must get one by using the new IRS sign-up system. Even if you have a PTIN but you received it prior to September 28, 2010, you must apply for a new or renewed PTIN by using the new system. If all your authentication information matches, you may…

If you already are using an accounting or bookkeeping software program, it would be ideal to work with a firm that utilizes the same software. If you don’t already use a software program, the accounting firm will recommend a package. The handholding begins as soon as you sign up with Pilot and are immediately assigned…