Category: Bookkeeping

If you have earnings subject to self-employment tax, use Schedule SE to figure your net earnings from self-employment. Before you figure your net earnings, you generally need to figure your total earnings subject to self-employment tax. All your combined wages, tips, and net earnings in the current year are subject to any combination of the 2.9% […]

A suspense account is an account used to temporarily store transactions for which there is uncertainty about where they should be recorded. Once the accounting staff investigates and clarifies the purpose of this type of transaction, it shifts the transaction out of the suspense account and into the correct account(s). Accordingly, there should be a […]

But if you have the time to dedicate to updating your books regularly, doing it on your own may be feasible. Examples of overhead include insurance, administrative costs, and utilities. Accounts receivable and securities are both examples of liquid assets. Wyn Drabble: Do you know what a tittynope is? – New Zealand Herald Wyn Drabble: […]

A ratio of less than 1.0 means the firm has more current liabilities than it has cash on hand. A ratio of more than 1.0 means it has enough cash on hand to pay all current liabilities and still have cash left over. While a ratio greater than 1.0 may sound ideal, it’s important to […]

Many business owners hire full-time in-house bookkeepers, but this isn’t the most cost-effective solution. According to GrowthForce, outsourcing your bookkeeping will come with a price tag that spans anywhere from $500 to $2,500 per month. The main factors that will impact the cost are the number and complexity of services needed. That means cost will […]

It is also a safe option as most outsourcing companies have tools in place which can identify fraud activities and take timely action. FLSA (Fair Labor Standards Act) is one of the notable examples of federal law. This act sets guidelines related to the age of employees, overtime, and minimum wage. An organized payroll system […]

This balance exists when the deposits made by your business at your bank are more than the withdrawals. For example, if your bank regularly charges you a service fee each month, it will not be posted into your general ledger, leaving you with an inaccurate balance. You also need to ensure that the opening account […]

BankTEL, a subsidiary of AvidXchange, can help financial institutions such as banks and credit unions in managing their expenses while adhering to regulatory requirements. By providing compliant financial accounting software solutions, BankTEL enables businesses to reduce accounts payable costs, increase deposit rates, and automate their internal processes. As their core competency, outsourcing firms always ensure […]

Please check your email for instructions on how to activate your account with one click. The easiest way to find, save, and personalize your search for the perfect piece of land. Depletion is a similar concept to depreciation that applies to the use of natural resources. Let’s take a deeper look at these accounting exceptions […]

Extended normal costing is commonly used in industries where input costs are difficult to predict, such as the service sector. Such costs may include indirect materials prices, indirect labor costs, utilities, and depreciation expenses. Under the system the direct costs are based on actual costs and the overheads are based on actual quantities at a […]