No matter what they do, small businesses will always require help with their financial records. If you’re considering becoming a bookkeeper, our guide can help you with personal bookkeeping services in 2023. We’ll guide you through everything, from the legal aspects of setting up a new business to how to price your services and promote…
The healthcare field is one of the most intricate and pivotal industries worldwide. It operates within a rigorous regulatory framework, necessitating healthcare organizations to uphold meticulous medical bookkeeping services. However, numerous entities have yet to allocate the necessary focus to this pivotal task, leading to severe financial ramifications and related challenges. This article delves into…
NetSuite, a robust cloud-based Enterprise Resource Planning (ERP) solution, has gained widespread recognition across businesses of all scales. Its tools and capabilities empower organizations to streamline operations, amplify efficiency, and foster expansion. Nonetheless, a pivotal concern for enterprises contemplating NetSuite adoption is the expenditure associated with its implementation. This exploration delves into the 2023 Oracle…
Intuit, the creators of the accounting software QuickBooks, have recently announced that they will discontinue support for the 2020 version(s) of QuickBooks Desktop (QBD) by May 31st, 2023. This announcement has sparked various inquiries due to the software’s widespread use. People are curious about its implications: What does this entail? When QuickBooks desktop discontinued? What…
If you’re involved in running a nonprofit organization, you understand the importance of maintaining accurate financial records. Effective bookkeeping is crucial for legal compliance and transparent reporting, informed decision-making, and fostering trust among donors and stakeholders. In this detailed guide, we will walk you through the fundamental principles of nonprofit bookkeeping, from setting up a…
What is LLC? LLC stands for Limited Liability Company. It is a type of legal entity that is separate from its owners, also known as members. LLCs offer a corporation’s liability protection but with a partnership’s tax flexibility. This means the members are not personally responsible for the company’s debts or legal obligations, and their…
What is unearned revenue? Unearned revenue, also known as advance payments, refers to a company receiving payment from a customer for goods or services that still need to be provided. It represents an obligation for the company to deliver the product or service at a future date. When a customer makes a payment in advance,…
A balance sheet is a financial statement that provides a snapshot of a company’s financial position at a specific time. It presents a summary of what a company owns (assets), what it owes (liabilities), and the shareholders’ equity (the company’s net worth). The balance sheet follows the fundamental accounting equation: Assets = Liabilities + Shareholders’…
What Is Accumulated Depreciation? If you own a business, keeping track of your assets is crucial to your financial well-being. One important aspect of asset management is understanding accumulated depreciation and how it affects your balance sheet. So, what exactly is accumulated depreciation? In short, it’s the total depreciation expense charged to an asset since…
What are accrued expenses? An accrued expense is an accounting term that refers to an expense that a company has incurred but has yet to pay for or record in its books. In other words, it is an expense recognized in the company’s financial statements, but payment still needs to be made. Accrued expenses can…
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