Category: Bookkeeping

Bookkeepers work in a variety of settings, depending on the nature and size of the organization they serve. They may work in an office environment, in a retail store, or even from home. In most cases, bookkeepers work full-time during regular business hours, although part-time and flexible schedules are also common. Maybe you enjoy the…

The hourly rate for a bookkeeper depends on where you are, what services you seek, and what expertise the person offers, but the fee averages to about $22 per hour. The services your accountant can provide will save you precious time to run your business. Using an accountant is a sensible investment in your business…

For example, the Gross Profit Margin Ratio, Operating Profit Margin Ratio, and Net Profit Margin Ratio all use values calculated from these formulas. These ratios offer crucial insights into aspects of a company’s profitability and financial health. Hence, mastering these fundamental formulas is an indispensable part of understanding income statement accounts. After deducting COGS, the…

As a result, the accounting industry has sought ways to automate a previously strenuous manual process. The pressure of SOX is coupled with the perennial need to mitigate erroneous reconciliation in the process. For small businesses, the main goal of reconciling your bank statement is to ensure that the recorded balance of your business and…

Accountants need a range of skills, including attention to detail, analytical skills, proficiency with financial software, and strong communication skills. Accountants handle everything from payroll processing and bookkeeping to financial forecasting and auditing. An accountant is a critical cog in the financial machinery of any business, small or large. And if you hire a CPA,…

A foreign entity that completes Form SS-4 in the manner described above should be entered into IRS records as not having a filing requirement for any U.S. tax returns. However, if the foreign entity receives a letter from the IRS soliciting the filing of a U.S. tax return, the foreign entity should respond to the…

Embracing the digital shift towards virtual bookkeeping can yield substantial benefits, from cost savings to improved operational efficiency. This strategic decision not only streamlines financial management but also allows businesses to dedicate more resources to their core activities—those that drive revenue and growth. Real estate accounting is a specialized branch of accounting that focuses on…

The Shoeboxed app is a tailored accounting app with receipt software for freelancers, accountants, bookkeepers, and small business owners to simplify their accounting and any type of bookkeeping process. Shoeboxed helps users free their desks and drawers traditional vs virtual bookkeeping from piles of receipts and turn them into digital, clearly categorized data. You can easily scan your…

When used hand-in-hand with Xero, you have a complete spending and bookkeeping flow. Purchases are tracked from the moment a team member pays for something, right through until the books are closed at the end of the month (or year). All the front-end work happens in Spendesk (tracking budgets, approving payments, and managing suppliers), and…

Then the income summary account is zeroed out and transfers its balance to the retained earnings (for corporations) or capital accounts (for partnerships). This transfers the income retained earnings balance sheet or loss from an income statement account to a balance sheet account. This is the only time that the income summary account is used.…