Category: Bookkeeping

If there are more than two points in our scatterplot, most of the time we will no longer be able to draw a line that goes through every point. Instead, we will draw a line that passes through the midst of the points and displays the overall linear trend of the data. Sing the summary…

If there are more than two points in our scatterplot, most of the time we will no longer be able to draw a line that goes through every point. Instead, we will draw a line that passes through the midst of the points and displays the overall linear trend of the data. Sing the summary…

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.…

A jumbo mortgage is usually for amounts over the conforming loan limit, which can change each year. In 2024, this limit is $766,550 for most parts of the U.S. and $1,149,825 for high-cost areas. Crunch the numbers first and determine exactly how much money you need. While simple interest is less common, you might encounter this…

To see how your firm can use our trade name vs business name legal trust accounting software to streamline financial processes, fill out the interest form on our website and get started using CosmoLex today. One of the standout features of LeanLaw is its seamless integration with trust accounting QuickBooks Online, a widely used accounting…