Bookkeeping

So there is no need for any preliminary VAT returns or to show VAT on invoices. Each payment method has merits, but not all of them will make sense for your business. If you rely on cash payments, for instance, you’ll need a robust bookkeeping system to stay on top of your cash flow. If…

Putting a process in place for reviewing and authorizing expenses can prevent tax filing errors and potential fraudulent activity. Quick fixes, like relying on spreadsheets or delaying record keeping, may seem like a good idea in the short term. But they can lead to missing or inaccurate financial information, which will hurt your business potential…

If you’re looking to solve for margin or markup, it’s generally recommended to start with markup. By determining the markup first, you gain control over setting your desired profit margin. Adjusting the markup allows you to consider market conditions, competition, and profitability goals. Once the markup is established, calculating the margin becomes the subsequent step…

But, understanding margin vs. markup can help you decipher pricing strategies and assess whether you’re getting a bang for your buck or not. Markup is the amount by which the cost of a product is increased in order to derive the selling price. To use the preceding example, a markup of $30 from the $70…

Generally accepted accounting principles can be organized into three broad categories. Within each of these broader categories, there are a number of rules which dictate how GAAP-compliant accounting is supposed to be done. Five of these principles are the principle of regularity, the principle of consistency, the principle of sincerity, the principle of continuity and…

Content One Time Entry Chart of Accounts Control Account Accrual Entry What is the difference between a subsidiary ledger and a general ledger? Every organization like the UN runs on data and a set of processes. As the level of information increases over time, data becomes complex and difficult to manage. If data is not…

The seller will reference the purchase order number on the invoice, to show the product or services provided was pre-approved. You must debit your accounts receivable account after you send the order to the buyer. Once you receive the buyer’s payment, reverse the entry by crediting your accounts receivable account. If you’re having a hard…

He has earned a finance undergraduate degree, the Indianapolis Business Journal’s Forty Under 40 award, and Arizona’s 35 under 35 award. Alternatively, you can take advantage of a dedicated bookkeeping software solution to manage your bookkeeping more easily. Any bookkeeping solution you choose should have these core features at a minimum. If your business has…

When setting your accountant’s fees, you need to consider the needs of your business, the accountant’s expertise or experience level and the specific accounting services they will render to your business. Calculating an accountant’s costs goes beyond comparing Accounting Periods and Methods national averages. You’ll need to consider factors directly affecting your business and the…

They will use their financial acumen to help you to identify areas of improvement and plot for growth, so you’re not taking a shot in the dark. You may have thought of an accountant as someone you only see at tax time, but a growing number of accounting firms offer other valuable business services. And…