Bookkeeping

Trust accounting is usually a source of anxiety for most attorneys. retained earnings balance sheet When I started my own law firm my biggest concern was trust accounting. I studied the rules, watched CLEs, etc. but still didn’t want to go it alone. It took me less than 15 minutes to learn how to use […]

Art is the study of implying scientific method to practical use. And Accounting is an art as the established rules and principles of accounting is applied in the bookkeeping process of an economic entity. It is an art as it records, classifies and summarises the financial transactions which helps in understanding the profitability and financial

The best thing about accounts receivable outsourcing is that it allows you to scale up or down the services per your current needs without having to look into your pockets now and then. This reduction in cost happens because you do not have to maintain an in-house team which takes up a lot of your

Unlike cash accounting, accrual accounting methods like PCM better reflect the economic reality of long-term projects since accrual-based reporting matches revenues with related expenses. According to the IRS, only construction businesses with less than a set average annual revenue can use the cash basis method for tax purposes. If a business’ sales exceed that amount,

Not all banks offer interest-bearing checking accounts, and those that do may have minimum balance requirements (which could be quite high). Ready to reclaim control of your finances and free up valuable time to focus on growing your business? Many bookkeeping services can offer expert assistance to get your finances in order and keep them

A primary cause is sustained net losses, which occur when a company consistently spends more than it earns. High operating costs, declining sales, or ineffective cost management contribute to this situation. For instance, a company in a competitive industry may struggle to maintain market share, leading to reduced revenue and pressure on margins. Can there