Category Archives: Bookkeeping

If you’ve ever sold an annual subscription or accepted a deposit for a future project, you’ve dealt with unearned revenue. Any unearned income above $2,600 may be subject to an unearned income tax. According to the IRS, there are two possibilities that affect the reporting of a child’s unearned income. It’s also possible with some […]

For example, the company’s payroll entry will have the same accounts but different amounts due to the number of employees and/or the number of hours worked. Other recurring entries will involve the same accounts, but with differing amounts. Company B’s expense (for these transactions) is also removed from the consolidated financial statements. Consolidating entries eliminate […]

In contrast, current assets are short-term resources expected to be converted into cash or used up within a year, such as inventory and accounts receivable. Examples of current assets include cash and cash equivalents, accounts receivable, inventory, prepaid expenses, and short-term investments. Because these items finance daily operations, stock of current assets is a key […]

They align their team’s knowledge with the specific needs of each business to help them achieve their growth goals. While Sage Accounting may have fewer third-party integrations than some competitors, it offers integration capabilities to enhance your accounting processes. In our experience, Zoho Books allowed us to Accounting Services for Startups: Enhance Your Financial Operations […]

Negative retained earnings is a financial term that refers to a negative balance in a company’s retained earnings account. Company A experienced negative retained earnings due to prolonged losses and mismanagement, requiring a comprehensive financial analysis to identify the underlying issues and implement corrective measures. Implementing cost-cutting measures such as reducing operating expenses and streamlining […]

You can view your tax records in your Individual Online Account. If it’s already deposited to another account, you must contact your bank to recover your funds. If your refund is missing or destroyed, request a replacement check. Deposit into your checking, savings, or retirement account. tax rates for a single taxpayer For a single […]

You should compare the different features that are available with each app’s bill management tool. Some apps offer features like the ability to set up payment reminders, see your bills in a calendar view, or get assistance with lowering your bills. PocketGuard lets you get a clear overview of your bills and subscriptions by putting […]

In general, we prefer QuickBooks due to their easy to use software and great customer support. They’re one of the best accounting software tools available for entrepreneurs in most fields. Sage is a world-leading business applications and enterprise resource planning (ERP) software development company. Some of Sage’s comprehensive features consist of balanced scorecards, manufacturing modules, […]

This extra cash gives them greater abilities to expand, innovate, and grow to larger scales. Investors value this and thus consider it an important metric to measure a firm’s financial health. Upon knowing the 3 types of cash flow activities, a company can determine its free cash flow. Hence, businesses should monitor their cycle of […]

According to HKICPA, HKFRS is designed to apply to general purpose financial statements and other financial reporting of all profit-oriented entities. The following article by GLA will provide an overview of accounting standards in Hong Kong, helping businesses understand the important principles and requirements when operating here. GAAP’s growing prescriptive requirements can lead to unnecessary […]