Our tax burden estimates look at the aggregate amount of state and local taxes paid, not the taxes paid by an individual. We collect data on the total income earned in a state (by all
Continue ReadingCategory: Bookkeeping
How to Record a Prepaid Expense
You accrue a prepaid expense when you pay for something that you will receive in the near future. Any time you pay for something before using it, you must recognize it through prepaid expenses accounting.
Continue ReadingBank Reconciliation: Purpose, Example, Process
A bank reconciliation statement is a valuable internal tool that can affect tax and financial reporting and detect errors and intentional fraud. We strongly recommend performing a bank reconciliation at least on a monthly basis
Continue ReadingDebt vs Equity Financing: What’s the Difference?
A company would choose debt financing over equity financing if it doesn't want to surrender any part of its company. A company that believes in its financials would not want to miss on the profits
Continue ReadingOutsourced Accounting Services
The team you hire is already experienced and trained, and their ongoing training is not your concern, which further reduces your expenses. The outsourced team already uses advanced software and technology, which allows you to
Continue Reading16 Tax Deductions and Benefits for the Self-Employed
These deductions, also known as write-offs, are subtracted from your taxable income, which lowers your tax bill. While a deduction won't provide a dollar-for-dollar refund for an expense, it’ll likely lessen the amount you owe
Continue ReadingOnline Bookkeeping Services by a Dedicated Bookkeeper
ContentBest for Bookkeeping Services By the HourOur Bookkeeping ServicesBest for On-demand ReportsHow We Evaluated Online Bookkeeping ServicesPROCESS INVOICINGWhat is the golden rule of bookkeeping? Our best-in-class bookkeepers and accountants are here to cut down your
Continue ReadingWhat is Inventory Cycle Counting?: A 2023 Guide
The advantage is fewer disruptions to your warehouse or retail store, as random cycle counts can happen during normal business hours. The ABC cycle counting method uses the Pareto principle, also known as the 80/20
Continue ReadingHow to Calculate Cost of Goods Sold Using FIFO Method
It is also easier for management when it comes to bookkeeping, because of its simplicity. It also means the company will be able to declare more profit, making the business attractive to potential investors. Lastly,
Continue ReadingHow to calculate turnover in accounting
The higher the accounts payable turnover ratio, the quicker your business pays its debts. This article will deconstruct the accounts payable turnover ratio, how to calculate it — and what it means for your business.
Continue Reading