Category: Bookkeeping

One of your payments may not have cleared yet, or maybe you paid using cash or a different account. All bank withdrawals should be recorded in your books. This includes things like bank fees, which you might not have accounted for yet. If they don’t sync up, you need to figure out why. It’s most… Continue reading How to Do Bank Reconciliation How to do Bookkeeping

You can also reconcile bank accounts and convert quotes to invoices. The mobile app is free with every subscription, and is compatible with iOS and Android. While Xero has a lot going for it, pricing increases, a lack of built-in payroll, and limited features on its least expensive plans are potential issues. Time Tracking Explore… Continue reading Online Accounting Software for Your Small Business

The higher the savings from the tax shield, the higher the company’s cash profit. The extent of tax shield varies from nation to nation, and their benefits also vary based on the overall tax rate. For example, because interest payments on certain debts are a tax-deductible expense, taking on qualifying debts can act as tax… Continue reading Tax Shield What Is It, Formula, How To Calculate, Examples

Proper management of these obligations is essential as it ensures that a company can continue operations, meet financial commitments, and ultimately achieve its long-term goals. The equation is generally written with liabilities appearing before owner’s equity because creditors usually have to be repaid before investors in a bankruptcy. In this sense, the liabilities are considered… Continue reading Understanding the Accounting Equation Formula

What are the best practices for eCommerce inventory management? Your chart of accounts is basically an index of all the categories you are going to use to organize your transactions. Here are some initial questions to ask when you are evaluating various accessible accounting software choices. When you have a financial system and processes in… Continue reading A Detailed Guide to Amazon Accounting for FBA Sellers

In addition to doing your taxes, you need to have accurate bookkeeping records. At the bare minimum, accurate tracking of transaction volumes (including Cost of Goods Sold (COGS) is essential for tax purposes as is effective inventory tracking. It doesn’t make sense to advertise a product that doesn’t have a high return. Instead try coupling… Continue reading Amazon Seller Accounting: 3 Keys for a Strong Foundation