Category Bookkeeping

A petty cash account is an account a company uses to pay for small expenses. This cash shortfall is recorded as a debit to the cash over and short account (which is an expense) and a credit to the petty…

Our CEO, Jeremy A. Johnson, CPA, has a track record of success in accounting, on-demand CFO services, and strategic tax planning. So, if you’re looking for a partner, advisor, and financial leader to modernize your business, you’ve found him. In…

Content Determining Net Cash Flow from Operating Activities (Indirect Method) Alternative Discounting Frequencies Create a free account to unlock this Template Operating Activities How to get an LLC and start a limited liability company This makes it clear how much…

You’ll need to consider factors directly affecting your business and the accountant’s services. Otherwise, you may wind up missing out on profits or scaring off clients with high rates. Again, the best course of action for you to take when…

If you haven’t yet established payment terms, go here for best practices. Record each transaction (billing customers, receiving cash from customers, paying suppliers, etc.) daily or weekly, depending on volume. Although recording transactions manually or in Microsoft Excel sheets is…

That way, they can see whether or not your company is a good investment. The IASB is an independent, international organization responsible for developing and promoting the adoption of IFRS worldwide. It aims to create a single set of global…

The bank will debit your business account only when they’ve paid these issued checks, meaning there is a time delay between the issuing of checks and their presentation to the bank. These time delays are responsible for the differences that…

This often involves extensive discussions with the client and a thorough review of the company’s financial records and business practices. Accounting consultants serve a vital role in businesses of varying sizes and industries. Underpinned by a clear board mandate and…

For example, let’s convert 3 cm to fractional inches with 1/16” precision following these steps. Note that if you want to include feet within your calculation, you can convert cm to feet and inches here. To use this calculator, simply…

Beyond federal income taxes, your employer will also withhold Social Security and Medicare taxes from each of your paychecks. Social Security tax is withheld at 6.2% and Medicare tax at 1.45% of your wages. Your employer then matches those amounts,…