Category: Bookkeeping

The journal entry will debit goods as an asset and credit cash as it will be going out or reducing to purchase the goods. Ledger balancing assists in computing how much assets, liabilities or revenue sources, etc., are left with an organization at the end of an accounting year. Using this computation, an organization prepares…

This section outlines what each proposal should include and how it should be organized. It ensures that each proposal submitted is uniform and can be compared more easily. Clearly, the subject of payroll taxes involves plenty of moving parts and covers a wide range of accounting knowledge. Homeowner Assistance Fund – You Don’t Know the…

Governments use sales tax to pay for budget items like fire stations or street sweeping. It’s really important to know how much an item is going to cost before you purchase it. It’s not as easy as just looking at the price tag; sales tax must be calculated in order to determine the total cost.…

Additionally, the difficulty in stockpiling building materials in advance further intensifies this vulnerability for contractors. The main difference between construction accounting and general accounting is that construction accounting is project-based. Project-based accounting focuses on transactions that are specific to that project. Stay on Budget with Data-Driven Decisions This reaffirms how important it is to account…

Bench gives you at-a-glance visual reports, which provide you with actionable insight that’ll help grow your small business. Another bonus is that you get to communicate with your bookkeeping service team via chat easily. In addition, Bench has raving online reviews and many integration options. We provide expert guidance for your small business, ensuring compliance…

There are tons of nuances around payroll taxes, and it is one of the few things – along with student loans – that can be discharged even if you file bankruptcy. Even if it is only 5% of your total sales, having a Shopify store and/or selling on additional channels diversifies your revenue streams. Your…

An organization’s revenue and donations are perhaps the most important aspects of running a nonprofit. Finally, being prepared for your audit shows a level of professionalism that helps protect your nonprofit’s reputation with the public. Once the auditor completes their work, they’ll compile their findings into a report and present it to your nonprofit. The…