But Zoho’s level of detail makes its invoices both more complex and potentially more useful than streamlined, freelance-focused invoices from competitors like FreshBooks. With automated receipt categorizing, FreshBooks makes it easy to track and later deduct all allowable expenses and is also a good option for those preparing expense reports. So, for every dollar that […]

It’s designed for small businesses, but it’s become a leading choice amongst accountants thanks to its robust array of advanced features. QuickBooks offers a wide range of features that let you manage your finances, create budgets and reports, and streamline your business processes. Zoho Books offers a free plan and five subscription options that range […]

By preparing a trial balance, you make sure your accounting is correct before creating financial statements for the accounting period in question. The trial balance tallies all your debits and credits for the accounting period and makes sure they match up. Double-entry bookkeeping is the most common accounting system for small businesses. It’s a way […]

Each type has specific uses but all of them are considered books of original entry since they serve as initial records of transactions that enter into the accounting system. The above information is an overview of how journal entries work if you do your bookkeeping manually. But most people today use accounting software to record […]

As a salaried employee, you may have access to health insurance, life insurance, retirement benefits, parental, leave, paid vacation, and many other perks. Unlike hourly workers, salaried employees are not usually eligible for overtime. Their payment remains the same no matter how much time what is debit in accounting they spend in the office during […]

In the case of some high-level positions, a professional may receive a single annual payout. One downside of the salary system is that it usually prevents workers from earning overtime pay. Since their compensation is fixed, more hours in the office don’t necessarily translate into a bigger paycheck. During busy times of the year, salaried […]

In a good month, Tillery produces 100 shoes with indirect costs for each shoe at $10 apiece. The manufacturing overhead cost for this would be 100 multiplied by 10, which equals 1,000 or $1,000. The predetermined overhead rate is a numerical estimate of how much the company will spend on indirect costs and how much […]

For example, if a company takes on a bank loan to be paid off in 5-years, this account will include the portion of that loan due in the next year. Inventory includes amounts for raw materials, work-in-progress goods, and finished goods. The company uses this account when it reports sales of goods, generally under cost […]

Some checks might explicitly state a different period, such as three months or a year. The point is a potential thief can gain instant access to what is probably your primary financial account. This virtual cfo services will open the possibility of accessing your money or even stealing your identity for other purposes. A woman […]

This step keeps parties who don’t have the password from viewing the document. Since this information is on every check, there’s no need to void a second check if you need to show a voided check to more than one company. Now let’s talk about how to void a check, including when you’ll need to […]