Others have an inventory feature that can manage product sales and inventory levels. Accounting software is a computer program that helps businesses track income and expenses. The software can also be used to generate reports, such as profit and loss statements and balance sheets. Wave lets you attach your receipts to expenses, so you have …
They present an opportunity to set yourself apart from other accounting or bookkeeping firms the client may be considering, as well as from other firms they may have previously worked with. Your accounting firm’s new client checklist should start by covering basic questions about your client and their business. The responses you get will …
Asset accounts start with the cash account since cash is perfectly liquid. After the cash account, there is the inventory, receivables, and fixed assets accounts. Firms also have intangible assets such as customer goodwill that may be listed on the balance sheet. For example, the electricity bill depends on how much power you consume. After …
It’s more effective than single-entry for tracking cash flow and protecting against errors and fraud. However, it’s also more work to maintain—and difficult to set up in Excel. If you’re at the point where you believe your business needs double-entry bookkeeping, it’s time to use accounting software. This statement of …
Bookkeepers are leading the way in remote and telecommuting positions. Today I wrote down everything I’m trying to accomplish in the next few hours before I pick my kids up from school. Have you wondered what exactly a bookkeeper does each month? Well, in this article, I share with you my daily work-from-home schedule as […]
The amounts in each of the accounts will be reported on the company’s financial statements in detail or in summary form. One of the first decisions you have to make when setting up your bookkeeping system is whether or not to use a cash or accrual accounting system. If you are operating a small, one-person […]