Bookkeeping

Instead of owner’s equity, the statement of financial position looks at net assets. Therefore, it displays assets (what you own), liabilities (what you owe), and net assets (your value). While each financial statement provides unique insights, they complement...

These funds are typically generated from unrestricted revenue sources or previous surpluses. They allow nonprofits to have financial flexibility and respond to emerging needs or opportunities. Organizations often designate a portion of their unrestricted net assets as operating...

For example, Doctors Without Borders allocates a significant portion of its budget (over 80%) to direct program expenses, ensuring most donations fund medical care in crisis zones. Your budget will be unique to your organization, but we’ll give you...

With these features in mind, let’s accounting services for nonprofit organizations dive deeper into the two sides of your nonprofit’s operating budget. When preparing your organizational budget for the board’s review, remember that the term “nonprofit” refers to...

If you have online bookkeeping enough cash flow to cover payment delays, offering net terms could boost sales and build customer loyalty. But if your business needs immediate payment to operate, longer terms might not be a good fit....

However, by effect it can benefit your business by bolstering the relationship with your customer. Offering net 90 to them will considerably reduce the chances that your customer fails to pay their invoice on-time, and they’ll appreciate the added...

Understanding the total cost of manufacturing, including applied overhead, helps in setting product prices that cover costs and yield desired profit margins. This capability is crucial for maintaining competitive pricing while ensuring business sustainability. By calculating applied overhead, businesses...

Changing the access for one user’s role affects all other users with the same role. If you want to change the access for only one user, duplicate the role, assign the duplicate role to that user, and edit the...

The selection of the appropriate legal accounting software is a critical decision for law firms, directly impacting their ability to manage finances efficiently, ensure compliance, and maintain client trust. Furthermore, legal accounting plays a pivotal role in ensuring that...

When it comes to accounting for law firms, choosing the right accounting method is crucial. In the US, new law firms have the option to select between cash or accrual accounting methods, each impacting legal bookkeeping and tax...