Bookkeeping

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....

The management of direct materials is a multifaceted challenge that requires a strategic approach to optimize production costs. By considering various perspectives and employing best practices, businesses can effectively is direct materials a variable cost manage the impact of...

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...

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...

You can think of them as resources that a business controls due to past transactions or events. These may include Treasury bills and certificates of deposit (CDs). For example, a company uses $400 worth of utilities in May but...

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...

In the case of cash sales, the “cash account” is debited, whereas “sales account” is credited with the equal amount. These examples illustrate the basic mechanics of debit and credit in journal entries, which are foundational concepts in double-entry...

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...

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...

Straight-line depreciation maintains steady earnings, which often pleases potential investors. It's essential to comprehend the fundamental concept of accumulated depreciation and its role in accounting. Accumulated depletion is subtracted from the gross value of the depletable asset on the...