Bookkeeping

For example, imagine the appliance retailer ordered too much inventory – its cash will be tied up and unavailable for spending on other things (such as fixed assets and salaries). Moreover, it will need larger warehouses, will have to pay for unnecessary storage, and will have no space to house other inventory. In our example,…

In 1494, the Italian mathematician Luca Pacioli published a book wherein was the first published description of the double entry bookkeeping system. This has not meant that the last 500 there has been no use for the single entry approach to bookkeeping. As we have seen above, there are certain aspects of single entry accounting…

Monthly bookkeeping checklists should include action items on analyzing and resolving any financial discrepancies. This includes in-depth transition reviews, bank statement and credit card account alignment, and balance verification. At tax time, carefully review your company’s full-year financial reports before giving them to your accountant. Never Forget Petty Cash This is a very important step…

For instance, reviewing entity selection, such as LLCs taxed as sole proprietorships or S corporations, can optimize tax outcomes depending on the practice’s size and revenue. Our platform simplifies the process of managing your financial data by automating inputs from leading providers, eliminating common errors. We team up with prominent vendors like Gusto, Stripe, Shopify,…