EcomBalance is a monthly bookkeeping service for eCommerce companies. EcomBalance handles your bookkeeping and sends you a Profit and Loss Statement, Balance Sheet, and Cash Flow Statement by the 15th of each month. EcomBalance also has a sister company, AccountsBalance, that caters to agencies, software companies, coaches, and other online companies. Quickbooks Online is more […]
The credit memo issued due to returned or damaged goods might require adjustments in the seller’s inventory levels to account for those items. This adjustment impacts the valuation and reporting of inventory on the seller’s balance sheet. To record a credit memo journal entry, debit your sales returns, and allowances account and credit your accounts […]
However, there’s no option to attach documents to transactions to share them with your accountant, so you’ll have to use your email or phone to send documents. This may not be a big deal for businesses that manage minimal transactions daily. Moreover, Wave uses bank-grade security measures to ensure that online data is secure. Small […]
Reconciling accounts and comparing transactions also helps your accountant produce reliable, accurate, and high-quality financial statements. One account will get a debit, and the other account will receive a credit for the same transaction. For instance, when a company conducts a sale, it debits either cash or accounts receivable on its bank statement balance sheet. […]
Law firms must know that there is essentially no wiggle room for errors. Trust account liability almost operates like strict liability, where simply committing an act is proof enough for guilt. Review financial statements and study trends in the industry to help identify areas of improvement or opportunities for growth regularly. Ensure all tax filings […]
It also enables timely decision-making based on up-to-date financial information. This occurs when the cost of goods sold is lower than the revenue generated from sales. Negative COGS can happen due to factors such as inventory write-offs, discounts, or rebates. However, it is relatively rare and should be thoroughly examined and validated. Analyze COGS trends […]
By identifying normal balance which campaigns generate the highest returns, agencies can reallocate funds to those areas for better results. For example, if a social media ad campaign has a low conversion rate but high costs, adjustments can be made to improve its effectiveness and profitability. Our team of skilled tax and accounting professionals is […]
This activity includes adherence to tax laws, financial reporting standards, and other relevant legislation. Accounting consultants must conduct exhaustive financial analyses in an era where fiscal responsibility is paramount for all organizations. They are well-equipped to optimize the efficiency and accuracy of an enterprise’s financial functions while ensuring they adhere to legal norms. You would […]
While the materials and labour are determined from the production budget, only the variable overhead can be determined from the production budget. Existing information regarding fixed manufacturing costs are combined with variable manufacturing costs to determine the manufacturing overhead budget. The information from the sales budget is used to determine the sales and administrative budget. […]
This book is best suited for individuals who have already read Accounting Made Simple or have basic bookkeeping skills and want to dive deeper into the principles of accounting. It’s also a great resource for those preparing for the CPA exam and those interested in getting certified in the future. With this guide, you stock […]