Bookkeeping

How to Calculate Cost of Goods Sold Using FIFO Method

You cannot apply unsold inventory to the cost of goods calculation. In February, you bought another 10 shirts but now they cost $60 each. The first guitar was purchased in January for $40.The second guitar was bought in February for $50.The third guitar was acquired in March for $60. FIFO or Specific Identification: Choosing the Best Way to Calculate Cost Basis on Crypto – CoinDesk FIFO or Specific Identification: Choosing the Best Way to Calculate Cost Basis on Crypto. Posted: Wed, 23 [...]

09/06/2022 Bởi Bookkeeping 0 bình luận Xem thêm...

Financial Forecasting for Startups: a Step-by-Step Guide

It’s intertwined with a business’s balance sheet and income statement, which is no different when creating projections. Lacking historical data can make developing financial forecasting projections as a startup more challenging. But projections are a required component of any pitch deck or business plan. Taking advantage of all the available information described above will provide you with a realistic starting point. Leveraging secondary research, including economic cycles, industry trends, consumer demand, and market conditions, can also help to make [...]

01/06/2022 Bởi Bookkeeping 0 bình luận Xem thêm...

How to Read Financial Statements: A Beginners Guide

A net loss would decrease owner’s capital, so we would do the opposite in this journal entry by debiting the capital account and crediting Income Summary. Let’s move on to learn about how to record closing those temporary accounts. Below is a video explanation of how the income statement works, the various items that make it up, and why it matters so much to investors and company management teams. First, input historical data for any available time periods [...]

08/04/2022 Bởi Bookkeeping 0 bình luận Xem thêm...

Common And Preferred Stock

A dividend is only legally required if declared by the board of directors. But, if declared, the preferred stock dividend comes before any common stock dividend. The disclosure of preferred stock details in the notes to the financial statements is equally important. Accounting for Preferred Stock: A Comprehensive Guide Double Entry Bookkeeping is here to provide you with free online information to help you learn and understand bookkeeping and introductory accounting. Preferred stock comes in various forms, each with distinct features that [...]

05/04/2022 Bởi Bookkeeping 0 bình luận Xem thêm...

7 Tools to Help Your Small Business Increase Productivity

Here’s why small business owners should partner with an accounting professional to grow their business. Try FreshBooks free to send professional invoices, track your finances, and keep your finances in check from your personal accounting dashboard. Let FreshBooks help you make informed decisions and keep your business growth on track. When you understand business finance and dealings, you are better prepared for potential audits. The financial statements generated at the end of the fiscal period reflect the financial [...]

17/03/2022 Bởi Bookkeeping 0 bình luận Xem thêm...

Understanding QuickBooks: A Simple Guide

QuickBooks accounting software, developed by Intuit, is designed to help small businesses manage their financial operations efficiently. It provides tools for tracking income and expenses, generating invoices, managing payroll, and preparing taxes. QuickBooks has become the go-to solution for quickbooks accountant many small business owners due to its ease of use, powerful features, and cloud-based accessibility. RUN Powered by ADP offers custom pricing based on the business’s size and desired features with rates starting at $79 per month plus [...]

11/03/2022 Bởi Bookkeeping 0 bình luận Xem thêm...

How do I calculate full-time equivalent FTE hours?

Various FTE formulas accommodate different timeframes and employee types. For weekly calculations, FTE equals total hours worked divided by standard weekly hours (e.g., 40 hours). Monthly FTE is total hours divided by standard monthly hours (e.g., 160 hours). Yearly FTE divides total hours by standard yearly hours (e.g., 2,080 hours). Part-time and seasonal workers contribute to FTE by calculating their hours worked as a proportion of full-time hours. For example, if a part-time employee works 20 hours per week [...]

25/02/2022 Bởi Bookkeeping 0 bình luận Xem thêm...

6 Best Ecommerce Accounting Software for 2024

Although standard payment processing fees apply, the what changes in working capital impact cash flow bookkeeping features are entirely free. We are particularly impressed with Zoho Books’ strong mobile accounting features. This is important and timely for modern ecommerce businesses, especially those that need to track sales and inventory levels and manage orders away from their computers. Analytics and reporting capabilities are critical in any accounting software you choose. They provide crucial insights into your financial data, enabling informed [...]

17/02/2022 Bởi Bookkeeping 0 bình luận Xem thêm...

11 Best Freelance Websites for Accountants Updated for 2024

Wave is a free service, though there are charges for payment processing and https://www.bookstime.com/ payroll if you use those features. The site no longer displays ads; revenues come from embedded financial services like credit card processing and advisory services. Yet Wave is the most comprehensive small business accounting application reviewed in this group and can accommodate sole proprietors as well as companies with up to 10 employees. You can create thorough customer, vendor, product, and service records. It also [...]

22/12/2021 Bởi Bookkeeping 0 bình luận Xem thêm...

What Does An Accounting Consultant Do? Roles And Responsibilities

Conventionally, accountants bill for time spent, whereas a consultant usually provides up-front pricing for specific consulting engagements, above and beyond the hourly billing for compliance and technical services. Starting your accounting consultancy career can be daunting—especially if you are branching out from a more traditional accounting role. However, understanding the career pathways available and skills required for this position will help you plan your journey to becoming an accounting consultant. Individuals often don’t have the know-how to manage their assets, while [...]

07/12/2021 Bởi Bookkeeping 0 bình luận Xem thêm...