Shoeboxed scans, digitizes, human-verifies, and uploads the receipts into your account, where they are stored securely in the cloud. Then, place a second set of numbers that reflect the retainage amount, which should be shown as a credit. Transfer the balances in the expense, revenue and dividend accounts to the retained earnings accounts. This step […]

No matter what industry your business is in, from construction to catering, good accounting gives you the data your business needs to make better decisions. Construction is an unconventional industry, with a unique business structure. Income recognition is an important part of the construction project cycle and a feature of accrual accounting. Also referred to […]

The accounting method under which revenues are recognized on the income statement when they are earned (rather than when the cash is received). Since the balance sheet is founded on the principles of the accounting equation, this equation can also be said to be responsible for estimating the net worth of an entire company. The […]

In Double-Entry Accounting, there are at least two sides to every financial transaction. Every accounting entry has an opposite corresponding entry in a different account. This principle ensures that the Accounting Equation stays balanced. Impact of transactions on accounting equation The cash flow statement is generated in bookkeeping from information on the balance sheet. It […]

Tax authorities need businesses to maintain accurate and organized financial records, including proper invoices, to follow tax regulations. Discrepancies can trigger audits, What is partnership accounting penalties, or fines from tax authorities for non-compliance. It can further burden the business with financial liabilities and time-consuming investigations. Sequential invoice numbering is the most common method used […]

An invoice number acts as a unique identifier for each transaction. It allows small businesses and enterprises to track and reference specific payments in their records. You can organize and retrieve information from the invoice number to ensure accuracy in financial reporting, auditing, and reconciling accounts. When you number invoices, you’ll keep track of their […]

In this module, we will begin to look at the foundational construction of government financial statements. Segregation of duties is a fundamental internal control practice, where responsibilities for financial transactions are divided among different individuals to reduce the risk of fraud. For instance, the person responsible for approving expenditures should not be the same individual […]

Whether you’re an HR professional, in management, or an employee, understanding this term can avoid confusion and mistakes about wages. Gross income is the starting point in calculating an individual’s or business’ tax liability. Individuals calculate gross income by adding wages or salary, tips, dividends, interest, capital gains, income from rental properties, alimony, and pensions. […]

The Fair vp marketing job in scottsdale at massage envy Labor Standards Act (FLSA) provides benefits and protections, like overtime pay and minimum wage, for most employees. Independent contractors, however, are not afforded these same protections. Likewise, exempt and nonexempt employees also have different legal rights. One of the biggest advantages of payroll software is […]

But, steering clear of said blunders is easy if you know what to watch out for. Without further ado, here are eight payroll mistakes to avoid at all costs. Many payroll errors are the result of payroll admins not having enough information or not having the correct information around payroll compliance. Some, like employees looking […]