Depending on the agreement, your fee may be paid in advance, making it unearned revenue until you deliver your services for the period. As time passes and the business delivers on its promise, a portion of the unearned revenue must be reclassified as earned revenue. This process should align with the company’s revenue recognition schedule. […]
Depending on the agreement, your fee may be paid in advance, making it unearned revenue until you deliver your services for the period. As time passes and the business delivers on its promise, a portion of the unearned revenue must be reclassified as earned revenue. This process should align with the company’s revenue recognition schedule. […]
For investors, creditors, and regulators, consistent application of GAAP facilitates informed decision-making by providing a clear picture of a company’s financial health and performance. Moreover, adhering to GAAP helps maintain investor confidence and compliance with regulatory requirements. It reduces the likelihood of financial misstatements and fraud, promoting transparency and accountability in financial reporting. GAAP is […]
When setting up integrations, ensure proper mapping of income and expense categories. Configure tax rules within your ecommerce platform to align with your bookkeeping system. Cloud-based accounting software is often preferred for its accessibility and automatic backups. It allows business owners to monitor finances from anywhere, facilitating remote management and collaboration with accountants or team […]
Adds powerful capabilities on top of payroll, such as garnishment payment service, SUI management, background checks, and job posting through ZipRecruiter®1. Perfect for startups and established companies that simply need payroll, taxes, and help with compliance they can trust. Activation When your account is first created, you will receive an email that contains a temporary […]
With the advent of e-commerce, most commercial electronic transactions occur under the terms of “FOB shipping point” or “FCA shipping point”. FCA or “free carrier” means a seller is obligated to deliver goods to a specified location or carrier where the buyer will take responsibility for transit. From that point, the buyer is responsible for making […]
The control aspect of standard costs comes into play when actual production occurs. Cost standards are scientifically predetermined costs of products, components of products, processes, or operations. They are used as statistical bases for the evaluation of actual performance. DenimWorks purchases its denim from a local supplier with terms of net 30 days, FOB destination. […]
Employees enter their hours, and the system processes and deposits their pay. Payroll can also refer to the list of a company’s employees and the amount of compensation due to each of them. It’s a major expense for most businesses and is almost always deductible. The expense can be subtracted from gross income to reduce […]
The result is a new streamlined workflow that minimizes duplicate invoices, bolsters the bottom line (by taking advantage of more early payment discounts and credit card rebates), and eliminates late payment fees. For anyone interested in finding an accounts payable professional or becoming an AP professional, this section will be helpful to you. Accounts payable […]
Because we are more of a long-term finance partner (which is what you want) compared to a short term “outsourced” bookkeeping firm, all of our engagements are custom. Finally, provide employees with documented processes so they understand how to consistently apply policy and workflows. Yet their impact as a profit drain on the company is […]