Bookkeeping

And it’s often long-term, trusted employees who carry out these frauds, and companies with lax or non-existent controls are most often targets. Install security cameras at work sites so that any potential workplace injuries are recorded as evidence. While these are some of the most common payroll frauds, there can be other types of employer […]

A mistake in either the routing number or the account number can create delays in payment and may lead to other costs. Much like with a direct deposit paycheck, you can set up direct deposit and have your benefit payments sent to your bank account electronically. Other types of automatic payments may also require a

He spent two years as the accountant at a commercial roofing company utilizing QuickBooks Desktop to compile financials, job cost, and run payroll. Tim has spent the past 4 years writing and reviewing content for Fit Small Business on accounting software, taxation, and bookkeeping. For example, when paying rent for your firm’s office each month,

Patrick Accounting offers bookkeeping services to customers in Memphis. It works with small business owners and individuals, producing accurate and thorough monthly financial statements that present a clear picture of a venture’s standing. The team also prepares tax forms and recommends liability minimization strategies to maximize profit. The firm manages payrolls and conducts strategic planning

If a business increases production or decreases production, rent will stay exactly the same. Although fixed costs can change over a period of time, the change will not be related to production, and as such, fixed costs are viewed as long-term costs. Examples of variable costs include a manufacturing company’s costs of raw materials and

Similarly, during dissolution, any remaining assets should go to another nonprofit and not be remunerated as distributions. Differentiating restricted funds from unrestricted funds is crucial for transparency. Identify these funds properly to ensure accountability to donors and regulatory entities. Many nonprofits need help with preventing a few common mistakes in their bookkeeping. Avoiding these pitfalls

When using the D/E ratio, it is very important to consider the industry in which the company operates. Because different industries have different capital needs and growth rates, a D/E ratio value that’s common in one industry might be a red flag in another. Gearing ratios constitute a broad category of financial ratios, of which

Though the path to becoming a CPA is pretty consistent across most states, the time it takes to obtain your license may differ slightly depending on your location and current education. Becoming a CPA can be an arduous task, as it requires demonstrating you can take on the responsibility for the financial health of an

It’s important to track your accounts receivable turnover ratio on a trend line to understand how your ratio changes over time. Manufacturing usually has the lowest AR turnover ratios because of the necessary long payment terms in the contracts. The projects are large, take more time, and thus are invoiced over a longer accounting period.

Before you can use the PMT function, you need to enter the relevant data into your Excel worksheet. This includes the interest rate, the number of periods, and the present value of the loan or investment. Make sure to label each piece of data clearly to avoid confusion later on. The PMT Function in Excel calculates