A separate account for each asset is maintained to account for increases and decreases in that asset. Examples of real accounts include cash account, inventory account, investment account, plant account, building account, goodwill account, patent account, copyright account etc. The accounts related to real persons and organizations are classified as personal accounts. Examples of personal […]
Category: Bookkeeping
How to Catch Up on Your Bookkeeping
Whether you’re ready to take on new projects, expand, or handle an unexpected expense, your financials will be in the best shape to support your next move. While catching up on overdue records can seem overwhelming, delaying only increases the risk of IRS audits, tax penalties, and financial uncertainty. For instance, if Client X hasn’t […]
GAAP for Nonprofits: Standards for Financial Reporting
Nonprofit accounting is tailored to meet the unique needs and regulatory requirements of mission-driven organizations like yours. Nonprofit organizations must prepare specific financial statements to give an overview of their financial health and activities. They form the backbone of nonprofit financial reporting, ensuring that financial statements are clear, consistent, and transparent. To ensure compliance with […]
The Hotel Accounting Cycle: Simple Steps Every Manager Should Know
Both methods have unique characteristics for how revenue and expenses are recognized and reported. If you have any questions about our ERP and accounting software, please contact a member of our team. During a bank reconciliation, discrepancies between the hotel’s cash account records and the records of the hotel’s bank are identified and rectified. These […]
Contribution Margin Ratio Formula Per Unit Example Calculation
The calculation of the contribution margin ratio is a three-step process. The best contribution margin is 100%, so the closer the contribution margin is to 100%, the better. The higher the number, the better a company is at covering its overhead costs with money on hand. Variable costs tend to represent expenses such as materials, […]
Bookkeeping Price Packages: Choose the Best Option for You
Assess these alternatives and define requirements upfront to match the best solution to your priorities. Interior Design Bookkeeping Have an open conversation with prospective bookkeepers to disclose any potential hidden fees or limitations upfront so there are no surprises. Understand if there are caps on service hours or transactions included in monthly fees. Ask if […]
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