Bookkeeping
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Monday, December 12th, 2022Keeping track of all incoming and outgoing inventory costs is key to accurate inventory valuation. Try FreshBooks for free to boost your efficiency and improve your inventory management today. The last in, first out (LIFO) accounting method assumes that the latest items bought are the first items to be sold. With this accounting technique, the [...]
Cost Reconciliation Process: Cost Reconciliation Best Practices for Small Businesses
Tuesday, November 29th, 2022Companies with single-entry bookkeeping systems can perform a form of reconciliation by comparing invoices, receipts, and other documentation against the entries in their books. Businesses are generally advised to reconcile their accounts at least monthly, but they can do so as often as they wish. Businesses that follow a risk-based approach to reconciliation will reconcile [...]
QuickBooks Online Review 2024: Features, Pros & Cons
Tuesday, October 18th, 2022The software must have a mobile app to enable users to perform accounting tasks even when away from their laptops or desktops. Some of the features we looked into include the ability to create and send invoices, accept online payments, enter and track bills, and view reports on the go. Although QuickBooks Online earned a [...]
Accounting Consultant Duties & Responsibilities
Wednesday, August 31st, 2022Our goal is to deliver the most understandable and comprehensive explanations of financial topics using simple writing complemented by helpful graphics and animation videos. Finance Strategists has an advertising relationship with some of the companies included on this website. We may earn a commission when you click on a link or make a purchase through [...]
Financial Projections: Accurately Plan Your Business Future
Tuesday, June 21st, 2022They’re called balance sheets because assets always equal liabilities plus shareholder equity. Lower fixed costs mean less risk, which might be theoretical in business schools but are very concrete when you have rent and payroll checks to sign. This breakdown will give investors a clear picture of how you manage funds and ensure cash availability. [...]
QuickBooks Online vs Quickbooks Desktop: Which is best? 2024
Thursday, June 16th, 2022Subscription clients in QuickBooks Desktop 2023 (R1) or older versions will need to update to the latest 2023 (R3) version before their subscription expires. Reporting options are good in both applications, though only one of the applications offers industry-specific reporting options. It offers more integrations, as well as a much smoother integration process that allows [...]
How to do balance sheet reconciliation in 2024 definition & examples
Thursday, November 25th, 2021Despite the promise of automation, companies still devote significant resources – human and otherwise – to validating numbers against their ERP and other business systems to optimize the close process. Live integration with ERP systems, bank statements, other source systems and business applications ensures that you always have access to the most accurate data for [...]
Manufacturing Accounting: A Guide for Manufacturers FundKite Business Funding
Friday, November 19th, 2021Manufacturing accounting is a group of inventory and production management processes used for monitoring and controlling the costs involved with manufacturing products. Job costing often involves the cumulation of costs involved in procuring materials, labor expenses, materiality principle in accounting and manufacturing overheads. The job costing process is perfect for businesses that custom-make products for [...]
Bank Reconciliation: Definition, Example, and Process
Monday, October 25th, 2021At times, your customers may directly deposit funds into your business’ bank account, but your business will not notified about this the bank statement is received. The purpose of preparing a bank reconciliation statement is to reconcile the difference between the balance as per the cash book and the balance as per the passbook. Likewise, [...]
What is Accounts Receivable Factoring? Examples & Benefits
Thursday, July 15th, 2021When exploring these alternatives, consider factors such as cost, flexibility, impact on customer relationships, and alignment with your business model. Each option has its own set of pros and cons, and the best choice will depend on your specific circumstances and financial goals. On SoFi’s marketplace, you can shop top providers today to access the [...]
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