For example, the petty cash custodian may sometimes find themselves having less cash on hand as a result of the total cash plus receipts does not add up to the total amount of the established petty cash fund. This usually happens when we make mathematical errors during the day of the sales. Likewise, it can […]

We get it, preparing a traditional income statement can be REALLY overwhelming, especially when you’re not sure how to interpret the information you’ve compiled. Did you know that the average loan amount of a small business amounts to $100k? (2) Building trust with your lenders is important to help you boost your funding applications. With […]

The greater the number of these cost centers that are allocated out, the more difficult it is to preserve the object classification identity of the expenses of each cost center (for example, salaries, interest, supplies, etc.). Enter the gross amount of interest income from savings and temporary cash investments, dividend and interest income from equity […]

A high burn rate indicates a company is spending cash quickly and may need to cut costs or raise more capital soon. Without accurate ledger account and up-to-date financials, your burn rate calculation won’t do you much good. Once you have those metrics, it’s time to calculate both the gross and net burn rate for […]

It is mandatory for Delaware Corporations to file their annual franchise taxes online. To use this method, you must provide figures for all issued and outstanding shares and total gross assets in the spaces provided in your annual franchise tax report. Total gross assets shall be those “total assets” reported on the US Form 1120, […]

If your company has authorized 5,000 shares or fewer, your total Delaware franchise tax amount is $175. An annual Franchise Tax Notification is mailed directly to the corporation’s registered agent. The Delaware Division of Corporations will require all Annual Franchise Tax Reports and alternative entity taxes to be filed electronically. IMPORTANT CONSUMER ALERT ABOUT TAX […]

Further, under IFRS, there is a more relaxed interpretation of the materiality concept. For instance, an accountant can disclose high-value items with other account balances as there are no specific criteria to disclose separate account balances. On the other hand, US GAAP and SEC require separate disclosure of the account balance in the balance sheet […]

If you go even further, you will see that each debit entry has a corresponding credit entry. These terms are essential for keeping the balance between assets, liabilities, and equity in the accounting equation since they indicate a rise or decrease in account balances. These accounts make it considerably easier to keep track of various […]

Moreover, you can integrate QuickBooks with hundreds of third-party tools available in the app marketplace. There are also add-on Intuit services like QuickBooks Payroll or QuickBooks Time. Our (non-judgmental) team of bookkeeping, accounting, and payroll experts is standing by to coach you—or do the work for you. By providing feedback on how we can improve, […]

The formula for net book value is the cost of the asset minus accumulated depreciation. Then, the company doubles the depreciation rate, keeps this rate the same across all years the asset is depreciated and continues to accumulate depreciation until the salvage value is reached. The percentage can simply be calculated as twice of 100% […]