Double-entry accounting is also called balancing the books, as all of the accounting entries are balanced against each other. If the entries aren’t balanced, the accountant knows there must be a mistake somewhere in the general ledger. The difference between these two accounting methods is the treatment of accruals. Naturally, under the accrual method of […]

To ensure more accurate handling of shipping cost sales tax, small businesses can leverage automation tools like Avalara Managed Returns. Automation can help you make sure you’re filing returns more accurately and on time. When it comes to sales tax on shipping costs, each individual state has its own requirements and the more states you […]

So, the gross sales of TechXYZ for that quarter is $2,000,000 before considering business expenses, deductions, discounts, returns, and allowances. The gross sales figure is calculated by adding all sales receipts before discounts, returns, and allowances together. Taxable income is a portion of net income and refers to the amount of income subject to tax, […]

It might be that the company has successfully managed to negotiate better payment terms which allow it to make payments less frequently, without any penalty. If a company’s accounts payable balance grows, the company’s cash flow increases (and vice versa) — albeit, the obligation to pay in-full using cash is mandatory. Although some people use […]

All data transferred online is protected with 128-bit SSL encryption. With QuickBooks Online Advanced, you can also restore a version of your company data based on a chosen date and time. Access your books, anytime, anywhere, so you’re always on top of your business’s financials. You can cut down on a number of costs, whether […]

Also included with every plan is Sage’s own cybersecurity offering, which will keep tabs on your business credit score and monitor for data breaches. Business owners working in construction or manufacturing may be especially drawn to Sage 50’s advanced inventory, job costing, reporting and budgeting capabilities. Here are NerdWallet’s picks for the best small-business accounting […]

QuickBooks provides excellent accounting software for small to medium-sized construction businesses. You get functionalities such as invoicing, income management, expense tracking, and tax preparation. Easily manage your clients, vendors, and employees with this app by automating your processes. To compare various construction accounting software platforms, https://www.online-accounting.net/ we collected a proprietary set of data points to […]

However, in practice there exist differences between the two balances and we need to identify the underlying reasons for such differences. Your bank may collect interest and dividends on your behalf and credit such an amount to your bank account. The bank will debit your business account only when the bank pays these issued cheques. […]